For a big-picture look at the modern hedge fund, check out Vanity Fair's article on Fortress Investment Group, the pioneering alternative investment giant that went public back in February 2007. The five founders made billions but my how they've fallen--and taken investors with them. The stock is down more than 90 percent from its opening-day high.

The five founders make for an interesting case study. Yes, the industry is out, and the fight for survival is proving bitter. But there will be survivors and the odds favor the massive funds. A lot of people are betting the funds' best days are still ahead. Still, this is a cautionary tale of financial madness and the guys who are still laughing all the way to the bank. 

For more:
- here's the article

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