Hedge fund billionaires to come into the ligh
Hedge fund billionaires, accused of wrecking the economy, will come into light int front of Congress committee
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.
Further reading:
Hedge fund bids to halt BDO’s Rock
valuation