Zubi Diamond writes this article about the Management Fund Association and theDodd/ Soros connection.
The Chris Dodd financial reform bill is totally unnecessary, unwarranted and will be harmful to the Republic. The “too big to fail” concept is not the reason for the economic crisis. The problem is not Wall Street as a whole, but the hedge fund short sellers on Wall Street. They call themselves the “alternative investment community” and have organized themselves into a special interest group called the Managed Funds Association (MFA).
In order to understand where Dodd went wrong, the public must learn to differentiate between what I call the “good” Wall Street and the “bad” Wall Street, and what roles they play in our economy.
An example of the good Wall Street would be someone like Warren Buffet, Steve Jobs or Sandy Weil, and many more. These people create, run or finance money-making companies and serve the community with much-needed jobs and employment, products and services. The good Wall Street includes the general public mutual funds, retirement portfolios, common investors, banks and venture capital investors who finance and fund the loans for our homes and businesses. They fund and finance economic growth and expansion.
An example of the bad Wall Street would be
someone like George Soros. These people are the financial hedge fund short selling operators who make money by betting on company collapse, economic calamities and catastrophes.
Soros and his collaborators have an anti-capitalism agenda, an anti-industrialized nation agenda, and a far-left liberal, Marxist radical agenda. Most hedge fund short sellers are not capitalist. They are anti-capitalist and they are not investors. They are anti-investors. They succeed when companies (or countries) fail.
For the good Wall Street to make money, prices have to go up. In this way, everybody makes money, the companies and their shareholders make money, jobs are safe and secure, the economy grows, and the economy expands. This is capitalism in action. The action of the good Wall Street grows and expands the economy.
For the bad Wall Street to make money, prices have to go down, which means that companies and their investors have to lose money or even go broke and collapse.
The bad Wall Street is the hedge fund short sellers. They destroy companies, take away liquidity, destroys investor capital and slows down the economy.
The bad Wall Street, in the form of the hedge fund short sellers, engineered the economic collapse, looted every portfolio that had exposure to the stock market, and blamed George Bush and the Republicans, enabling Barack Obama and his backers, including Soros, to take power.
The hedge fund short sellers, who are members of the Managed Funds Association, are running our government today. They are the ones who authored the Dodd bill. The Dodd bill is punishing the victims of the Hedge Fund short sellers. The Dodd bill is punishing the good Wall Street.
Unless the truth about the role of the MFA in our government policies and regulations is revealed, and some courageous lawmakers free our economic system from their grip, the United States is in for a long time of hurt and possible bankruptcy.
George Soros is the leading member of the MFA. He is also the most influential and the most politically active member. He was behind Barack Obama’s election as president, he led the Managed Funds Association engineering of the economic collapse, as I covered in my book “Wizards of Wall Street”
The Dodd bill does not mention anything about regulating the hedge fund short sellers. The Dodd financial reform bill punishes the victims and rewards the looting bandits and basically sets up the publicly traded companies, the shareholders and the American families to be victimized again. The Dodd bill doesn’t offer any protection for the invested capital and assets of the shareholders, but instead allows their wealth to be seized and confiscated by the Treasury Secretary and distributed to MFA members, the hedge fund short sellers.
This Dodd “financial reform” bill is just round two, of the scam to defraud the publicly traded companies and their shareholders, all over again.
[snip]
The Dodd bill will suppress business freedom and economic growth. It will work against the interests of Americans and their liberty.
The only financial reform needed today is to regulate and monitor the hedge funds and the hedge fund short sellers, some of them which are registered off-shore to avoid scrutiny. These global operators, with investors who remain mostly anonymous, must be compelled to register with the Securities and Exchange Commission (SEC), publicly disclose their positions in the markets, and maintain accounting and trading records for a period of 10 years so their activities can be monitored and scrutinized. Just like mutual funds, they must be prohibited from engaging in day trading activities.
Many people do not realize that the hedge funds are responsible for 75-90 percent of all trading activities on Wall Street. They are responsible for the extreme market volatility. They are responsible for everything that is bad on Wall Street.
Other measures — and the most important measures which must be taken — include:
- Reinstate and restore the short sale price test regulation known as the uptick rule (to its original condition and not modified.)
- End mark to market accounting and replace it with book value, historic cost accounting.
- Reinstate the “circuit breakers” and the trading curbs to kick in whenever the Dow Jones industrial average drops 150 points to reduce market volatility and massive panic sell-off in order to allow investors time to think before they act.
To fix the economic crisis, our lawmakers need to put everything back the way it was in 2006 before Christopher Cox became chairman of the Securities and Exchange Commission (SEC) and started “fixing things” that were not broken. In short, every regulation that was repealed or watered down through the influence of the Managed Funds Association should be reversed to what it was before, with no exception.
