Geffner comments on the financial reform package
6/30/2010
Ron S. Geffner, Partner and head of the Financial Services Group, was quoted in this article in the June 30, 2010 edition of Hedge Fund Alert discussing a piece of the financial-reform package that caught the market players off guard - the $19 billion special assessment aimed at the biggest banks and fund managers.
The bill, short on details, is unclear on how much a bank or hedge fund would have to pay under the special assessment. The fee could prompt hedge fund managers to return some capital to investors if the managers assets are just over $10 billion, staying under the threshold. "Congress has chosen to assess firms that bear no connection to the economic downturn," said Ron Geffner. "Certain managers may feel compelled to redeem investors so as not to suffer" paying the fee.
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