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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: Mike Johnston	6/21/2007 9:21:40 AM
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Maybe the trouble will come not from the mortgage market but from investors reading the headlines and starting to pull out billions out of hedge funds ? It is unlikely that anyone starts a hedge fund with an intent to defraud investors. 99% of the time fraud is a result of a manager trying to mask and recover from a bad bet in the market. June 21 (Bloomberg) -- Hedge-fund manager Ritchie Capital Management Ltd.'s two Irish based funds filed for bankruptcy protection after losses of more than $700 million it blamed on a co-investor's alleged fraud. Ritchie's two Dublin-based funds, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. II, both filed for Chapter 11 bankruptcy yesterday in New York bankruptcy court. The two petitions listed debt of $811 million. Court filings said the assets are undetermined. bloomberg.com

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