Wall Street Highest Earners 2008
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Article Introduction (Via Forbess)
You’d be hard pressed to find anyone but limousine drivers and beaten-down investors shedding tears for the end of the hedge funds’ golden age. The average hedge fund lost 18% last year, and one in seven shut its doors, according to Chicago’s Hedge Fund Research. The people who run these funds have, deservedly or not, come to symbolize an unsavory version of Wall Street greed that focused on accumulating vast wealth with little accountability or oversight.
The end to good times, as so often happens, has been unevenly distributed. Witness our third annual scorecard of Wall Street’s Highest Earners, which measures bankers, buyout artists and hedge- and mutual-fund runners. For the first time, it’s made up entirely of hedge funders; the 20 that the list comprises earned an average of $515 million in 2008. How did they do it? Mainly by shorting the financial and energy sectors and doing successful merger arbitrage, which is most often a strategy of simultaneously shorting the stock of an acquirer and buying that of the seller.
