NYT reports that the SEC will now force hedge funds to report detailed accounts of their investment and borrowings. So far, so good. Then comes the inevitable:
But hedge funds and their advocates, after intense lobbying, won several important concessions from the commission’s earlier proposal. The changes call for only the largest funds to report the most detailed information, eliminate any penalty of perjury for misleading reports and delay for six months the initial reports for all but the largest funds.
Sigh.
