Tuesday, August 30, 2005

Conn. AG takes on hedge funds

State Attorney General Richard Blumenthal, ever professing to be leading the fight against the powers that be, today announced the formation of a "special task force" aimed at reforming the largely unregulated hedge fund industry, the national center of which is in Fairfield County, Conn.

According to analysts, the amount of money managed in hedge funds--described by the AP as "largely unregulated and secretive funds that cater to the wealthy and institutions"--passed the $1 trillion mark last year.

Almost 40 firms manage hedge funds, and the average amount of cash managed in hedge funds by these firms is $29 billion apiece. And we're just getting around not to regulating this industry, but merely asking the question of whether or not this industry should be regulated at all!

5 Comments:

Anonymous Anonymous said...

There are quite a bit more than 40 hedge funds in the country...

9:50 PM  
Blogger Rex Publius said...

The figure cited by the AP was 40 firms that manage the funds, not 40 funds.

9:55 PM  
Anonymous Anonymous said...

OK- "firms" does not always equal "funds." There are easily 250+ firms that are classified as hedge funds. The lack of diversification among these firms is overblown by the AP. Not to say that the industry couldn't use some regulation...

7:34 AM  
Blogger copy editor said...

Anonymous, I am very interested in this hedge fund shite. Do you have a lengthier opinion on it? If so, email me at sein dot und dot zeitz at gmail dot com. Danke.

7:37 AM  
Anonymous Anonymous said...

What's with the German?

My opinion is that the "AP" doesn't know their head from their arse. Clearly the person who wrote that article is totally ignorant of the finance industry.

8:42 PM  

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