Biden No Hedge Fund Lover

Date: Wednesday, August 27, 2008
Author: HFN Daily Report

According to Joseph Biden, the hedge fund industry and private equity deserve the blame for the global credit crisis.

The Delaware senator and running mate of Democratic presidential nominee Barack Obama made that assertion in a primary debate last year when he was himself running for president. Obama, a senator from Illinois, is running for president against Arizona Sen. John McCain.

During that debate Biden, named vice president on the Obama ticket over the weekend, characterized the hedge fund industry and private equity as "no transparency, no accountability."

The alternative space was "causing this thing to go under," he said in the debate.

Yesterday, a report circulated that Hunter Biden, the son of Sen. Biden, was being sued for an alleged hedge fund fraud. Hunter Biden has denied the charge.

The Deal Journal Monday first pointed out his stance on the asset classes.