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Thursday, October 16, 2008

Italian government on the warpath against "hellish" hedge funds

Thanks to the FT Lex column, we are informed that Giulio Tremonti wants to abolish all hedge funds. The article notes that "In the Italian media, Mr Tremonti’s rantings never made headlines", and speculates that "this was possibly a charitable decision to gloss over yet another embarrassing sweeping statement from the former tax accountant turned finance minister".

Tremonti has declared that hedge funds are “absolutely crazy bodies which have nothing to do with capitalism” and has warned that when Italy takes over the presidency of the G8 from Japan in January, it will put the utter destruction of this “hellish $2,000bn industry” on the agenda.

Given that hedge funds are apparently the work of satan, one can only imagine what Tremonti must think of the City of London...

Chart from: London Economics/ Eurohedge database

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