French Presidential Hopeful Attacks Hedge Funds

Apr 2 2007 | 11:32am ET

Echoing his conservative comrade, German Chancellor Angela Merkel, east of the Rhine, rightist French presidential candidate Nicolas Sarkozy lashed out at hedge funds during a televised debate last night.

Sarkozy said the “aggressive” funds “buy up a company, sell it off in pieces, sack 25% of the staff in the meantime, collect 25% profit and create zero wealth.”

“I don’t want a speculative capitalism,” he said. “I want a capitalism that creates riches.”

Riches, apparently, other than those found in Mayfair, Greenwich and Manhattan, anyway.

Sarkozy has in the past called for an European-wide tax on “speculative” hedge funds. He leads his socialist rival, Ségolène Royal, in most polls. The first round of the election will be held later this month.


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Maglan Capital: Some Lessons Learned From Puerto Rico

Jul 13 2017 | 8:00pm ET

Although Maglan Capital has not been invested in Puerto Rico for more than three...

 

From the current issue of