Word: funds
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...keep pace. And the sheer isolation of the central Pacific monuments, which helps shield them from pollution, makes policing the waters even more difficult and costly. "Actually following through on this will be a real issue," says Diane Regas, managing director of the oceans program at the Environmental Defense Fund...
...Hedge funds are designed to take in more and more investors' money. Then inefficiencies and performance distortions of withdrawing money for investors and profit-taking for managers are smoothed out. The recent failures in hedge funds, while rooted in the financial meltdown, have been further fueled by the lack of new investment as well as pressure from current investors to take their money and run. Regardless of a fund's investment strategy, liquidation tends to make unrealized gains smaller - and unrealized losses larger - when they are finally realized...
...design, hedge funds benefit managers more than investors. Since the liquidation of assets always results in slippage - the more that is sold, the worse the price - managers for every hedge fund always get the "best" 20% of the profit...
...there could be a little Ponzi scheme in every hedge fund. It is inherent to the model of the modern hedge fund. The only way to avoid these schemes is to regularly liquidate all assets and allow all investors to decide what to do with their cash returns. In the past, this would have meant seemingly diminished returns. With returns seemingly high, investors did not complain about the status quo. Now, given that regular liquidation would mean more transparency and diminished losses, in recent days investors' opinions would likely differ...
Executive determination, however, is certain to be little match for legislative power. For one thing, the U.S. government lacks any clear bureaucratic process for deciding quickly which projects to fund and which to avoid outside of the political arena. For another, the new President's only route to the U.S. Treasury must pass through the halls of the same appropriators in Congress - both Republican and Democrat - who have overseen the terrific expansion of often wasteful federal spending over the past decade. Whether or not they call it a Christmas tree, in other words, a Christmas tree it will surely...