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.

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