Sen. Richard Shelby accused billionaire financier George Soros on Wednesday of evading hedge fund regulations Soros previously supported, in what Shelby called an effort to dodge new Wall Street disclosure rules that smaller businesses are forced to observe.
While Shelby is no fan of the Dodd-Frank financial oversight bill passed by Congress last year that governs financial institutions, Fox News confirmed that he also isn't happy with Soros' effort to evade new rules created by the Securities and Exchange Commission that require hedge fund advisers to register confidential data with the agency.
Soros reportedly had stated he would escape the SEC's new hedge fund adviser registration rules by only managing his family's money and returning funds from outside investors. According to Reuters, which first reported Shelby's complaint, that outside investor money is only a small portion of the $25 billion Soros manages.
"It appears that Mr. Soros talked up financial reform only to sell it short. Don't be surprised to see his fellow Wall Street financiers follow suit," Shelby, R-Ala., told Reuters.
Read more: http://www.foxnews.com/politics/2011/07/27/gop-senator-accuses-george-soros-evading-hedge-fund-regulations/#ixzz1TPC9KZO9
