Hedge Funds' World of Hurt

Remember when Wall Street would obsess over the next leveraged buyout candidate, and hedge fund masters of the universe could raise ungodly war chests with just a handful of phone calls?

What a difference a few months make.

Lately, hedge fund implosions have replaced the LBO parade as the market's signature event. Investors have seen huge setbacks at funds run by Bear Stearns(BSC Quote), UBS(UBS Quote) and Goldman Sachs (GS Quote), among others, as the credit environment has grown fraught with uncertainty and lurking turmoil. ...