> AR Magazine said Mr. Shaw, who gave up day-to-day oversight of [D.E. Shaw's funds] in 2002, made the list because the firm charged a 3 percent management fee and took 30 percent of the investment gains.

What's the justification for management fees at all, let alone such a steep one? Their cut of the profit in fat years should be enough to keep the doors open in lean ones. Such fees also create a perverse incentive to simply get as much money under management as possible.