CNNMoney.com – When the headhunter first called Richard Baker in late 2007 and asked him if he was interested in becoming president and CEO of the Managed Funds Association – the hedge fund trade group – Baker thought it was a joke. "My reaction was, ‘You want me to do what?’"

An 11-term Republican Congressman from Louisiana, Baker was about as likely a candidate to run the MFA as Bill Gates is to run an Apple in his home office.

Over the years, Baker had emerged as a fierce and independent critic of the financial services industry – pushing for tougher regulation of hedge funds after the 1998 collapse of Long Term Capital Management.

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