Hedge Fund Manager Sends 'I'm Sorry' Letters For Losing All But $200,000 Of The Firm's Money

[RandySF]

Hedge fund manager Owen Li sent a letter to his investors apologizing for losing all but $200,000 of the fund's capital by acting "overzealously," CNBC's Lawrence Delevingne reports.

Li, who previously worked at convicted insider trader Raj Rajaratnam's now-closed Galleon Group, is the founder of New York-based Canarsie Capital. According to CNBC, Canarsie once managed around $100 million in assets.

In the letter, Li told investors that he was "truly sorry."

"My only hope is that you understand that I acted in an attempt — however misguided — to generate higher returns for the fund and its investors," Li wrote in the letter. "But even so, I acted overzealously, causing you devastating losses for which there is no excuse."




http://www.businessinsider.com/owen-li-letter-says-sorry-for-lost-money-2015-1#ixzz3PVyXKzqd

[mythology]

1. Well that makes it all better

Idiot.

[1StrongBlackMan]

2. "I'm truly sorry" ...

What? Liquidate my personal assets to make a partial repayment on what I lost you? Are you nuts? I said I was sorry, not stupid!"

[NBachers]

3. At which point he then proceeded to put the two hundred thousand in his pocket, turn out the lights,

and walk out onto darkened Wall Street, whistling.