``A year ago, Conrad Levy was a player in one of the most spectacular blow-ups in hedge fund history. Peloton Partners, the fund at which Levy was chief compliance and operating officer, collapsed after an outsized bet on subprime securities went horribly wrong, resulting in the fund losing $17 billion in a matter of days. Now Levy is profiting from that experience... Trouble is Levy may be exactly the wrong person to advise hedge funds and other alternative investment vehicles that are having a hard time... It was textbook errors well within the fund managers' control rather than unforseen circumstances that felled Peloton, according to Janet Tavakoli, President of Chicago-based Tavakoli Structured Finance.''

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