Saturday, 27 December 2014
Last updated 3 days ago
May 10 2011 | 12:22pm ET
Eliott Management's Paul Singer is no fan of the Dodd-Frank U.S. financial regulation overhaul.
The billionaire hedge fund manager called the measure "entirely nutty" during a conference in New York last week, criticizing the law for failing to address the need for derivatives disclosure on the parts of banks.
Those banks "have become effectively the biggest hedge funds on the planet," but "opacity on extreme levels is not addressed anywhere, including Dodd-Frank." And when moderator James Millstein, a former Treasury Department official, praised the "living will" liquidation procedures for systematically important firms, Singer dismissed it.
"Dodd-Frank goes through gymnastics to try to do it, but I don't think it's workable," he said. And the law will wind up making the financial system even "more brittle" than it was before the financial crisis.
Singer, a major Republican donor, added that Wall Street should speak up in favor of changes to the bill, which was championed and passed by Democrats.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.