Once again, regulators and legislators have proved that they know very little about the role of hedge funds in financial markets. Toings and froings about new regulation from both camps are simply a waste of time that could be spent in much more worthwhile pursuits.
European Central Bank president Jean-Claude Trichet’s statement that "the current crisis is a loud and clear call for extending regulation and oversight to all systemically important institutions – notably hedge funds and credit rating agencies" is misplaced.
Think back just a few months to when Dick Fuld railed against the malign influence...
