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US hedge funds capitalise on Lehman collapse

Telegraph – The Wall Street titan’s 2008 downfall saw the implosion of a $1 trillion balance sheet, putting 26,000 jobs at risk. Yet it is now making some investors very rich.

Four large American hedge funds – Elliot Associates, King Street, CarVal and Baupost – now stand to make billions of dollars in profit from Lehman. They have snapped up big tranches of the bank’s debt at knock-down prices in one of the biggest vulture swoops in history.

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