German Finance Minister Complains about Hedge Funds; too little, too late

24 de abril de 2007

<body><div id="article"><tr><td height="28" valign="middle" width="184"></td><td valign="middle" width="185"></td></tr><h1>German Finance Minister Complains about Hedge Funds; too little, too late</h1><p>April 24 (EIRNS)--In Berlin yesterday, German Finance Minister Peer Steinbrueck complained that the Bush Administration's plan to do nothing more to control hedge funds than publish a proposal for a voluntary code of conduct. "This is not enough," he said, adding that he prefers a more binding agreement, though also one that is "market-driven." Germany insists on such a measure to be discussed at the mid-May meeting of finance minister of the G-7 plus Russia, in Potsdam.</p><p>German news wires announced today, that the financial market watchdogs of the USA and Germany, the Securities and Exchange Committions (SEC) and the BAFIN (German regulatory agency for banks), will sign a cooperation agreement in Berlin on April 26, which will allow the exchange of information about crisis symptoms and investigative cases on either side, and furthermore allow either agency to carry out investigations on the request of the other agency.</p><p>Steinbrueck's comments on hedge funds should be seen in this context.</p></div></body>