Chuck Schumer actually said...

"These private pools of capital are responsible for huge transfers of capital and risk, and so examining these industries and potential regulation are extremely important to this Subcommittee."

"it seems obvious to me that closer attention needs to be paid to these funds to avoid future Ponzi schemes"

"I have called this hearing to explore another key aspect of such reforms, the regulation of hedge funds and other private investment pools."

"The present regulatory structure has been an abject failure."