Free Republic

It isn't often that a Securities and Exchange Commission chairman has the ability to unite against him -- his own White House, fellow GOP commissioners, leading financial lights in Congress and Federal Reserve Chairman Alan Greenspan. But Bill Donaldson is nothing if not determined. The SEC chief has devoted much of the past year to promoting a new regulation that would force hedge fund advisers to register with his agency, despite opposition from just about anyone who knows a hurdle rate from a drawdown. Most recently, his staff conducted a short "comment" period on the rule when most of the...