Handcuffs aside, it's not over yet

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By Michelle Celarier, editor

A year ago, as our July/August issue was going to press, two hedge funds run by Bear Stearns were just starting to implode. This past month, Bear fund managers Ralph Cioffi and Matthew Tannin were taken away in handcuffs. If only locking someone up would fix the global financial system.

While some hedge funds have been a source of calm and reason during the past year's turmoil, there's been a day of reckoning as well. Those hedge funds that viewed every asset class as a potential carry trade are now in the soup.

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