As if Citigroup has just been sooooo successful at investing in hedge funds

... we wonder what Vikram and Co can possibly be thinking with their apparent decision to still help fund a $200 million hedge fund start-up, along with Blackstone, run by a couple of former Citigroup prop trading guys. Blackstone is sitting on piles of cash, and isn't on government life support, so we have no problem with them ponying up. But Citi? We wonder what Barney Frank et al. will have to say about that.