Dr. Doom is back.

Hedge funds closures will eliminate about 30 percent of the industry, and policy makers may need to shut markets for a week or more to stem panic

From Bloomberg

It appears he is not alone in this prediction, Emmanuel Roman, head of GLG one of the biggest hedge funds, is saying the same thing.

25% TO 30% of the world's 8,000 hedge funds would disappear "in a Darwinian process", either going bust or deciding meager profits are not worth their efforts.

This will go down in the history books as one of the greatest fiascos of banking in 100 years

Roubini is saying 500 hedge funds will fail within months and calculating out Roman, that would be 2000 to 2400 hedge fund failures.

Wondering how much money is all of that?

Research from Hedge Fund Intelligence (HFI) shows that despite one of the worst months on record for credit funds, US hedge funds alone still have $1.7 trillion (£1 trillion) in assets.