Out of every five hedge fund managers, one is prone to fibbing, according to research from NYU's Stern School of Business. This is likely to pour salt in the wound of an industry that's been in rough shape for the past year. And, it'll probably add a bit more pressure for transparency.

The NYU report uses data from 444 due diligence reports that investors commissioned from 2003 to 2008. The research team put the information against the test of reality to see where the differences are. The most common stretch of the truth was the amount of their own money the managers put into their hedge funds, fund performance and regulatory and legal histories. One fund inflated its assets under management by $300 million, while another wasn't up front about one of its partner's legal records (he had stolen a Chinese junk).

Once upon a time, a law degree from the likes of Harvard meant not only that the job offers would come but that they would be substantial. A big check from a prestigious firm, of course, is a great way to start a career, as that name stays on your resume for the rest of your life. A decline in demand for legal services, however, has left the major law firms rethinking their campus hiring volume. As a result, even students from the top law schools are likely to have trouble landing their dream 90-hour-a-week jobs.

Skadden, Arps, Slate, Meagher & Flom, the top law firm in the United States by revenue, forecasted a 50% drop in summer hiring for next year, recruiting partner Howard Ellin told Bloomberg News. In 2009, Skadden brought in 225 students for the summer. Next year, only half that amount is expected.