Pre-Madoff, hedge funds were all the rage. They had figured out a way to make money in any market. Trillions of dollars flowed into their coffers. What a difference a big fraud makes. Now many of these funds claim they were also victims of Madoff.
Here's the deal. Hedge funds are betting the Euro will crash against major currencies. The "short-Euro" trade, however lucrative to the gods of Greenwich, raises scary questions with one thing in common.
This "bank heist," the brainchild of a brash hedge fund trader who used to receive seven-figure year-end bonuses, but who will soon be unemployed, centers on snaring a sharp reduction on one of his three mortgages.