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From Kirsten Bischoff, Opalesque New York:

Last Friday evening a group of representatives from a few top hedge fund firms (Old Bell Associates, SAC Capital, Serengeti Asset Management, Cliffwater, Juniperus Capital, and Soapstone Capital) presented some insight into the hedge fund industry in the format of a panel discussion that was available to members of a few New York-based, private university clubs. The audience was a mix of potential hedge fund investors, twenty-something's hoping to network for business, and a handful of the curious who may have just been there for the cocktails. It was a diverse group, and perhaps a good sample from which to show what smaller investors and the larger public perceives to be true about the hedge fund industry.

Frauds and fees The questions that were emailed in by the audience prior to the panel discussion focused largely on hedge fund frauds. They included questions that expressed continued worry regarding the regulation and policing (or lack thereof) of the hedge fund industry - such as "do you think that most of the frauds have been uncovered?" and "Are regulators doing a better job with the hedge fund industry?"

There is no question that the hedge fund industry has been damaged by the frauds uncovered over the past two years. However, while everyone realizes that even a single case of fraud is one case too many, most managers wish the media would cease calling many of these tales of theft "hedge fun......................

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