Hedge Fund Testimony
Congressional Hearings on Hedge Funds
(http://HedgeFundBlogger.com) Here is an update on the congressional hearings which could affect proposed regulations on the hedge fund industry. Should be interesting to see what Soros says...
Hours before five wealthy hedge fund managers were scheduled to appear before policy makers, two prominent academics testified that they thought hedge funds should face tighter regulation.
Andrew Lo, a professor at the Sloan School of Management at the Massachusetts Institute of Technology, and David Ruder, a professor emeritus at Northwestern University School of Law, each said that hedge funds did not disclose enough information about their activities to allow regulators to determine whether particular funds could cause market turmoil.
“The fact is that we cannot come to any firm conclusion because we simply don’t have the data,” said Mr. Lo, who is affiliated with an asset management company that manages several hedge funds. “Additional transparency, even now, will provide some sense of what we’re likely to see over the next year or two.”
Many hedge funds have fought tighter regulations and additional disclosures for years, even as they grew in size and began managing significant assets for pension funds and endowments. Most recently, the industry were able to fend off a Securities and Exchange Commission requirement to disclose their short-sale positions. Instead, they are disclosing those positions, in which they bet against stocks, in a confidential report to the government.
The House Committee on Oversight and Government Reform, which is holding the hearing as part of a series of what went wrong in the financial crisis, requested a large amount of information from five hedge fund managers about their funds and holdings. Read more...
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