Whats wrong with requiring hedge-fund managers to register with the SEC?
We’re taking resources that ought to be used for the 95 million investors in mutual funds and spreading them out to parts of the investor community that are more able to protect themselves. Our actions should be based on what’s the most effective use of government resources to help the most people. Q: The SEC is considering a plan to overhaul stock-trading in a way that promises investors the best price when they buy or sell. Do you support that proposal? A: The New York Stock Exchange is developing a hybrid model [of electronic and manual stock-trading]. Let’s see how that works and then reassess what needs to be done. Q: What other issues should the commission tackle? A: What I hear over and over when I talk to investors is “information overload.” People don’t understand prospectuses or mutual-fund statements. We really have to look at our rule books and see what is and isn’t working. Q: Why have you opposed some fines for corporate wrongdoers? A: [Former SEC Chairman] Richard Breede
