But things aren't looking good as Lehman Brothers Holdings and American Internationanl Group were left to their own fates, Lehman seeking refuge in Chapter 11 bankruptcy protection and AIG apparently rebuffed in its effort to get a Federal Reserve loan.
Mr Mallaby is right to point out that hedge funds seem tailor-made for managing funds, but most of the management wealth at Bear Stearns and Lehman Brothers was equity in those firms and little good it did them.