Mon, Jul 07, 2008 - Page 9 News List

Hedge funds turn lives into a game

By Will Hutton  /  THE OBSERVER , LONDON

That is probably over the top, but there is a truth there. The price of gasoline and the toughness of the credit crunch are being increased by the operation of hedge funds, as is the weakening of your job prospects as companies are forced into ever harsher behavior. It does not have to be like this; the necessary changes in the markets and corporate ownership are fairly easy to make. They would make it harder for some very rich people to get even richer, but in the US and mainland Europe politicians are ready to contemplate that, partly to defend the legitimacy of capitalism itself. Only in Britain is nothing said, a sign, I think, not of our economic maturity, but political emasculation.

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