Hedge funds support regulation, as long as it's not for them

What a surprise. This group has had much too much influence with too little benefit and too much risk. Obama's move to have the hedge funds pay taxes like the rest of the country was a good first step and regulating these gamblers will be another positive move.

"Any regulator tasked with a systemwide focus would need broad authority to gather and disclose appropriate information ... and to take corrective action when necessary," the GAO said.

The Managed Funds Association, a hedge fund lobbying group, said it recognized that a systemic risk regulator needs access to information to be able to adequately assess potential risks to the financial system.

However the hedge fund industry said it was critical for such information to be kept confidential. The group said public disclosure of such information could be misleading.

"Public investors may be inclined to take action based on this data without fully understanding the information, which could lead to adverse consequences for those investors," the MFA said in prepared remarks to the Congressional panel.

Sure. Whatever you say. The public's understanding couldn't possibly be any worse than the hedge funds understanding of risk and overall understanding of the market.