If $80 billion in redemptions in two months at the end of last year were not enough, hedge funds now have to deal with the reputational damage inflicted by Bernie Madoff’s spectacular hedge fund fraud. While most managers will hang their heads and lament that Madoff’s confession could not have come at a worse time, it is legitimate to argue the exact opposite.
The future of hedge funds is under scrutiny and the more examples of what can go wrong and how it can be avoided, the better the decisions on that future will be.
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