But plenty have been failures: Askin Capital Management and Niederhoffer Investments Fund are among the more spectacular blowouts, destroying their customers' investments.

FORBES: The $500 Billion Hedge Fund Fever

"SBC is talking out of both sides of its mouth, " says Jonathan Askin, vice president of law at the Association for Local Telecommunications Services, a CLEC trade group.

CNN: SBC lobbyists undercut by DSL rollout