A hungry SEC or a toothless tiger?

The hedge fund industry took a collective gulp as America's Securities & Exchange Commission last week bit off arguably more than it could chew.

In one fell swoop, it has decided to try to swallow what will become reams of information from all of America's hedge funds (with more than $30m), and most probably many of those domiciled outside America, with more than 14 US onshore investors.

Give or take a few loose leafs, if all the world's hedge funds qualified, the SEC would receive about 330,000

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