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Finance Honchos: Don’t Supervise Hedge Funds

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This week’s most exciting news was the release of the Counterparty Risk Management Policy Group III’s report. Wait, do not doze off! There are summaries in the Times and in the Washington Post of the report, made by honchos from Goldman, Citigroup (like Citi should be advising anyone on anything, says the disgruntled stock owner), Lehman, and JP Morgan Chase, but what caught my eye was at the end, in the section on emerging issues—in which the industry titans address hedge funds and “near banks,” and the issue of their oversight.

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