The hedge fund trade organization, the Managed Funds Association, met with regulators, the Federal Reserve and the Obama administration on Wednesday to try to stave off proposed regulations that would involve onerous compliance. The association wants to keep lawmakers from designating some hedge funds as "too big to fail" and thus increase their reporting requirements. "As we have made clear, we were not the contributors to these financial problems and, where hedge funds have met their demise, nobody got any taxpayer money to help bail them out," said the association's head Richard H. Baker.

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