Hedge Fund Kingpins Testify - Highlights

Here are some of the highlights from the prepared statements today in front of the House Committee on Oversight and Government Reform by the five famed Hedge Fund managers.

Phillip Falcone of Harbinger Capital Partners

"I would like to take just a moment to tell you a bit about myself. I currently reside in New York City with my wife of 11 years and two children. By way of background, I was born in Chisholm, Minnesota, population 5,000, on the Iron Range in Northern Minnesota. I was the youngest of nine kids who grew up in a three-bedroom home in a working class neighborhood. My father was a utility superintendent and never made more than $14,000 per year, while my mother worked in the local shirt factory. I take great pride in my upbringing, and it is important for the Committee and the public to know that not everyone who runs a hedge fund was born on 5th Avenue - that is the beauty of America."

More later.