Khan, a central figure in Operation Perfect Hedge, was one of the original cooperators with the government and she testified against Whitman at trial.

FORBES: There Must Be 50 Ways to Inside Trade

Rengen also knows that of over 70 people charged by the Southern District of New York in Operation Perfect Hedge, all have either pleaded guilty or lost at trial.

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It's not a perfect hedge but close enough.

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With nearly 70 people now tagged as felons in New York as a result of Operation Perfect Hedge, firms need to come up with a quick list of not only what is allowed, but what is not allowed.

FORBES: There Must Be 50 Ways to Inside Trade

Given that 1 would represent perfect correlation, that implies most hedge-fund styles are rising and falling in near-unison.

ECONOMIST: Buttonwood

Like hedge funds, the Fed is a perfect vehicle to transform bad assets into good.

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Intelligence is never perfect, so we need to be able to hedge against errors regarding emerging threats.

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