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Transcript

Question: How do you explain the high salaries of hedge fund managers?

Thomas Cooley: It's what they get for being successful. I mean, it's staggering, it's even an embarrassing large in some cases, but it is what they-- there are people who are willing to–– they're delivering the kinds of returns that lead to those kinds of salaries. I mean, it's kind of remarkable. Now, I mean, I think that the real questions are not the ones who are most–– I mean, even though they're earnings are extraordinary, they earned it by being successful. The real question is hedge funds that don't deliver better than average return that still–– where the managers still collect what they call 2 and 20, 2 percent management fee and 20 percent of the profits. But then, you know, it's let the investor beware, if people are willing to invest with them, then they're willing to go along with those kinds of rewards for successful hedge fund managers.

Recorded: 3/21/08