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About Managed Fund Association (MFA)
MFA’s Founders’ Council is the premier level of membership for single manager hedge funds. Members of MFA’s Founders’ Council advise the MFA Board of Directors and contribute significantly to the development of key policy positions, operational issues and short and long-term strategic planning.
The Founders’ Council includes individuals affiliated with the following firms:
- AQR Capital Management, LLC
- Balyasny Asset Management, L.P.
- BlueMountain Capital Management LLC
- Caxton Associates, LP
- Cerberus Capital Management L.P.
- Citadel Investment Group, L.L.C.
- D. E. Shaw group, the
- Eton Park Capital Management, L.P.
- Highbridge Capital Management, LLC
- Highside Capital Management, LP
- Level Global Investors, L.P.
- Lone Pine Capital LLC
- Maverick Capital Ltd.
- Moore Capital Management, LLC
- Paulson & Co., Inc.
- Renaissance Technologies LLC
- S.A.C. Capital Advisors, L.P.
- Soros Fund Management LLC <<<<<<——
- TPG-Axon Capital Management, LP
- Tudor Investment Corporation
http://www.managedfunds.org/founders-council.asp
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HFAC Subcommittee – Legislative Affairs
The Legislative Affairs HFAC Subcommittee helps MFA focus on providing information to Capitol Hill leaders, promoting a deeper understanding of the alternative investment industry, and engaging in consistent communication with Members of Congress and their staffs, particularly in advance of legislative or regulatory actions that might negatively impact business operations for MFA Members.
http://www.managedfunds.org/hfac-subcommittees%20legislative-affairs.asp
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STRATEGIC PARTNERS
Strategic Partners Membership is the premier class of MFA Membership for select service providers. MFA Strategic Partners play an important role in furthering MFA’s mission of achieving industry wide sound business practices and fostering growth of the alternative investment industry.
Strategic Partners include individuals affiliated with the following firms:
- Bank of America Merrill Lynch
- Barclays Capital
- Citco Fund Services (USA) Inc.
- Citi
- CME Group
- Credit Suisse
- Deloitte & Touche LLP
- Depository Trust & Clearing Corporation, The
- Deutsche Bank Securities, Inc.
- Ernst & Young, LLP
- Eurex
- Fidelity Prime Services
- Goldman, Sachs & Co<<<<<<<<<<<
- Grant Thornton
- JPMorgan Chase & Co.
- KPMG LLP
- Morgan Stanley
- Newedge Group
- PricewaterhouseCoopers LLP
- Rothstein Kass
- Schulte Roth & Zabel LLP
- State Street Corporation
- Trading Technologies International, Inc.
- UBS AG
http://www.managedfunds.org/strategic-partners.asp
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Sustaining Members |
Sustaining Members are MFA’s highest regular membership class and are instrumental in helping MFA structure its goals and agenda. Sustaining Members provide vision, opinion and consensus views that help MFA form policy on issues affecting the industry. Sustaining Members have the opportunity to provide substantial impact on MFA initiatives through participation on a wide range of active committees and working groups.
Sustaining members include individuals affiliated with the following firms:
- Abrams Capital
- Advent Capital Management
- Alden Global Capital
- Amber Capital Investment Management
- Anchorage Advisors, L.L.C.
- Arden Asset Management LLC
- Aurora Investment Management L.L.C.
- Avenue Capital Group
- Baupost Group, LLC
- BBT Capital Management, Inc.
- BlackRock Alternative Advisors
- Blenheim Capital Management, LLC
- Brevan Howard, Inc
- Bridgewater Associates, Inc.
- Brigade Capital Management, LLC
- Brookside Capital, LLC
- Campbell & Company, Inc.
- Cantillon Capital Management
- Carlson Capital, L.P.
- CarVal Investors
- Centaurus Energy Management, LP
- Chilton Investment Company, L.L.C
- Claren Road Asset Management
- Clarium Capital Management LLC
- Coatue Management LLC
- Conatus Capital Management LP
- Convexity Capital Management
- Cowen Group, Inc.
- Davidson Kempner Capital Management LLC
- Diamondback Capital Management, LLC
- DLA Piper US LLP
- Duff & Phelps
- DW Investment Management, LP
- Ellington Management Group, LLC
- Elliott Management Corporation
- Eminence Capital, LLC
- Equinox Partners, LP.
- Farallon Capital Management, L.L.C.
- Fortress Investment Group LLC
- FrontPoint Partners LLC
- Geosphere Capital Management
- Glenview Capital Management
- GLG Partners, LP
- GoldenTree Asset Management LP
- Goldman Sachs Asset Management<<<<<<<<<
- Graham Capital Management
- Greenlight Capital, Inc.
