When all the other pillars of capitalism were cracking and tumbling, many would have guessed that high-flying hedge funds would be the next to fall. So why, asks David Ignatius, didn't that happen?
Why is it that the nefarious hedge funds, supposedly the bad boys of the financial world, came through last year's crisis in relatively good shape?
Hedge funds still had to live by the old capitalist rules: There was no lender of last resort to bail them out. So these unregulated managers turned out to be more cautious than the regulated ones.