Sowood
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Sowood Capital is a Boston based Hedge Fund that lost 50% of its capital in the credit market turmoil of July 2007. Jeffrey Larson, the founder, had a long and illustrious track record over 12years at the Harvard endowment. He started his career as a trader with Cargill and left Harvard in 2004 to start Sowood. Harvard had seeded Jeff with $350million. At the end, the losses were to the tune of $1.5Billion. Chicago based Hedge Fund Citadel Investments bought out Sowood's position and made huge profits as the markets recovered. This was another example of how uncontrolled leverage could wipe out a Hedge Fund without financial resources to withstand turbulent markets. The best example being the LTCM debacle of 1998.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5He2yClHjJE&refer=home
