Senate Judiciary Committee Chairman Arlen Specter, R-Pa., Wednesday, June 28, warned the Securities and Exchange Commission, the Department of Justice and the Senate Banking Committee to get serious about investigating market manipulation by hedge funds and collusion between hedge fund managers and ostensibly independent research firms that supply analysis to investors.

“We’re dealing with a matter of great importance,” Specter said during a committee hearing. “Maybe we’re creating a groundswell here.”

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