New Congressional Hedge Fund Report Not Actually That Bad
Jun 25th, 2007 | Filed under: Hedge Fund Regulation
Former fans of TV’s “The West Wing” may recognize the “Congressional Research Service“. These are the guys who crank-out custom briefing papers for members of Congress on anything from ”Overview of the Air Carrier Access Act” to “The Use of Profits by the Five Major Oil Companies” to “Nuclear Weapons: The Reliable Replacement Warhead Program“*. Because the department argues that it specifically serves the Congress, not the public, it does little to make its briefing packages freely available.
As it happens, one such briefing package was delivered to eager Members of Congress two weeks ago with typically little fanfare. Its title was “Pension Funds Investing in Hedge Funds”. Word of the report seems to have spread (judging by its rising star in a Google search). And today, the report is posted for all to see by a the public interest group The Center for Democracy & Technology. (Hat tip to Hedgco.Net for the heads-up).
This comes at a critical time for Congress as they search for ways to pick up the pieces of the SEC’s botched attempts to regulate the hedge fund industry. Furthermore, this report could easily represent the sum total of the hedge fund knowledge of many in Congress. So we were particularly curious to see what was inside.
Here’s the summary (slightly condensed to save valuable pixels):
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