July 28, 2013
This combination image of Associated Press file photos shows from left, Philip Falcone testifying in Washington on Nov. 13, 2008, Raj Rajaratnam leaving Federal Court in New York on Thursday, March 10, 2011, Kenneth Griffin testifying on Capitol Hill in Washington, Thursday, Nov. 13, 2008, and Steven Cohen attending a benefit on Dec. 10, 2009, in New York. Hedge funds, once the rock stars of the financial industry, have had their public image bruised in recent years. Including the Justice Department's decision Thursday, July 25, 2013, to accuse the once-high-flying SAC Capital of making hundreds of millions of dollars illegally and allowing insider trading.
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Hedge funds were once the rock stars of the financial industry. The smartest people worked for them. The wealthiest gave them their money. They were an easy path to fortune.
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