Tremonti Says Italy to Weigh Abolishing `Opaque' Hedge Funds
Oct. 11 (Bloomberg) -- Italy may push for the abolition of hedge funds, a $2 trillion industry, when it takes over the Group of Seven presidency from Japan next year, Finance Minister Giulio Tremonti said.
``They are dark and opaque,'' Tremonti told reporters in Washington. ``They are demented'' and do not ``conform to the laws of capitalism.'' Asked if that means Italy would go so far as to propose abolishing them, he said it's ``something we will talk about.''
Money overseen by hedge funds, which are private and largely unregulated pools of capital, has grown to $1.93 trillion in assets from $490 billion at the start of the decade, according to Hedge Fund Research Inc. in Chicago.
Tremonti also said Italy would push for an expansion of the Group of Eight industrial nations, with a bigger role for the International Monetary Fund and the World Bank.
Oh yeah. Blow those fuckers out of the sky.
Oct. 11 (Bloomberg) -- Italy may push for the abolition of hedge funds, a $2 trillion industry, when it takes over the Group of Seven presidency from Japan next year, Finance Minister Giulio Tremonti said.
``They are dark and opaque,'' Tremonti told reporters in Washington. ``They are demented'' and do not ``conform to the laws of capitalism.'' Asked if that means Italy would go so far as to propose abolishing them, he said it's ``something we will talk about.''
Money overseen by hedge funds, which are private and largely unregulated pools of capital, has grown to $1.93 trillion in assets from $490 billion at the start of the decade, according to Hedge Fund Research Inc. in Chicago.
Tremonti also said Italy would push for an expansion of the Group of Eight industrial nations, with a bigger role for the International Monetary Fund and the World Bank.
Oh yeah. Blow those fuckers out of the sky.
