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Philip Falcone, Hedge Fund Chief in Exile, Is Stepping Down

NYT – Philip A. Falcone, the hedge fund manager who made billions betting against the housing market and then lost a bundle trying to build a wireless network, is once again trying to reinvent himself.

In a surprising move, Mr. Falcone is stepping down as the chief executive and chairman of the Harbinger Group, a publicly traded company that owns stakes in the maker of the George Foreman grills and a life insurance company. The Harbinger Group announced the decision in a news release on Tuesday, just days after it filed its most recent annual report, which was signed by Mr. Falcone.

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