The level of ignorance and stupidity in that article is beyond even my cynical expectation. It confuses “hedge funds” with a single class of derivatives, and blames them for “enriching themselves” at everyone else’s expense. This an outright lie.

Among the largest investors in hedge funds are pension plans and endowments. TIA-CREF, a teacher’s plan, and CALPERS, the California public employee retirement system, are two of the very largest pension plans in the nation, and, nopt coincidentally, two of the very largest and earliest investors in hedge funds, as is Harvard and a staggering host of other universities, trusts, endowments and other non-profit institutions. Virtually every plan sponsor in the US has some exposure to hedge funds.

While the stock market declined 20%, hedge fund indices are off only 4%. Hedge funds have prevented tens of millions of retirees from losing an enormous amount of money.

Now that’s a fact, and only one fact that these imbeciles either simply do not know or willfully ignore.

But they will let nothing interfere with their determination to punish success and reward failure.