Germans To Seek Hedge Fund Transparency At G8

Dec 14 2006 | 12:45pm ET

Under the presidency of Germany—where hedge funds are about as popular with politicians as the draft is in the U.S.—the Group of Eight industrialized nations will tackle hedge funds, Deputy Finance Minister Thomas Mirow said.

“What we would like to know is, are there systemic risks, yes or no, and if so, what could we do to deal with it in a reasonable manner,” he told reporters yesterday.

International regulation is not necessarily in the cards, Mirow said, as G8 countries consider coordination to promote hedge fund transparency.

“All over the world, people who are in charge of the stability of the international financial system are dealing with the problem” of hedge funds, he said. “There is a sufficient amount of experts saying we should have a closer look at it so as to prevent a possible crisis.”

Last year, Mirow’s boss, German Finance Minister Franz Müntefering, famously blasted hedge funds as “locusts.”

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