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10. The Hedgie
Jeff Larson
Sowood Capital Management

Many hedge funds were destroyed by the credit crunch, including this one, famous for its high-flying manager. Larson had been a highly successful (and highly paid) manager of Harvard's endowment. At Sowood, he didn't see that problems in subprime mortgage securities would create a ripple effect strong enough to swamp his own bond investments.

By July 2007, his $3 billion portfolio had sunk by more than half, and what was left was sold to hedge fund Citadel. Investors, including Harvard and pension funds in Massachusetts, lost money.

NEXT: The Enablers
Last updated August 06 2008: 6:26 PM ET
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