Wednesday, September 19, 2007

Some people get surprised pretty easily

The Securities and Exchange Commission ... has sent hedge funds and private equity firms a detailed list of questions intended to ferret out employees and clients who would be in a position to acquire and pass along inside corporate information to managers of the investment vehicles.
Nora Jordan, a lawyer who advises hedge funds at Davis Polk & Wardwell, said the inquiry is unlikely to bear fruit, especially for large funds who have a reputation to uphold. "It would surprise me if they found some big smoking gun on this," she said.
Anybody else?

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