December 13, 2008

Hedge Fund tells investors: You cannot have ANY of your money for at least 4 months

Citadel Investment Group LLC, enduring its biggest losses since starting in 1990, halted withdrawals from its two biggest funds after investors sought to take out $1.2 billion, or 12 percent of assets.

Withdrawals may resume as early as March 31 for the Kensington and Wellington funds, the Chicago-based firm said in a letter yesterday to clients. The funds, which together manage about $10 billion, have lost 49.5 percent of their value this year through Dec. 5.

. . . . . . and they wonder why someone bombed a Bank last week. . . . . . .

Full story here