Hedge funds hammered in one of worst years on record

``John Paulson, the American financier who made billions in the 2008 banking crisis, has been crunched in 2011 and is the most high-profile casualty. His $3.4bn Advantage Plus fund lost another 9pc in December, taking total losses to 52pc for year to date, according to industry experts. The Paulson Advantage fund, the firm's largest portfolio, lost 6pc in December and is down 36pc in the year to date. ''