Charles Gasparino: Justice Department Declares "War" on Hedge Funds
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According to a report from FOX Business Network's Charles Gasparino, the Justice Department is starting a "war on hedge funds" and that it wants to "set a major example of the trillion dollar hedge fund industry."
Gasparino cites sources in Washington and New York that are saying there is essentially a war on hedge funds from the Justice Department.
The report states that the Justice Department is looking to "Shut them down or at least severely alter their business practices. They believe hedge funds have had an unfair advantage in the markets."
"What's interesting is the SEC seems to be taking a backseat. SEC generally investigates insider trading but the Justice Department has taken the lead on this," Gasparino says. "It is a goal of the Justice Department to fundamentally alter the hedge fund business; how they make money, how they gain information, even if it's not technically illegal at this point, they are looking to change practices."
The sources are coming from those who have had dealings with the Justice Department.
Gasparino cites sources in Washington and New York that are saying there is essentially a war on hedge funds from the Justice Department.
The report states that the Justice Department is looking to "Shut them down or at least severely alter their business practices. They believe hedge funds have had an unfair advantage in the markets."
"What's interesting is the SEC seems to be taking a backseat. SEC generally investigates insider trading but the Justice Department has taken the lead on this," Gasparino says. "It is a goal of the Justice Department to fundamentally alter the hedge fund business; how they make money, how they gain information, even if it's not technically illegal at this point, they are looking to change practices."
The sources are coming from those who have had dealings with the Justice Department.
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