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Hedge Fund Chief Testifies at Senate Tax-Avoidance Hearing

DealBook – Complex financial instruments that the government has said helped the hedge fund Renaissance Technologies claim billions of dollars in tax savings were “extremely important,” its co-chief executive said at a Senate hearing on Tuesday.

Peter Brown, co-chief executive of Renaissance Technologies, which was founded by James H. Simons, said the financial products had given the fund, one of the most successful on Wall Street, the ability to get stronger returns by borrowing more.

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