Hedge fund leaders endure Waxman hearing

Hedge fund directors George Soros, chairman of Soros Fund Management LLC, James Simons, director of Renaissance Technologies LLC, John Alfred Paulson, president of Paulson & Co Inc, Philip Falcone, senior managing director of Harbinger Capital Partners, and Kenneth Griffin, CEO and managing director of the Citadel Investment Group testified before the US House Oversight and Government Reform Committee today.

The fund managers supported the creation of a clearning house for credit derivative swaps and cautiously open toincreasing disclosure requirements for hedge funds. Most criticised the federal response to the financial crisis. Short-selling was defended, as was treating gains from investments in hedge funds as capital gains, not ordinary income.

Read the summary of the hearing at the Wall Street Journal and its great "live blogging" from the hearing room.

The first hearing of the day, which featured testimony by academics and former financial regulators, can be viewed via C-Span here.