Financial crisis: Hedge fund manager thanks 'stupid' traders for making him rich

[emad]

An American hedge fund manager whose bets against the US sub-prime mortgage market turned him into a multi-millionaire has thanked "stupid" bank traders for making him rich.

By James Quinn in New York
Last Updated: 1:55AM BST 18 Oct 2008



In an extraordinary farewell letter to clients of his Lahde Capital Management fund, Andrew Lahde admitted that he has grown to hate the industry he works in and was simply "in this game for money".

He also criticised what he referred to as the "low-hanging fruit" working in the financial industry - people who "rose to the top" of financial companies which are now defunct or in the majority ownership of the US Treasury.

Mr Lahde took the decision to close down his $80million (£46m) fund recently after making an 870 per cent return last year betting against the US mortgage market, but said that further betting on sub-prime mortgages was too risky given the weak nature of the banks he had been trading with.

His letter ends by making a strong call for the legalisation of cannabis, saying: "It gets you high, it makes you laugh, it does not produce a hangover. Unlike alcohol, it does not result in bar fights or wife beating. So, why is this innocuous plant illegal?"

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3219844/Financial-crisis-Hedge-fund-manager-thanks-stupid-traders-for-making-him-rich.html


His own hedge fund? Maybe now a weed fund.

"it does not result in bar fights or wife beating. So, why is this innocuous plant illegal"

Quite.

[aquart]

1. I dunno, but does anyone else think there's a movie in this?

I suspect there is someone on the phone even now, negotiating the rights.

George Clooney? Brad Pitt? Jack Black? Adam Sandler? Is this a star vehicle or what?

[emad]

2. I can see a South Park sequel coming up...

//