Bloomberg Businessweek

The Hedge Fund Curse of 2008

These managers made their reputations in the crisis and faded in the decade that followed
Einhorn

In the spring of 2008, hedge fund manager David Einhorn gave the most memorable speech of his career. At a conference in Manhattan, he took to the stage at the standing-room-only concert hall and delivered a scathing attack on Lehman Brothers.

Lehman filed for bankruptcy four months later. Around the same time, another New York hedge fund manager, John Paulson, was minting a fortune by betting against U.S. subprime mortgages. And in London, a firm run by a lower-profile manager, Alan Howard, had prepared for a financial crisis by cutting risk and buying investment contracts that would profit from market volatility.

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