I thought I was being a bit harsh when I called the attempt at hedge fund regulation "Bureacuracy withhout Benefit." Jonathan Macey, a professor at Yale Law School labels the attempts "Regulatory McCarthyism" in this op-ed piece in today's Wall Street Journal.
You will need a subscription to read the piece, and while the title is a bit over the top, the professor is right when he takes on the new justification for hedge fund regulation - "systemic risk" to the markets and our economy.
