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Hedge Funds Accused of Blowing-up Greek Debt Crisis Print E-mail
by Tom McGregor    Thu, Mar 4, 2010, 09:07 AM

Credit Soros.jpgThe United States is asking hedge funds not to alter or destroy trading records on euro bets, as disclosed by a person with knowledge of the requests, as the U.S. and Europe step up its investigation of the funds' role in the Greek debt crisis.

According to Bloomberg, a business news wire service, "the Department of Justice sent notices to save the record to at least some of the hedge funds where executives attented a dinner hosted by New York-based research and brokerage firm Monness, Crespi, Hardt & Co. on Feb. 8, said the person, who declined to be identified because the information is private."

Yesterday, the European Commission announced that it will investigate traders in sovereign credit-default-swaps in the wake of the Greek crisis that has pushed the euro lower and forced officials to warn hedge funds they must not attempt to profit from the woes of the region's countries. At the Feb. 8 dinner, one of the 23 themes spoken about was the wager that the euro would drop against the dollar, as revealed by an agenda obtained by Bloomberg.

Bloomberg quotes Kirk Daley, a senior strategist in Hong Kong with Newedge Group's prime brokerage business, as saying that, "it is clear in the current environment, and likely for a long time going forward, any entity that profits from another's misfortune, in this case hedge funds versus Greece and the euro zone, risks being the target of public backlash, or worse, government retaliation."

The Wall Street Journal claimed that a representative of the Soros Fund Management also attended the dubious dinner, along with Aaron Cowen, an executive at Stamford, Connecticutt0based SAC Capital Advisors LP, David Einhorn, head of New York's Greenlight Captial LLC, and Don Morgan, who runs Brigade Capital Management LLC in New York.

To read the entire article from Bloomberg News, link here:

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Comments (2)add comment
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written by furrpiece , March 04, 2010

No harm will actually befall Soros. A puppet never attacks the puppeteer.


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written by walt , March 04, 2010

Tom there was an interesting piece done by the dallas Observer on your favorite DA you should check out



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