Martin Lipton of Wachtell, Lipton, Rosen & Katz has a revised post at the Harvard Law School's corporate governance blog that faults activist hedge funds for contributing to slow growth and unemployment by favoring short-term steps over long-term investment: "We believe that attacks, and the threat of attacks, by activist hedge funds and pervasive activism are major causes of underinvestment, unemployment and slow growth of GDP."
Mr. Lipton says the SEC should change its rules to require hedge funds and other institutional investors to report their positions on forms 13F two days after the quarter ends, rather than the current 45 days, and also to require disclosure of a five percent stake in a company within one day rather than ten days.