HedgeFund.Net – According to Joseph Biden, the hedge fund industry and private equity deserve the blame for the global credit crisis.

The Delaware senator and running mate of Democratic presidential nominee Barack Obama made that assertion in a primary debate last year when he was himself running for president. Obama, a senator from Illinois, is running for president against Arizona Sen. John McCain.

During that debate Biden, named vice president on the Obama ticket over the weekend, characterized the hedge fund industry and private equity as “no transparency, no accountability.”

The alternative space was “causing this thing to go under,” he said in the debate.

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