Managed Funds Association
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Resource #1: (11.9.08) It is hedge funds' turn on Capitol Hill.
The congressional committee that made headlines last month grilling former Lehman Brothers Holdings Inc. Chief Executive Richard Fuld and former executives of American International Group Inc. has summoned a handful of top hedge-fund managers to answer questions on topics ranging from their pay to influence on the markets.
Philip Falcone, Kenneth Griffin, John Paulson, James Simons and George Soros on Thursday are expected go before the House Committee on Oversight and Government Reform. They will have several minutes each to make opening remarks, then will field questions from lawmakers, according to a committee spokeswoman.
For these executives, who have been tapped to speak for the industry, it probably won't be an entirely pleasant experience. "We've been under fire for a while," said Richard Baker, head of the U.S. hedge-fund industry's biggest lobbying group, the Managed Funds Association, in Washington. The firms represented at this week's hearing belong to the association.
"Hedge funds are a fairly easy political target. They're looked upon as high-net-worth people doing things we don't necessarily understand," Mr. Baker said. Most hedge funds are suffering along with other investors, though the funds' average declines haven't been as steep as those of the major market indexes. Source