[MichaelCorleone]

I woke up this morning to learn of Jon Corzine will probably be starting his own hedge fund. From Seeking Alpha.

Anyone else would be barred from the securities industry. Crony Capitalism??

[expat_panama]

That term "hedge fund" is beginning to take on a lot of new meanings.  Yesterday I was surprised to learn that the SEC has decided that there is something that the call "hedge fund", they won't say what it is, but they suggest that it's something bad (http://investor.gov/news-alerts/hedge-funds).  Here's the closest I've come to finding a definition (from here):

Legally, hedge funds are most often set up as private investment limited partnerships that are open to a limited number of accredited investors and require a large initial minimum investment. Investments in hedge funds are illiquid as they often require investors keep their money in the fund for at least one year, a time known as the lock-up period. Withdrawals may also only happen at certain intervals such as quarterly or bi-annually.

The impression I'm getting is that hedge funds are for folks that have more money than they're willing to bother with.  While that's usually a temporary situation it's something Corzine's made a career of.