Proponent Of Tough Hedge Fund Rules Seeks To Lead Germany

Dec 10 2012 | 5:34am ET

Former German Finance Minister Peer Steinbrück, who led that country's push for tougher European and international hedge fund regulations, will seek its highest office in next year's election.

Steinbrück was formally nominated to challenge Chancellor Angela Merkel by Germany's opposition Social Democrats this weekend. He served as finance minister under Merkel from 2005 through 2009.

During his time in office, Steinbrück was often the public face of Germany's push to crack down on hedge funds and private equity funds. But he failed to convince his colleagues in Britain, the EU and the U.S. to follow his lead; Germany has become somewhat more accommodating to hedge funds—on the international stage—since he left office.

"The financial crisis showed that things have got out of balance in Germany, in Europe and in our society," Steinbrück told his party.

"Germany needs more 'we' and less 'I,'" he added.

Steinbrück's chances of unseating Merkel, who will seek a third term in September's poll, are murky at best. Merkel's center-right Christian Democratic Union and its Bavarian allies have a roughly 10-point lead on the SPD in the polls. But its current coalition partners are way down in the same polls, at levels likely to seem them tossed out of the Bundestag entirely, while the SPD's allies, the Greens, are polling above 10%.

Steinbrück has vowed not to serve in a "grand coalition" with the CDU and CSU, as he did as finance minister.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.