Every day seems to bring more howling from Washington over
the Securities and Exchange Commission's proposal to require
hedge funds to register. Most recently, it was Alan Greenspan,
the all-powerful chairman of the Federal Reserve, who came out
publicly against hedge fund registration. He joins SEC
Commissioners Cynthia A. Glassman and Paul S. Atkins, and the
powerful Managed Funds Association. They have all lined up to
oppose SEC Chairman William Donaldson, who believes that hedge
funds with over $25 million in assets should be required to
But Donaldson should ignore all the huffing and puffing and
stand firm. Registration is an idea whose time has come.
Remember, Mr. Chairman: the MFA doesn't reflect the views of
the entire industry. Many managers, investors and service
providers accept registration as a necessary step forward. For
a refreshingly frank point of view, listen to Lew Semones,
president of Morgan Semones & Associates,...