Reuters: One third of Greenwich High School’s 2,700 students — most raised in affluence — are seeking jobs through a school-sponsored placement service and the number of new students registering for the service jumped to 230 in September from 170 last year.
Well somebody has to support the family.
As many hedge funds suffer big losses and anxious investors yank out their money, the town synonymous with the riches of their recent glory is now hurting.
In Greenwich, Connecticut, the luxury car dealers are quiet, the prices of mansions are declining and the retailers who have made a good living serving its wealthy residents are complaining about a sudden drop in business.
…According to Hedge Fund Intelligence, this town of 62,000 was until recently home to 35 firms that together managed more than $200 billion of assets, greater than the annual GDP of nations such as Chile or Malaysia.
…After the worst back-to-back months in a decade, some expect one third of hedge funds will be forced to shut down and others will become much smaller than they were. Billionaire investor George Soros, one of the world’s first hedge fund managers and among the most famous, has predicted the industry would shrink by as much as two-thirds.
Business Insider Emails & Alerts
Site highlights each day to your inbox.