Hedge fund billionaires, accused of wrecking the economy, will come into light int front of Congress committee
Accountancy Age, 13 Nov 2008
Five hedge fund billionaires with a combined wealth of $29bn (£19bn) will be called to account tomorrow on the activities of their secretive, high-risk and barely regulated industry at a hearing of the US Congress's house oversight committee.
To their enemies, John Paulson, George Soros, Jim Simons, Ken Griffin and Philip Falcone are the robber barons of the modern economic orde, the Guardian reports.
Chicago-based Hedge Fund Research has found more than 350 hedge funds were liquidated this year. The average fund has lost 15% of its value over five successive months of decline and some predict the industry could shrink by a half.
John Godden, managing partner at London-based hedge funds consultancy IGS, says the industry has expanded too far and too fast, at the cost of quality.
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