Friday, February 26, 2010

Don't think they're better than you. They're not! Hedge fund firm being probed on kickbacks: report

When you read about rich hedge fund managers don't get the idea that they're better than you when it comes to investing or trading. They're not. Most of them are mediocre at best and the ones who seem to make the most money are often cheats or doing something illegal.

Such is the case of NIR Group, a hedge fund run by some guy named Corey Ribotsky, who paid off outsiders to inflate the value of his holdings, thus defrauding investors.

If hedge fund operators are geniuses at anything it is getting wealthy people to fork over a lot of dough so that they can gamble and rake in huge fees.

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