Hedger Reduces Fee!

Talk about "Man Bites Dog!" Here's real news via Bloomberg. After one of its hedge funds reportedly lost about 18% this year, London Diversified Fund Management agreed to reduce its 3% fee to the "industry standard" of 2%.

The reduction is, of course, said to be temporary.

Other hedge-fund managers are taking a more conventional approach to hard times. Reuters reports they're folding their tents and moving on to seek new and greener pastures.