Sandra Manzke, a manager of Darien-based hedge fund MAXAM Capital Management, sent out a mass e-mail decrying the sins committed by her contemporaries in the marketplace. She's no Andrew Ladhe, but it's pretty impassioned. "I am appalled and disgusted by the activities of a number of hedge-fund managers," she wrote. "Every day, I get a notice from another manager who is side-pocketing investments or suspending redemptions … We have managers who have received millions of dollars in incentive fees, walking away and leaving investors with nothing. Further, management fees have crept up to outrageous levels and hedge-fund organizations are paying employees lucrative wages, while investors are bearing these costs, unjustified by mounting losses.” [Bloomberg]
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