Litigation

Hedge Fund Manager Andrew Lahde, who quit after making spectacular gains of 870% last year betting on the downside of sub prime wrote this letter to clients now making the rounds in the media.

"Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say goodbye.

Recently, on the front page of Section C of the Wall Street Journal , a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, " What have learned about the hedge fund business is that I hate it." I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA  was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America"

It's no secret that hedge funds are behind a number of "cash now pushers"; some of the latter having exhibited similar traits of going after "low hanging fruit" of unsophisticated tort victims and tempting them to part with long term financial security in exchange for depreciating assets such as cars, boats and plasma TVs.

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Andrew Lahde Had a Hedge Fund
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Sucked The Wealth From Those With Trust Funds
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Stuffed His Face on Low Hanging Fruit
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Now he wants to legalize "root"
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