"Hedge funds used to be set up by two guys in a back alley with a flashlight," says one veteran.

一位资深人士表示：“对冲基金过去是由两个人拿着手电筒，在一个偏僻的小巷里建立起来的。”

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Whatever exposure they had with the accumulator client they could hedge away with other derivatives, all but locking in a profit.

在他们与客户的赌约中，任何风险敞口都可以被其他衍生品对冲，这样一来利润便被锁定。

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Still, Goldman was not alone in cooking up deals with hedge funds, or in creating toxic subprime securities.

然而，并非只有高盛一家公司在用对冲基金炮制交易或制造不良次级抵押贷款证券。

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How does the hedge fit in with your overall goals for your landscape?

FORBES: Negotiating for Something You Think You Can't Get? Show Up in Drag.

In recent months, a growing list of individuals and hedge funds with ties to SAC have become ensnared in the investigation, including two hedge funds with close ties to SAC that were raided in November.

WSJ: Insider-Trading Suspect Smashed Evidence

On the other side, the big investors in hedge fund are now institutions with much more rigorous reporting requirements than hedge fund managers had to deal with in the early days when their investors tended to be wealthy individuals or families.

FORBES: How To Start, And Run, A Hedge Fund