Monday, 22 September 2014
Last updated 2 days ago
Feb 27 2007 | 5:13pm ET
A top U.S. Treasury official today said the department’s opposition to hedge fund regulation was “not an endorsement of the status quo.”
Speaking to financial industry professionals, Robert Steel, undersecretary for domestic finance, characterized the principles and guidelines for hedge funds unveiled last week as a call for greater vigilance, and not, as some might have it, blissful ignorance.
“Instead, they represent a uniform view from the Treasury Department and the group of key independent regulators that heightened vigilance is necessary and desired to address market developments,” he said. He reiterated that Treasury thinks that new regulations are unnecessary, but acknowledged criticism calling the guidelines overly vague and unenforceable. The problems associated with hedge funds are “complex,” he said, “and unfortunately will not be solved with a one-time regulatory fix.”
“We believe that the collective decisions of self-interested and informed counterparties, reviewed by regulators, provide the very best protection against systemic risk,” he said. “In fact, if the group believed that our regulators needed more authority to address these issues, [Treasury] Secretary [Henry] Paulson would have led the charge in asking for it.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.