Tuesday, 1 December 2015
Last updated 17 hours ago
Jul 23 2008 | 11:16am ET
U.S. Treasury Sec. Henry Paulson doesn’t want the power to take over hedge funds in trouble, but he may need it.
Paulson, who also took time yesterday to urge Congress to pass Pres. Bush’s plan to bail out mortgage giants Fannie Mae and Freddie Mac, said the Treasury needs the authority to manage the collapse of large hedge funds.
“I would rather not ask for extraordinary powers, but I’m playing the hand I’ve been dealt,” he said.
Specifically, he asked for “additional powers to manage the resolution, or wind-down, of large non-depositary financial institutions, such as larger hedge funds, so as to limit the impact of a failure on the broader financial system.”
“Over the last several weeks, the need to move quickly toward an optimal regulatory structure that establishes a prudential financial regulatory system, focused on promoting long-term market stability has become all the more apparent.”
Paulson had previously supported giving the Federal Reserve greater oversight power over hedge funds.
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…