From Bloomberg today:

"German Finance Minister Peer Steinbrueck will try to win support for closer hedge-fund scrutiny at this weekends G8 meeting. However, Germany's task will be complicated by U.S. Treasury Secretary Henry Paulson's decision to stay away from the gathering to prepare for meetings with Chinese officials next week."

And the best part:

"The U.S. and the U.K. disagree, arguing that markets are better placed than governments to keep an eye on the pools of capital."

Now that's a nice slap in the face! Are the Germans totally naive or did they really think they could take some lead in this topic, especially with the ex-CEO of the world's largest bank turned hedge fund and the representative of Europe's largest financial centre?

An independent research house recently commented: It's a bit like being stuck in the corner of a Hollywood party. You're busting to say something, but Tom Cruise, Angelina Jolie, and Scarlett Johansson keep turning their backs. And Hank Paulson, Ben Bernanke, and Alan Greenspan have already cornered the canapés and are on the other side of the room, laughing and joking with Zhou Xiaochuan and Jin Renqing of China, and Japans Koji Omi and Toshihiko Fukui, Asia's key Finance Ministers and Central Bankers.





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