Hedge fund proposal dies in legislature

Stamford Advocate – Although it had bipartisan support, a bill requiring hedge funds operating in Connecticut to disclose conflicts of interest to investors died in the House of Representatives Wednesday, the final day of the 2009 legislative session.

"It ‘blew up’ like Amaranth, like Bayou," said state Rep. Ryan Barry, D-Manchester, who co-sponsored the proposal with Sen. Bob Duff, D-Norwalk, co-sponsored the legislation.

Barry was referring to the high-profile collapses of the Stamford-based Bayou Group LLC in 2005 and Greenwich-based Amaranth Advisors LLC in 2006, which inspired him and Duff, as Banks Committee chairmen, to pursue hedge fund regulations.

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