When the Obama administration, the media, and the public, often in ignorance, look for a suitable scapegoat for government shortcomings, they blame Wall Street for financial and business problems.
Hedge fund mangers are the principal targets. Though the very underpinnings of financial problems come from governmental missteps.
Many on Wall Street may do stupid and sometimes venal acts. But not all are culprits, as painted by politicos or the majority of the media.
The obligation of any investment manager, including those of hedge funds, is to get the best return they can for their investors. They have a fiduciary duty to look after their clients’ money, whether they be rich individuals, or pension funds, even members of private and public industry unions. ( See the Earl J Weinreb NewsHole® comments.)
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