Hedge Fund Chiefs to Testify Thursday

Discussion in 'Wall St. News' started by Hook N. Sinker, Nov 12, 2008.

  1. This might be worth watching if broadcast on TV. I think testimony is scheduled for Thursday, 13 November 2008.


    Hedge Fund Chiefs to Testify in Washington
    November 12, 2008, 6:46 am

    Congress, it seems, wants to hear from some of the hedge fund industry’s top earners and best known names about the risks their firms pose to the broader economy.

    George Soros, Philip Falcone of Harbinger Capital Partners, John Paulson of Paulson & Company, James Simons of Renaissance Technologies and Kenneth Griffin of Citadel Investment Group — all of whom earned more than $1 billion last year — are being summoned to Capitol Hill Thursday to answer some questions under oath, The Financial Times reported.

    In a hearing before the House oversight committee, headed by Democrat Henry Waxman, the veterans of the unregulated industry will reportedly make a rare appearance to respond to lawmakers questions, ranging from from their pay to influence on the markets.

    The Financial Times, citing people familiar with the matter, said that the five men were chosen because they were the top earners, according to a rough calculation from Alpha magazine, which every year publishes a list of the most highly compensated managers and executives.

    The newspaper noted, however, that the accuracy of the figures have been disputed.

    HedgeWeek, noting that fund managers are bracing themselves for a fresh — and unwelcome — wave of regulatory measures, said the hedge fund veterans are likely to embrace the opportunity to give their side of the argument.
  2. Daal


    forget the 'homeownership' BS that congress pushed for decades, lets blame the rich guys!
  3. achilles28


    Its a Witch Hunt.

    Congress must deliver a Judas to the American Sheeple. And it won't be the Politicians or Bankers!