by Tanta on 8/02/2007 11:36:00 AM
Thursday, August 02, 2007
Kimono firmly closed, we learn:
Some hedge funds that have suffered losses on investments are closing the gate on clients who want to pull money out, a move that could further undermine confidence in already shaky financial markets.Hordes of well-heeled investors? Is that the opposite of a select group of unwashed masses?
Temporarily barring withdrawals, though legal, also could damage the image of the hedge fund industry, which in recent years has attracted hordes of well-heeled investors seeking high returns. The industry has mushroomed to 9,700 funds with $1.7 trillion in assets.
"Psychologically, separating people from their money is generally considered to be a hostile way to behave," said Ron Geffner, a partner at New York law firm Sadis & Goldberg.
Posted by Tanta on 8/02/2007 11:36:00 AM