The Money Times – A U.S. House committee Thursday reviewed hedge funds, which the panel’s chair called "virtually unregulated."

Because they aren’t required to report on their holdings, leverage or strategies, "hedge funds are virtually unregulated," said Rep. Henry Waxman, D-Calif., chairman of the House Committee on Oversight and Government Reform. "Regulators aren’t even certain how many hedge funds exist or how much money they control."

That segment of the financial industry is "growing rapidly," Waxman said, adding he was concerned that hedge funds, as other financial sectors, could collapse.

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