Thursday, 26 November 2015
Last updated 9 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.”
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…