Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Charleston Daily Mail – The Connecticut Senate has voted to require hedge funds and private equity funds located in the state and doing business here to disclose certain conflicts of interest to customers.
Supporters of the bill, which passed on a 24-12, party-line vote, say it’s needed because Congress hasn’t done enough to protect consumers and regulate the hedge fund industry.
Sen. Robert Duff, a Norwalk Democrat, says if Congress passes similar legislation before Dec. 31, the Connecticut bill would no longer be needed.
International Herald Tribune – Two senior senators have introduced legislation to impose U.S. government oversight on hedge funds.
The legislation by Senator Carl Levin, a Democrat of Michigan, and Senator Charles Grassley, a Republican of Iowa, was filed Thursday while the administration of President Barack Obama prepared a broader legislative overhaul of the regulatory system, including an effort to regulate hedge funds more tightly.
State regulators and a panel created by Congress to oversee the $700 billion Troubled Asset Relief Program issued separate but similar regulatory proposals Thursday. The proposals also seemed to mirror closely many of the provisions that administration officials say will be part of their plan.
HorseRaceInsider.com – Richard Shapiro, former chairman of the Califorinia Horse Racing Board, has been "devastated" financially by the $50-billion Ponzi scheme that was engineered by Bernard Madoff, according to a letter that Shapiro wrote to a U.S. Congressman.
"Nearly all of my life’s work, savings and pension evaporated on December 11, leaving me in desperate financial straits," Shapiro said in the letter to Brad Sherman, a Democrat who represents the San Fernando Valley, an area where Shapiro lives. The letter was dated January 12.
In the letter, Shapiro asked Sherman to pursue Congressional relief that might help him and other victims of Madoff, who has confessed to defrauding dozens of clients from his company’s New York offices. One of Shapiro’s proposals is to allow Madoff victims to claim credit for back taxes that they paid on paper profits that didn’t really exist.
