Tehran Times – "We do have to have much more government oversight and involvement than we’ve seen in the last decade or so,” said Waxman, a California Democrat.

“A lot of people didn’t either know what they were getting into or much care because they weren’t going to be the ones holding the bag,” Waxman said in an interview on Bloomberg Television’s "Political Capital with Al Hunt,” airing.

Hedge funds need regulation "to make sure the incentives are right for them and others to do the right thing,” said Waxman. "Certainly we need more transparency.”

His House Oversight and Government Reform Committee will take testimony next month from representatives of hedge funds and from Freddie Mac and Fannie Mae, the biggest buyers of U.S. mortgages.

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