New York Times Blogs – After pouring money into Barack Obama’s campaign, what can hedge funds and their executives expect from the new president?

If history is any exmaple, says FINAlternatives, they shouldn’t expect a cuddly relationship.

Mr. Obama didn’t appear sympathetic to the industry on the campaign trail, the publication noted, calling John McCain the candidate of “Joe the Hedge Fund Manager,” a riff on McCain’s pledge to serve the “Joe the Plumbers” of the U.S.

And during his time in the Senate, FINAlternatives noted, Mr. Obama sponsored a bill that would have required hedge fund managers to set up anti-money laundering programs supervised by the Treasury Department. (The Treasury abandoned a similar proposal last week).

The president-elect has also backed tax proposals that increase the burden on hedge funds and private equity shops, the publication said.

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Globe and Mail – Hedge-fund manager Ben Shoval, wearing a green Thomas Pink shirt and a $1,600 Giorgio Armani suit, grabbed the microphone last week at New York’s Broadway Comedy Club to riff on his day job.

The 31-year-old hedge fund manager started his stand-up career in January, taking as many as a dozen private and group lessons a month that have cost about $3,500, he says. By humbling himself before small groups at open-mike shows, Mr. Shoval said he hopes he’ll learn to perform at conferences and charity events.

Hedge fund managers may need comic relief. The industry is composed of unregulated investment pools that typically charge 2 per cent in fees and reap 20 per cent of profits. Hedge funds suffered their worst first-half performance in almost two decades, according to Hedge Fund Research Inc.

"When things are bad, particularly like they are now, we seem to be a good scapegoat for absolutely everything," Mr. Shoval said. "That’s what’s neat about the whole hedge fund manager routine that I’m doing, because there are so many misunderstandings."

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