Folks,
we all remember Mr. Murdoch’s promises to run WSJ without interference with Editorial board when launching bid for the magazine. In the wake of the recent Madoff' scheme collapse costing dearly to investors, here is the pearl WSJ carries on its Editorial page:
Madoff and Markets, Dec. 15,
http://s.wsj.net/...
Among the stranger arguments in the wake of Mr. Madoff's disclosure is that this proves the case for regulating hedge funds. Huh? As a broker-dealer, Mr. Madoff's firm was already heavily regulated, and news reports say the Securities and Exchange Commission investigated him in 1992 without finding anything wrong.
The Anti-Regulation-at-all-costs ideology borders on outright fact-twisting: to a patient reader, merely flipping a few pages back in the same issue will reveal the Regulations and Regulators' diligence have only covered trading operations of Mr.Madoff's, not its investment advisory/money management activities. If anything, the case proves with a new urgency the need to regulate the sometimes shadowy goings in the Hedge funds universe. The hypocrisy of Mr. Murdoch-controlled Editorial board just hit new lows.