BUSINESS

Hedge Fund Managers Tell Congress They See Need For Tighter Restrictions

Dec 14, 2008 | Updated May 25, 2011

Five prominent hedge fund managers testified Thursday before a House committee that they supported some additional regulation of their industry.

The managers -- Philip A. Falcone, Kenneth C. Griffin, John Paulson, James Simons and George Soros -- all said they would support rules that required hedge funds to provide information about their funds to a regulator, provided the information was not divulged to the public.

Their support of greater disclosure represented a significant change for an industry that has historically fought more regulation. But the managers, who were paid on average $1 billion last year, varied in their support of regulation. Mr. Soros, well-known for his liberal views, was the strongest supporter of rules to reign in the nearly $2 trillion industry. Mr. Griffin, the founder of Citadel Investment Group, was the most hesitant, saying that additional regulation was not needed but that he would "not be averse" to some additional disclosure that would not be made public.

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