2008-08-26 — hedgeweek.com
The SEC is probing New York-based Third Point, which manages USD 5.6 billion, for its communications with other hedge funds. In other words, aggressive activist Dan Loeb's hedge fund is being investigated over talks its managers regularly have with rivals at other funds. Loeb, in turn, has said in a letter that his "give-and-take'" with other hedge fund managers doesn't violate securities laws.
Of course, the biggest problems are in regulatory handling of capital requirements at banks. But dealing with that would require some serious introspection.
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