Speaking on regional radio on Tuesday, German Chancellor Gerhard Schroeder renewed his attack on hedge funds, and defended plans to increase transparency within the sector and subject the funds to tighter controls.
Mr Schroeder explained that the stripping of assets engaged in by some hedge funds and private equity funds was unacceptable, arguing that:
"When they buy, make tough cuts, then sell the company on to a second person, who then strips the company even further in order to sell just a little bit more, then I think it is justified to look more closely at what is going on."
However, the Chancellor suggested that debate on the matter had become overheated during previous discussions, and suggested that a more diplomatic approach should be taken.
Although the outcome of the September 18 election in Germany is impossible to predict, reports in the national and international media have tipped the opposition Conservatives to win, meaning that Mr Schroeder may soon lack the political clout to implement his plans for the hedge fund sector.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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