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Past Event

An Economic Studies Event

Living on the Hedge: A Forum on the Private Investment Fund Industry

U.S. Economy, Financial Markets


Event Summary

Wall Street hedge funds and their larger-than-life managers have captured Main Street’s imagination, as well as investor dollars. On February 12, the Brookings Institution hosted a forum to explore the role of hedge funds in the ongoing financial crisis, as well as their uncertain future in the evolving regulatory environment.

Event Information

When

Thursday, February 12, 2009
8:30 AM to 12:45 PM

Where

Falk Auditorium
The Brookings Institution
1775 Massachusetts Ave., NW
Washington, DC
Map

Event Materials

Contact: Brookings Office of Communications

E-mail: events@brookings.edu

Phone: 202.797.6105

Glenn Hutchins, Brookings trustee and co-chief executive of Silver Lake, provided welcoming remarks. Senator Jack Reed, member of the Senate Banking, Housing, and Urban Affairs Committee and chairman of the Subcommittee on Securities, Insurance, and Investment, offered introductory remarks. Robert Greifeld, CEO of the NASDAQ OMX Group, offered the keynote address. Brookings Senior Fellow Martin Baily moderated a discussion on the hedge fund industry, and Brookings Senior Fellow H. Peyton Young gave a presentation on the importance of transparency.

at Tokyo Club Meeting
James Chanos, Glenn Hutchins and Sebastian Mallaby at forum.

Transcript

GLENN HUTCHINS: This is a very important topic for at least two reasons, and it’s a very interesting day to be here because the hedge fund industry is at a crossroads for two reasons, one is, obviously, last year was a time period in which it was very hard for people to post any decent kind of performance and the result of which there were significant redemptions, and there’s a whole question about kind of wither the hedge fund industry today, and so that’s – so from a market perspective, that’s a very interesting – an issue that’s front and center. Secondly, of course, there are a whole bunch of different regulatory proposals and issues about transparency and regulation that are going to be very much in the news over the next couple of months, and I think Brookings having a point of view about that will be very helpful.

But second, the hedge fund industry is clearly an important part of the solution to the problems that we have in our country today. If you listen to Secretary Geitner’s remarks a couple of days ago, and he talked about public private partnerships and capital to come in, and helped begin to stabilize prices in the mortgage market, and particularly with other markets and open – reopened the credit channel, the hedge fund industry is the private part of that public private partnership, and so having this capital and the people who have the ability to price the assets and manage the assets at their purchase is going to be vitally important to getting us out of this mess.

Participants

8:30 -- Welcome

Glenn Hutchins

Co-Chief Executive, Silver Lake
Trustee, The Brookings Institution

8:35 -- Introductory Remarks

The Honorable Jack Reed (D-RI)

United States Senate

9:05 -- The Evolution of the Hedge Fund Industry

Moderator: Martin Baily

Senior Fellow and Director, Initiative on Business and Public Policy, The Brookings Institution

William Ackman

President, Pershing Square Capital Management

James J. Angel

Associate Professor of Finance, McDonough School of Business, Georgetown University

Douglas J. Elliott

Fellow, Economic Studies, Initiative on Business and Public Policy

10:35 -- Presentation: Why Transparency Matters

H. Peyton Young

Senior Fellow, Economic Studies

10:55 -- The Emerging Regulatory Environment Facing Hedge Funds

Moderator: Sebastian Mallaby

Paul A. Volcker Senior Fellow for International Economics and Director, Maurice R. Greenberg Center for Geoeconomic Studies, Council on Foreign Relations
Columnist, Washington Post

James Chanos

President, Kynikos Associates
President, Coalition of Private Investment Companies

Andrew W. Lo

Harris & Harris Group Professor, Sloan School of Management, Massachusetts Institute of Technology

H. Peyton Young

Senior Fellow, Economic Studies

Glenn Hutchins

Co-Chief Executive, Silver Lake
Trustee, The Brookings Institution

12:15 -- Keynote Address

Robert Greifeld

Chief Executive Officer, NASDAQ OMX Group


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