Word: funding
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...calculation does not include gains that some of the funds may have made in Monday's rally, but analysts say those won't be nearly enough to make up for the hundreds of billions of dollars that the funds are down. "The losses should concern every investor because these are supposed to be the smartest guys out there," says Charles Gradante, co-founder of hedge-fund advisory firm Hennesse Group. "If they can't manage their investments, how is an average person with a 401(k) supposed to cope...
What's more, it's not just no-name investors who are suffering the losses. Many of the industry's biggest stars are licking their wounds this year. Last week, Tontine Partners, a formerly $10 billion hedge fund based in Greenwich, Conn., told investors it had lost 65% of their money. Tontine's manager, Jeffrey Gendell, made Forbes' list of richest Americans in 2008 with an estimated net worth of $1 billion. Och-Ziff Capital Management Group, which became one of the first hedge-fund companies to go public last November, recently reported that its Asia fund had fallen nearly...
...muscle to prop up their economies still face troubles ranging from slowing trade to food shortages. "In many developing countries, the most urgent crisis is not what is happening in financial markets but what has happened in commodity markets," says Dominique Strauss-Kahn, managing director for the International Monetary Fund (IMF). "We must not forget this other crisis...
...Indeed, those looking eastward for a white knight must have been disappointed by the words of Yi Gang , deputy governor at the People's Bank of China, the country's central bank. Speaking at the International Monetary Fund meeting in Washington on Oct. 11, Yi blamed the crisis on "weak financial-policy discipline" by Western countries and said that they should be the ones to fix the problems they had created. "The major reserve-currency-issuing countries should shoulder the responsibility for preventing further spillovers and minimizing shocks to other countries," Yi said...
...World Trade Organization has required it to open its financial services sector to global competition and investment in 2006, "there is still only a narrow range of derivative instruments and innovation in financial products is still slow," says Sun Fei, Managing Director and Chief Economist at Hong Kong-based fund manager China International Capital. In other words, China's financial sector is just primitive enough to have prevented its banks from getting burned by buying complicated and ultimately toxic subprime mortgage products and derivative securities...