In a letter to Securities and Exchange Commission Chairman Christopher Cox, Senate Finance Committee, Chairman Charles E. Grassley (R-Iowa) questioned whether the agency's rules have stalled inquiries about insider trading at a $7 billion hedge fund, Bloomberg News reports.

In June, former SEC attorney Gary J. Aguirre, last year, told the Senate Judiciary Committee that he was forbidden from interviewing  Morgan Stanley Chairman John Mack about insider trading at New York-based Pequot Capital Management. Mack served briefly as chairman of the fund. Aguirre was fired from the SEC last year.

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