In answer to that oft-asked question, ‘Are there any more monster banks in bed with hedge funds that are still kerfuffling?’ we can now, unfortunately, say yes. Enter Citigroup's soon-to-be infamous Falcon Strategies fund, which has lost more than 75% of its value, triggering a fresh sound and fury that’s already resulting in lawsuits, torrents of investor ire (both retail and from the likes of Wachovia and Fifth Third Bancorp), a wave of broker resignations and no shortage of nettlesome questions.

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