British Politician Blasts ‘Hedge Fund Speculators’

Sep 18 2008 | 9:15am ET

Britain’s third party is continuing its populist assault on hedge funds.

Vince Cable, the Liberal Democrat’s spokesman on economic issues, blasted “hedge fund speculators” for their role in forcing British bank HBOS into merger talks with Lloyds. He also called on the Financial Services authority to bar hedge funds from “hunting in packs.”

“It is shocking to see a major British bank brought to its knees by hedge fund speculators engaged in ‘short selling,’” Cable said in a statement. “They were only able to speculate because they knew HBOS had a government guarantee and would be bailed out by the taxpayer.”

“Who is next? It looks as if they may now be turning their attention to other banks.”

Cable said the government and FSA need to take steps to restrict short-selling by hedge funds.

“The FSA must insist that hedge funds declare their position,” he said. “It must also outlaw collusion between the hedge funds because they are now hunting in packs.”

At the party’s annual conference this week, party leader Nick Clegg pushed for the closing of a pair of tax loopholes benefiting hedge fund managers and other wealthy Britons. He called the fact that some hedge fund managers pay less in tax than their cleaners a “grotesque spectacle.”


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

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.

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.