Hedge Fund Critic To Leave Top U.K. Economic Post

Feb 2 2009 | 1:51am ET

John McFall, the British legislator who called in several leading hedge fund managers in for a grilling last week, will step down as head of the influential Parliamentary committee he has led for nine years.

McFall, a member of the U.K.’s governing Labour Party, will leave as chairman of the Commons Treasury Select Committee after the country’s next general election, which must occur by early next year. As chairman, McFall has used his bully pulpit to push for stronger regulation of hedge funds. Last week, he brought The Children’s Investment Fund Management chief Chris Hohn and Marshall Wace’s Paul Marshall before the committee for questioning on the industry’s role in the financial crisis.

“There is a view that what the industry is really doing is snubbing the public and not just that, but you're making shedloads of money out of taxpayers at a time when every single penny that taxpayers put into institutions should be preserved,” he said at the hearing.

“I’m not departing through lack of enjoyment or tiredness,” McFall told The Times of London. “It’s just that nine years will be enough.”

If the opposition Conservative Party wins the next general election—which opinion polls indicate is likely—the chairmanship is likely to go to Michael Fallon, a Tory who has served on the committee for a decade.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...