- Harbinger Capital Partners
- HBK Capital Management
- Highfields Capital Management LP
- Hoplite Capital Management
- JANA Partners LLC
- Kenmar Global Investment Management LLC
- Kensico Capital Management
- King Street Capital Management, LLC
- Kingdon Capital Management, LLC
- Kynikos Associates, LP
- Lime Brokerage LLC
- Magnetar Capital LLC
- Magnitude Capital, LLC
- Man Investments Inc.
- Mason Capital Management
- Millburn Ridgefield Corporation
- Millennium Partners, L.P.
- Monarch Alternative Capital LP
- Och-Ziff Capital Management Group
- Odyssey Investment Management, LLC
- Ospraie Management, LLC
- Perella Weinberg Partners LP
- Perry Capital, LLC
- Pershing Square Capital Management LP
- Quantitative Investment Management
- QVT Financial LP
- Regiment Capital Advisors, LP
- Rotella Capital Management, Inc.
- Royal Capital Management, LLC
- Samlyn Capital, LLC
- Sankaty Advisors, LLC
- Scopia Capital
- Silver Creek Capital Management, LLC
- Stevens Capital Management LP
- Strategic Value Partners, LLC
- Sunrise Capital Partners, LLC
- Taconic Capital Advisors LP
- Third Point LLC
- Tiger Asia Management, LLC
- Tiger Management L.L.C.
- Tremblant Capital Group
- TRG Management LP
- Varde Partners
- Wexford Capital LP
- Willowbridge Associates Inc.
- Winton Capital Management Ltd.
http://www.managedfunds.org/sustaining-members.asp
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Will someone question Sen. Dodd and ask him IF he has received any donations from ANY of the above mentioned groups?
Will Sen. Dodd be questioned as to his relationship to George Soros?
WHO actually wrote Dodd’s “Financial Reform” bill? Someone from the Managed Funds Association?
You now have information about the Managed Funds Association……..
Read and think.
Romanticpoet's Weblog 
What’s wrong withyou? You’re really calling short sellers anti-capitalist? You should go learn how capital markets work before writing this drivel. All of your “solutions” address the symptoms, not the causes of our problems. If companies were well-run, didn’t have special off balance sheet investment vehicles, didn’t defraud their shareholders and didn’t invest in toxic assets, you wouldn’t have short sellers. If markets weren’t irrational, creating massive bubbles and overvaluations, yoiu wouldn’t have short sellers. If you were truly a capitalist, you would embrace the reality check that they provide, and understand that they prevent these disasters from destroying our economy (although not always with perfect success).
Response:
So you are defending short sellers who made millions off of toxic assets like those created in the housing market by the Community Reinvestment Act?
The short selling off of Halliburton by Soros for sending out a “message” to the media that dropped its worth and then bought millions of shares back at the lower price?
Read this:
(LPAC) — After funding the launching of Barack Obama’s political career, and while funding MoveOn.org, Center for American Progress, etc. to attack Dick Cheney’s Halliburton Corp. war profiteering, George Soros was steadily buying Halliburton’s stock. Soros had bought millions of shares of Halliburton by the beginning of 2007, when the stock’s price, under the constant political pounding, had been cut from a high of $40/share down to $26. Then the MoveOn.org, etc. political attacks largely stopped, and Halliburton began its rise to today’s price of $50.
The Anglo-Dutch oligarchy’s billionaire opponent of `Bush’s War’ and `Cheney’s Halliburton,’ Soros began making purchases of Halliburton stock in the third quarter of 2005. He accelerated his buying in the fourth quarter of 2006, when the stock was trading near its low ($26.33) of the last four years. His purchase prices were between $27.62 and $33.53, with an estimated average price of $31.3. As of 12/31/06, Soros owned 1,999,450 shares, more than 2% of his total portfolio, making Halliburton his hedge funds’ biggest investment of 2006.
The Soros-funded Center for American Progress, which had published dozens of scathing articles on Hallburton since its founding by Soros in 2003, went silent.
http://www.rense.com/general82/omab.htm
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“The world may still be coming out of the Great Recession, but for the richest hedge fund managers, 2009 was the best year ever. And it couldn’t have happened without the carnage of 2008,” the magazine said.
Seven hedge fund managers broke the one-billion-dollar mark last year, while the last one on the top-25 list made 350 million dollars.
George Soros, the legendary US financier of Hungarian origin who once made a fortune correctly hedging that Britain would leave the European exchange rate mechanism, took the second spot with 3.3 billion dollars.
He was followed by James Simmons of Renaissance Technologies with 2.5 billion dollars.
John Paulson, who held the previous record of 3.7 billion dollars in 2007, was in fourth place last year with 2.4 billion dollars.
**Note: Soros Management Funds, Renaissance Technologiies and Paulson funds ARE part of the Managed Funds Association (MFA).**
Read the whole thing at: http://biggovernment.com/publius/2010/04/02/hedge-fund-golden-boys-bet-on-bailouts-win-big/#more-100442
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Are you defending George Soros?