Big losses at Citadel raise questions about the Ken Griffin model
By Michelle Celarier with Carolyn Sargent
Ken Griffin might be his own worst enemy. Even when it would behoove him to play nice, he can't always manage to do it. Consider the Citadel Investment Group founder's conduct at the November 13 Congressional hearing on hedge funds - a rare public appearance. When House Committee on Oversight and Government Reform Chair Henry Waxman - known as the grand inquisitor for his prosecutorial bent - asked five assembled hedge fund heavyweights if more regulation of hedge funds was needed, four of the managers gave the same answer, right down the line. George Soros: yes; Jim Simons, yes; John Paulson, yes; Phil Falcone, yes.
When it came to Griffin's turn, he ducked the question until, when asked again point blank, finally gave this response: "No, it is not my belief that we need greater government regulation...