Betting the Fund: Slapshots, Subprime, and the Spectacular Fall of Phil Falcone

What happens when a small-town hockey player from Minnesota’s Iron Range swaps his stick for a Bloomberg terminal and $26 billion in other people’s money? You get Phil Falcone—the hedge fund king who shorted subprime to riches, then torched it all borrowing from his own fund, rigging bond markets, and backing a satellite network that nearly broke GPS nationwide. This is decision deafness in action: how a man who couldn’t hear “no” went from billionaire to pitching crypto TV—with his name misspelled in the deck.

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