Photo: Charlie Rose
Jim Chanos doesn’t think hedge funds need or deserve to be regulated. (Update: here’s a more thorough explanation of Chanos’ stance on regulation.)”Unlike almost all the other actors on the stage of financial regulation in Washington, we were the pure capitalists,” Chanos told Bloomberg.
“If we made bad decisions, we lost money and suffered the consequences.”
The only part of hedge fund regulation Chanos supports is a new SEC law that would require hedge funds to register. The SEC would then have the ability to inspect the firms’ books and require them to disclose more information.
But any more regulation than that is superflous, he says, because hedge funds don’t receive the same taxpayer support that banks do.
Now watch Chanos talk with reporters about how Wall Street is embracing reform –>