Commentary: Hedge Fund Disaster? What Hedge Fund Disaster?

If you think Wall Street has a short memory, you're dead wrong. No, the folks who work on Wall Street, regulate Wall Street--and, above all, invest in its wares, notably its hedge funds--don't have a bad memory. They don't have any memory at all. Just take a look at the aftermath of the crisis in the financial markets caused by Long-Term Capital Management. It happened just two years ago. But as far as Wall Street and its regulators are concerned, it never happened at all.

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