Wednesday, January 23, 2019
Banks and casinos have to report sources of funds to the federal government, but hedge funds and private equity firms are exempt from rules meant to fight crime, despite repeated warnings that it is vulnerable to criminal manipulation.
Clark Gascoigne, an advocate for financial accountability and corporate transparency says,
You’ve got several trillion dollars, the management of which nobody is required to ask any questions about where that money is coming from. This is very problematic.
Hedge funds and private equity funds for elite investors have allowed the ultra-wealthy to destroy the public interest, convicted inside-trader George Soros and the Carlyle Group being two notorious examples.