Saturday, December 6, 2008

Tonight We're Gonna Party....

The hedge fund dealers partied at a New York nightclub like there was no tomorrow -- which for some was probably true.

"There is no stigma now because so many people have lost jobs," she said. "The joke is that the new status symbol, instead of a Porsche or Ferrari, is having health insurance and a desk."

And as clients run for the exits, growing numbers of hedge funds have imposed emergency blocks on the ability to withdraw money.
To admirers, hedge fund traders are risk-taking, profit-hauling buccaneers who can afford to bet big because they deal only with big players.
Detractors say hedge funds embody under-regulated, over-leveraged and greed-driven business practices responsible for the US financial crisis.

"They're masking their fear," said a heavy set equities broker at Nikki Beach, who asked not to be identified, as he surveyed his colleagues, drink in hand.
"The gig's over and they're in denial. A lot of people are going to be in shock."
Good economy or bad, the hedge fund owners, aka masters of the universe, cashed out long ago....they can sit out this recession at their country estate in Greenwich or on their yacht in the
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