Get in line for some ritual bloodletting

Sun Mar 2, 2008




By Neil Wilson

Just as the U.S. Congress held hearings late last year regarding the financial crisis, so too has the Treasury Select Committee in the U.K. Parliament - including one on hedge funds. Such an engagement should have provided hedge fund industry leaders with an ideal opportunity to get across some important truths - and assist lawmakers in crafting appropriate legislative responses.

As was the case in Washington, where the session featured luminaries such as George Soros and John Paulson, the London-based industry was represented by heavy hitters, including Paul Marshall, co-founder of Marshall Wace Asset Management; Chris Hohn of The Children's Investment Fund; Doug Shaw, formerly of Gartmore and TCI and now head of hedge funds at BlackRock; and Stephen Zimmermann of NewSmith Asset Management.

After sitting through the session, however, I left the hearing room feeling somewhat frustrated and dispirited. The hedge fund industry representatives, which also...

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