FX Concepts, Once Worth $14 Billion, Now Worth Less Than $2 Million

FX Concepts has fallen from being the largest currency hedge fund in the world with $14 billion in assets under management before the financial crisis to a bankrupt company with less than $2 million AUM and nearly $80 million in liabilities, Gertrude Chavez-Dreyfuss reports for Reuters. FX Concepts’ loan note Of its $1.62 million in assets, $1.61 million is a loan note from FX Concepts founder and chief investment officer John Taylor, so the fund is basically operating on the founder and largest shareholder’s dime while it works its way through bankruptcy proceedings. Its largest debt is $34 million to…