Treasury Outlines Toothless Hedge Fund Rules

http://www.truthout.org/docs_2006/041608P.shtml

Kevin G. Hall reports for McClatchy Newspapers, "With an eye toward shoring up shaky financial markets, Treasury Department officials unveiled a plan Tuesday to provide greater transparency and management of risk in hedge funds. However, the Bush administration's 'best practices' proposal is voluntary, and less than two dozen of the more than 8,000 registered hedge funds signed onto the plan." In related news, Jenny Anderson reports for The New York Times, "Hedge fund managers, those masters of a secretive, sometimes volatile financial universe, are making money on a scale that once seemed unimaginable, even in Wall Street's rarefied realms. One manager, John Paulson, made $3.7 billion last year."