Looking for a way to keep warm during the cold weather or rather alleviate your cold while under the weather?
Saturday, 21 January 2017
Last updated 21 hours ago
May 13 2010 | 3:24am ET
Britain’s richest hedge fund manager has some harsh words for the European Union and its proposed hedge fund regulations, as well as some kind words for his native land.
Moore Capital Management founder Louis Bacon blasted the “demonization” of hedge funds in Europe, assailing the 27-nation bloc’s leaders for adopting “a stance of ‘first kill all the canaries in the mineshaft’” rather than “listening to the market’s warnings.”
“European financial authorities see hedge funds particularly as a threat to their ability to contain prices, information and confidence in the increasingly risky sovereign debt markets,” Bacon wrote to investors in a letter obtained by Financial News. That’s leading to “confusing and discordant” approaches to the hedge fund issue between the U.S. and EU.
But while Bacon has little but scorn for the latter, he offered plaudits to his home country.
“The U.S. financial authorities are respectful of the many Cassandras in the hedge fund world that decried the lending bubble practices developed through the last decade,” he wrote. “They’d like to hear those voices and co-opt their insights and intelligence that was so lacking in the regulatory, supervisory and legislative circles.”