Among those who fear that a lack of regulation of hedge funds might be harmful is Bill Donaldson, the former chairman of the Securities and Exchange Commission. In a speech during the TD Ameritrade Institutional conference on February 2, Donaldson listed hedge fund manager registration as one of his proudest accomplishments while at the SEC, since hedge funds are "an accident waiting to happen." Addressing the lack of transparency endemic to hedge funds, Donaldson voiced concern that even large, sophisticated institutions had "no idea" of the holdings and operations of the hedge funds in which they were invested.–James J. Green
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