The Obama Administration's plan for a private-public partnership to finance the sale of asset-backed securities reaches out to hedge fund managers, among others. The hedge fund managers as a group are reportedly cautious in their initial response to the plan.
One reason for their caution is their expressed awareness that they are bound by Fiduciary Duties. "They will be investing their own money, but also have a fiduciary duty to their investors, and they have to look at these opportunities very carefully." Richard Baker, President, Managed Funds Association, www.managedfunds.org, quoted by David Cho, "Private Investors Weigh Fed's Plan to Spur Credit Markets" (Washington Post Online, Saturday, March 14, 2009). [Emphasis added.]
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