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...funds lost nearly $300 billion due to bad investments in the first nine months of the year, according to an analysis of return data by TIME.com. If the losses stand, it would be by far the worst year for these funds - which are unregulated and open only to high-net-worth investors - since their returns began being tracked in the mid-1970s. "It's not going to be a good year," says Peter Laurelli, vice president at HedgeFund.net. "We can be pretty sure of that...
...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 17% for the year. Even the fund of David Einhorn, who was one of the first to publicly...
...taps, there are growing questions about whether that could buck other worrying trends. On Wednesday, Britain announced its unemployment rate had jumped half a point to 5.7% - its highest in eight years. Last month the government acknowledged that France lost 40,000 jobs in August despite predictions of a net gain. Unemployment data and generally sagging company results, observers say, reinforce the view that Europe has already entered a recession...
...Credit One of the main consequences of the financial crisis is that credit will be a lot harder to obtain. That's already happening in the U.K., for example, where the volume of home mortgages approved by lenders fell dramatically in August. Including other forms of consumer credit, total net lending plunged by 86% from its level a year ago, according to Bank of England statistics. Just as Europe's banks were overextended, so consumers in many countries ramped up their household borrowing in the past few years - usually because rising house prices made them feel richer. For policymakers...
...country's economy. Throw in frozen credit markets, high inflation, soaring unemployment and a new tax to pay for the financial crisis bailout, and it's little wonder Ireland's workers are again pondering a move abroad. Dublin's Economic and Social Research Institute, a think tank, forecasts a net migratory outflow of 30,000 in 2009, the highest rate for 20 years. The stalled economy, McLarnon says, has "created a sense of urgency...