Archive: 2010
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‘Sinister’ German Plan Aimed at Funds, Analysts Say (Update1)

By Andrew MacAskill and Tony Czuczka
March 18 (Bloomberg) -- Germany’s suggestion that it may order spies to track speculators targeting currencies is “sinister and silly,” according to analysts, who said hedge funds in London and New York would be the targets.
.... ‘Nice Targets’
Politicians are concerned about the collusion of hedge funds in making bets on currencies and trading in so-called naked credit-default swaps, where they buy protection without owning the underlying debt, according to Jacob Schmidt, founder of Schmidt Research Partners Ltd., a London-based hedge fund advisory firm.
“Hedge funds are very nice targets because they are particularly based in London and New York,” Schmidt said. “He is not going to say this about the German banks. I think hedge funds can live with that. It’s part of their role to be a scapegoat.”
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