FBI Raids Three Hedge Funds

Looks like it’s going to be a tough holiday season for some financial big shots: The FBI raided the offices of two hedge funds in Connecticut on Monday as part of its investigation into insider trading. The hedge funds were Diamondback Capital Management LLC and Level Global Investors LP. Both are run by former disciples of hedge-fund superstar Steve Cohen. The continuing FBI investigation is believed to be the largest insider-trading inquiry in history.