Are hedge funds the markets' security guards, or are they just guarding their securities?

Unlikely as it may seem, hedge fund managers may yet prove to be the bastions of financial stability

A car dealer in a neighborhood where I used to live had a crude but effective security system.

"Guard Dogs! Keep Back 10 Feet," read the signs on the fence surrounding the dealer's lot. Occasional yelping and growling sounds from within attested to the warning's authenticity.

That image sprang to mind in an unexpected context the other day as I read some of Federal Reserve Chairman Alan Greenspan's latest comments on the fast-growing hedge fund business.

Hedge funds present themselves as menacing

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