Ex. Galleon guy blows 100 million dollar hedge fund in 4 weeks.

[prc117f]

He did not feel his returns were up to par, so it looks like he went long calls hoping to put some good window dressing for end of year reporting.

But instead he ends up with 200,000 dollars left.

Writes a letter to his 50 investors, that he is sorry.

http://www.cnbc.com/id/102356275

 

[blakpacman]

Maybe he saw the handwriting on the wall. With lagging performance, it was inevitable his investors would eventually pull out the $100 mill. I'm guessing his poor results in December caused him to revenge trade to try to make back his losses with devastating consequences.

 

[ogarbitrage]

Speechless.

 

[Risk619]

Sounds like some hedge fun.

 

[southall]

Sounds like he did a Niderhoffer.

 

[Chris Mac]

Well, 2007 is back guys !
Lot of "funny" stories to come...

 

[Cdntrader]

oo bet that was fun!

 

[billyjoerob]

ex galleon group. how many of the investors hoped that he WAS cheating, but for them?

 

[blakpacman]

No limits gambling. Same result if he had a billion.

 

[lawrence-lugar]

He should just commit suicide -- it's the honorable thing to do. :eek: