Wall Street Journal- When Citigroup Inc. was launching a pair of hedge funds last year, it didn’t have to look far for investors. Brokers at the firm’s Smith Barney unit drummed up hundreds of millions of dollars from retail clients, including some who were told the fixed-income funds were a safe place to stash money.
Since then, the hedge funds, devastated by the credit crunch, have plunged by 75% or more in value.
