Soros, Falcone Defend Hedge-Fund Industry Before House Panel

[WhiskeyGirl]

Soros, Falcone Defend Hedge-Fund Industry Before House Panel

By Katherine Burton and Lorraine Woellert

Nov. 13 (Bloomberg) -- Hedge-fund managers defended their practices and profits in testimony to a congressional committee while splitting over whether more industry regulation is needed.

``This is not a case where management takes huge bonuses or stock options while the company is failing,'' Philip Falcone, senior managing director of New York-based Harbinger Capital Partners said in written testimony to the House Committee on Oversight and Government Reform.

Still, Falcone urged Congress to regulate the industry and require more transparency, while George Soros, founder of Soros Fund Management LLC in New York, cautioned Congress against ``ill-considered'' regulations.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYgmAk8g3nVo&refer=home

What happened to the old days when the local bank kept your mortgage? 

How many bailouts were needed in the olden days?

How many assets turned toxic?

[WhiskeyGirl]

Evidence is mounting that the global economy is in steep decline, with more bad financial news from Europe and Asia.

A report by the German government says the nation is officially in recession, for the first time in five years. The report says the economy shrank by one-half of one percent in the third quarter of 2008 - the second straight quarter of decline. Shrinking exports are blamed for the decline in the world's third-biggest economy.

...U.S. Treasury Secretary Henry Paulson said he is working to develop ways to assist financial institutions that offer consumers credit for consumer loans for things such as college costs or automobile purchases.

http://voanews.com/english/2008-11-13-voa12.cfm

This makes me wonder just what is in that bag of toxic assets from Wall Street and AIG, etc.

[Ree]

Soros, Falcone Defend Hedge-Fund Industry Before House Panel

By Katherine Burton and Lorraine Woellert

Nov. 13 (Bloomberg) -- Hedge-fund managers defended their practices and profits in testimony to a congressional committee while splitting over whether more industry regulation is needed.

``This is not a case where management takes huge bonuses or stock options while the company is failing,'' Philip Falcone, senior managing director of New York-based Harbinger Capital Partners said in written testimony to the House Committee on Oversight and Government Reform.

Still, Falcone urged Congress to regulate the industry and require more transparency, while George Soros, founder of Soros Fund Management LLC in New York, cautioned Congress against ``ill-considered'' regulations.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYgmAk8g3nVo&refer=home

What happened to the old days when the local bank kept your mortgage? 

How many bailouts were needed in the olden days?

How many assets turned toxic?

Maybe just paranoia, but I wonder if we will someday learn that much of this "crisis" was manufactured by Soros and friends to help the election swing their way.