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"Vagilante" Hedge Fund Not Performing so Vigorously

Oct. 27 2008, Published 7:07 a.m. ET

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Falcone Harbinger Capital, you might recall, is the hedge fund that employs "Snatch-Buckling Muffkateer" Scott Galloway and which recently acquired a stake in the New York Times. Except things aren't as swashbuckling as they once were. The Financial Times reports that the firm's heavy loses on energy trades have forced it to give back almost two-thirds of the profit it made this year in just the past six weeks.

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While the firm is still up 14 percent this year, that number was as high as 40 in June. No word on whether the loses will force head honcho and "Little Iron Ranger" Philip Falcone to unload the $49 million Upper East Side townhouse he bought in March that used to belong to the original "Trim Reaper," Penthouse founder Bob Guccione.

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