ABC – Hedge funds were once the rock stars of the financial industry. The smartest people worked for them. The wealthiest gave them their money. They were an easy path to fortune.
But if that get-rich-quick narrative was an exaggeration before the financial crisis, it’s even less true since. The hedge fund industry’s performance has been spotty in recent years; its public image, bruised. SAC Capital Advisors became the latest high-flyer brought low when the Justice Department on Thursday accused it of allowing insider trading and making hundreds of millions of dollars illegally.
