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August 16th, 2007 at 5:59 pm
http://online.wsj.com/article/SB118720257346298683.html?mod=hps_us_editors_picks
Don’t Expect Hedge Funds to Say ‘Sorry’
Some hedge-fund managers have lost as much as a third of investors’ money amid the subprime debacle. But none of them are saying they’re sorry. Instead, in letters to clients, they point fingers at other funds, rare events and their own computer programs.
• ‘Dear Investors’: Read firms’ letters to shareholders