Hedge Funds Take Center Stage At Prime Minister's Questions

Jul 11 2013 | 11:28am ET

British Prime Minister David Cameron was criticized for his party's reliance on donations from hedge funds during a testy session of Prime Minister's Questions this week.

David Miliband, the leader of the opposition Labour Party, asked Cameron how much his Conservative Party had received from hedge fund managers. When the prime minister declined to answer, Miliband said that the Tories had received £25 million.

"This is a man owned by a few millionaires at the top of society and everyone knows it," Miliband said. "Here's the difference between him and me: I want party funding reform; he doesn't. I am proud that we have links with ordinary working people. He's bankrolled by a few millionaires."

Miliband's criticism follows Cameron's own of Labour's links to labor unions last week.

The Labour leader proposed a £5,000 cap on individual donations to political parties, a ploy Cameron quickly rejected.

"I don't see why the result of a trade-union scandal should be every taxpayer in the country paying for Labour," Cameron said, alleging that the difference in funding would have to be made up by the government, a charge Labour denies.

"So there we have the truth," Miliband said. "He is ducking funding reform. He doesn't want it to happen."

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Editor's Note

    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…