We knew Leo Hindery, private equity investor, founder of the YES Network and staunch Democrat, was not a big fan of Wall Street. But his latest column on regulatory reform basically blames financiers for, well, just about everything.
. . .the profit-driven, greedy, selfish institution that with its unbridled compensation practices and current light-touch regulatory regime is, I truly believe, behind almost every major societal and economic ill that has befallen the United States since 1980.
Damn, Leo, that’s harsh. But he goes on. Continue reading »
Not only is Europe’s debt problems bludgeoning the U.S. markets today, but the continent is also on the verge of dealing a huge blow to the hedge fund industry and its favorite tax havens.
Lawmakers in the European Union are close to passing legislation that would prevent European investors from putting money into a hedge fund domiciled in certain offshore tax havens. The proposal would create a “black list” of countries that would be off-limits to EU investors and the Caymans appears to be a prime candidate for the list.
As expected the hedge fund industry is outraged. By some estimates, nearly 80 percent of all U.S. funds have a registered entity in the Caymans.
[Via WSJ.com]
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