Hedge fund manager: It's a 'truly scary time'

VIDEO3:0903:09
Traders protecting against disaster: Goldman

A hedge fund manager who warned about the last financial crisis is seeing parallels of that run-up in the market today.

"I think it is a truly scary time," Andy Redleaf, CEO of $4.2 billion hedge and mutual fund manager Whitebox Advisors, said in an internal memo Sunday night obtained by CNBC.com. ()