Because of regulations that prevent them from speaking with the press, hedge funds are hamstrung when it comes to defending themselves against misleading or negative articles, and they are tired of being portrayed as market manipulators or scam artists who live lavish lifestyles, Reuters reports.

Further, they would like to be able to point out the benefits that hedge funds have on the financial markets, hedge fund managers who gathered at a Securities Industry Association conference in New York said.

"There are real restraints in our ability to respond to press articles, many of which are inaccurate," said Steven Kassler, chief compliance officer of SAC Capital Advisors, which was lambasted earlier this year in a "60 Minutes" report for allegedly manipulating the stock of Biovail Corp. SAC Capital did not participate in the report.

"We'd like to have some influence over how our story is told, but restrictions prevent us from talking," added Karl Wachter, general counsel of Amaranth Advisors. "We cannot comment because anything we say could be construed as general solicitation and advertising."

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