NYTimes: The New Rules of Angel Investing

From The New York Times:

SMALL-BUSINESS GUIDE: The New Rules of Angel Investing

The deal makers still exist, but they are pickier and less tolerant of risk.

http://www.nytimes.com/2009/10/29/business/smallbusiness/29angels.html

So angels are still out there. But it is still hard to reach them, and
they have fewer dollars to play with.

There are no guarantees out there, but VC funds may be popping out of
existence soon. If the fund you're talking with hasn't closed on
their money between 2007 and 2009, they might not have money left to
invest.