In the classic comedy Rush Hour 2, Chris Tucker explains his method of detection to Jackie Chan:
James Carter (Chris Tucker): Lee, let me introduce you to Carter's new theory of criminal investigation: follow the rich white man.
Lee (Jackie Chan): Follow the rich white man?
James Carter: Behind every big crime there's a rich white man waiting for his cut.
And sure enough, according to MarketWatch, most hedge funds made out like bandits in February, as they had correctly forecast the subprime lending crisis that led to the collapse of companies like Novastar Financial.
In the mind-boggling world of credit derivatives (Incidentally, go pick up a copy of Traders, Guns, and Money), even the experts can't quite seem to figure out who was bearing the risk that allowed the funds to succeed. Some suggest pensions funds and overseas investors, but no one really knows.
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