Time to shine a bright light - on all the actors


It may seem ironic that hedge fund returns are faltering, and the markets looking even dicier, just as an appeals court overturned the U.S. Securities and Exchange Commission's registration of hedge funds.

Coincidentally, the court's decision occurred the same day The New York Times reported that the SEC is accused of bowing to political pressure from a big Republican donor - specifically, Morgan Stanley chairman and CEO John Mack, a top Bush supporter who went on to briefly become chairman of Pequot Capital Management. During an insider trading investigation of Pequot (which denies the charges), an SEC enforcement attorney