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markets
by leon on October 30, 2008
There is a wonderful irony in the way hedge funds now are up for billions of dollars in losses after making a wrong bet on Germany's Volkswagen. As The Wall Street Journal tells us, they bet that VW shares would fall and instead they soared after fellow car maker Porsche announced it had increased its stake in VW.
As The Economist notes, it's hard to feel sorry for hedge funds when they have been blamed for contributing to this financial mess. Not that those hedge fund managers are going to sell their Porsches.
Still, with VW's share price now tumbling, German regulators have launched an investigation into market manipulation.
Watch this space.
Permalink: Hedge funds pummelled by Porsche and VW
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