On Friday, Bloomberg's Max Abelson reported that the hedge fund of famed financial-crisis-era bank analyst Meredith Whitney was in trouble.
But things may be much worse than initially thought.
In a new report Sunday evening, Abelson reported that Whitney's fund was down 11% through last month and that her office was on the market.
Whitney's American Revival Fund LP dropped during eight out of the past 11 months. And in two months in which the fund was up, it was by less than 1%, Abelson reports.
This is during a year that has so far seen the S&P 500 rally 12%.
Whitney made a name for herself during the financial crisis when she correctly predicted that Citigroup would be forced to cut its dividend.
She also predicted hundreds of billions of dollars of municipal bond defaults in 2010 — but that never happened.
On Friday, Abelson reported that Whitney's hedge fund lost 4.5%, following targeted returns of 12% to 17%.
The hedge fund's CEO Brittani Caetano and SAC Capital veteran and cofounder Stephen Schwartz have left the firm. And, to make things worse, a fund connected to BlueCrest Capital is asking for its money back.
To get all the details, check out the full story on Bloomberg.
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