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12 Most Important Business Stories for Today

BOSTON (TheStreet) -- Hedge fund losses lead your quick fix of company, market, economic and investing news for Wednesday, Sept. 28, as titans like Man Group and John Paulson are losing big this year.

John Paulson (Paulson & Co.)

The Big Story

U.K.'s Man Group saw its stock plunge 20% after the hedge fund said its asset base shrunk by 8.5% due to investor withdrawals. Hedge funds are the new mutual funds, plus the whole 2-and-20 thing. [Telegraph]

If you think that's bad, HSBC does a stellar job of mapping out the bloodbath in hedge funds. Note that John Paulson has three funds that are among the worst performers this year. [Zero Hedge]

Speaking of Paulson, it looks as though rival hedge funds smell blood in the water, selling off any positions they have in common with Paulson & Co. [Wall Street Journal]


Quote of the Day

"She was wrong, she is wrong, and she will be wrong," Alexandra Lebenthal of wealth management firm Lebenthal & Co. said of Meredith Whitney's call on municipal bonds. [Wall Street Journal]


Company News

Amazon's (AMZN) new Kindle Fire tablet is already getting panned before it's even unveiled. [The Atlantic Wire]

It's a total coincidence that unusual option activity preceded an FBI raid on Florida financial firm Imperial Holdings (IFT). [CNBC]

So how did hacker group Anonymous fare with its first research report that claimed Chinese agriculture company Chaodo Modern Agriculture was a fraud? [Zero Hedge]


Markets

Tim Geithner does not get enough credit as an evil genius. His latest Wile E. Coyote plot: Europe borrows more money using money it has already borrowed. [MarketWatch]

Make no mistake about it: Euro TARP is defensive, not stimulative. Economic growth is still at risk. [Pragmatic Capitalism]

Are we in store for another currency crisis as Russia's ruble falters? [Bloomberg]

When you put it all together, the market should have crashed by now. [Castellano]


Investment Strategy

Chipotle's (CMG) run is tiring out as hamburgers rise up against the burrito. [Dragonfly Capital]

When thinking about putting cash to work, don't try to time the market bottom. [Upside Trader]

Everyone, from traders and investors to banks and the government need to learn how to take the loss. [The Big Picture]


Odds and Ends

Chris Christie has a very big to-do list each day. [The Reformed Broker]

The importance of economic history. [Irish Economy]

Music Wednesday: Was Frank Black speaking about currencies when he said he wanted to grow up to be a debaser? Perhaps this is Ben Bernanke's favorite song. (By the way, if you look very closely, you'll see yours truly somewhere in the front) .[]

-- Written by Robert Holmes in Boston.



>To contact the writer of this article, click here: Robert Holmes.

>To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet.

>To submit a news tip, send an email to: tips@thestreet.com.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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