The Billion-Dollar Boys

A new breed of money managers shake up once staid pension funds

Few people have heard of Dean Le-Baron, but thousands of Americans unknowingly depend on him for a large part of their financial security. From a computer-filled command post on the twelfth floor of the Federal Reserve Bank building in Boston, LeBaron manages more than $10 billion of other people's money. Every day, LeBaron and his competitors make stock and bond transactions that can earn, or lose, millions of dollars for their clients. Their decisions can shake markets and send the prices of individual stocks into orbits or nosedives. For their...

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