07/25/2008 05:12 am ET Updated May 25, 2011

Short Selling Rules In U.S. Have Australians Steamed

Australian hedge fund players have come out swinging against the United States' efforts to curb short selling, arguing that hedge funds are being targeted as the scapegoat for falling markets.

The Australian, a newspaper, reported that local observers believe the Securities and Exchange Commission's decision was a "knee-jerk reaction" to financial volatility.

John Corr, investment manager at hedge fund Fortitude Capital, told the paper that the S.E.C. was attempting to regulate something that had been occurring for years.

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Read more coverage of the banking crisis:

::Tony Ressler: Why We Are Where We Are
::SEC Unveils Measures To Limit Short Selling
::Stemming A Banking Crisis: Regulators, Banks Try To Calm Nation