MFA gives thumbs-up to Schapiro, Gensler

The Managed Funds Association, the Washington-based organization that represents the hedge fund industry, announced its support for Mary Schapiro as the new head of the Securities and Exchange Commission and Gary Gensler, who will head-up the Commodity Futures Trading Commission.
DEC 18, 2008
By  Bloomberg
The Managed Funds Association, the Washington-based organization that represents the hedge fund industry, announced its support for Mary Schapiro as the new head of the Securities and Exchange Commission and Gary Gensler, who will head-up the Commodity Futures Trading Commission. “With these selections, President-elect Obama has demonstrated an important commitment to placing experienced, tough and fair-minded individuals who have a deep understanding of financial and capital markets at the helm of key financial regulatory agencies during this critical time for our nation’s financial system,” Richard Baker, MFA’s president and chief executive, said in a statement. “MFA shared the view” of Ms. Schapiro that “investor trust is the lifeblood of our financial markets,” the statement said. While it is too early to know what specific regulatory changes might be in store for the loosely regulated $1.6 trillion hedge fund industry, there are some in the industry who are already bracing more oversight under the new Democratic administration. “I don’t see why more regs are needed; fraud is already illegal,” said Phil Goldstein, principal of the Saddle Brook, N.J,-based hedge fund Bulldog Investors. Mr. Goldstein, who manages more than $300 million, two years ago successfully sued the SEC to overturn a rule requiring hedge funds to register as investment advisers. “The only regulation I would propose is one that establishes a whistleblower ombudsman’s office at the SEC,” he said. “If the whistleblower feels he is being ignored or dissed, he can go to the ombudsman.”

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