Jul 28, 2011 3:08 AM GMT
Filed under the heading be careful what you wish for...
George Soros is a victim of Dodd-Frank? Please. Instead of scaling back the rules, let's expand them -- and regulate his $25 billion family office.
Poor George Soros. Regulations have forced the swashbuckling hedge fund manager to return money to investors, shutter his hedge fund, and turn his fearsome investment operation into a mere "family office." What's the guy going to do for fun anymore?
Yesterday, Soros' sons Robert and Jonathan sent a letter to outside investors in Soros Fund Management's Quantum Group of Funds, citing the "unfortunate consequence of…new circumstances" as the reason behind the decision. The new circumstance, of course, is the Dodd-Frank Act, which would have required SFM to register with the SEC by March 2012. Despite the family's massive wealth—Soros and kin are worth a reported $25 billion—this proved too burdensome a prospect, so they're kicking out long-time investors in order to remain exempt from the new regulations.