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Phil Falcone's fall to earth

A wildly successful bet on subprime mortgages put Harbinger on the map, but big losses last year are forcing Phil Falcone to rebuild.

By Britt Erica TunickIn late 2006, Phil Falcone joined a handful of hedge fund managers in making what turned out to be a well-timed bet against the housing market. Not only did that wager send his flagship hedge fund returns soaring the next year, it also transformed Falcone into a

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