Donnerstag, 19. Februar 2009
Hedge Funds As Innocent Bus Crash Victims
In the current financial crises, the finger is sometimes pointed to hedge funds, which amass huge amounts of capital without being subject to public oversight. One hedge fund manager has now denied any responsibility. Marshall of Marshall Wace told the U.K. House of Commons Treasury Committee that "Blaming hedge funds is like blaming the passengers in a bus crash."
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Surely hedge funds are not the only ones to blame, far from it. But to exonerate them completely as if they were mere "bus passengers"? This is too much. A lot of financial market operators live in a state of denial. They have a hard time shouldering responsibility. It seems that there is a huge gap between fiancial market ethics and rest-of-the-world (i.e. normal) ethics.
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