Yep they took it up the wazzoooooo. What a bunch of fucking loosers and these guys are supposed to be professionals. Fucking morons.
high fees "t some hedge funds, expenses can comprise a big chunk of the overall cost of investing. In 2003, for instance, Amaranth Advisors of Greenwich, Conn., logged charges on its Amaranth Partners fund of about 1.4% of net assets for "bonus compensation to designated traders" and about 2.3% for "operating expenses." Although Amaranth does not have a traditional management fee, the filing reveals that when an investor's account shows a net profit over the previous 12 months, the manager is entitled to a "management allocation of income" of up to 1.5% of each member's account balance per year. The manager also receives a 20% cut of each investor's net profits. This 20% is reduced by the amount paid to the traders, as well as by the amount of the operating expenses. If the fund is losing money, investors remain on the hook -- certainly for the operating expenses and possibly for any trader bonuses, too."
http://www.bloomberg.com/apps/news?pid=20601109&sid=a2RV_7_smzJ4&refer=home another big name. former nymex president in charge.
Should be a "negative" bonus for those hotshots that ran this fund into the ground with nat gas double-downs on losing trades! And what horrendous losing trades they must have been too! Down 30+% ytd, AFTER being UP 20% or whatever? They ever hear of stops?...
"Amaranth, a big hedge fund, says it suffered huge losses last week on bad bets on natural gas trading." I like the way they call it BETS instead of INVESTING....
they call it a bet when they have no idea of what is going on and how to handle the trade, to much hope, when you have to much money.:eek: