Hedge Funds Under Fire At Senate Hearing

Law360, New York (June 28, 2006, 12:00 AM EDT) -- Attorneys slammed the sparse regulations on the hedge fund industry on Wednesday at a hearing before the Senate Judiciary Committee, highlighting the growing concern after a federal appeals court ruled last week that the U.S. Securities and Exchange Commission cannot regulate the $1.1 trillion industry.

Former SEC attorney Mark Aguirre testified that he was fired last September during an investigation of one of the nation’s largest hedge funds, and compared the funds to the unregulated pools of investments in the 1920s that helped cause the Great...
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