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45 San Diego L. Rev. 989 (2008)
In Search of Market Discipline: The Case for Indirect Hedge Fund Regulation

handle is hein.journals/sanlr45 and id is 997 raw text is: 11/25/2008 2:00 33 PM In Search of Market Discipline: The Case for Indirect Hedge Fund Regulation PAUL M. JONNA* TABLE OF CONTENTS IN TR O D U C T IO N ............................................................................................................... 9 9 0 I. HEDGE FuNDs, DIRECT REGULATION, AND MARKET IMPLICATIONS ................... 996 A . H edg e F und B asics .................................................................................. 996 B. The Failure of Direct Regulation of Hedge Funds ................................... 997 1. The Investm ent Company A ct ............................................................ 998 2. The Investment Advisers Act of 1940 ................................................ 999 a . G oldstein v . SE C ....................................................................... 999 C. The Failure of the Free M arket .............................................................. 1000 1. Long Tenn Capital M anagem ent .................................................... 1000 2. The Subprime Mortgage Meltdown and Ensuing H edge F und Implosions .................................................................. 1001 3. Retailization of H edge Funds .......................................................... 1007 4. Increase in Growth and Increase in Fraud ..................................... 1008 * University of San Diego School of Law, J.D. expected 2009; University of Southern California, B.S., Business Administration, 2005. I am grateful to Professor Frank Partnoy for his substantial feedback, inspiration, and support throughout the drafting of this Comment, as well as Professor James C. Krause for his unwavering guidance and encouragement. I would also like to thank the staff and editorial board of San Diego Law Review for the opportunity to publish and the skillful edits that helped make this Comment publishable. This Comment is dedicated to my family: to my Dad, for being my role model; to my Mom, for her love and inspiration; to my brother Peter, for all of his advice; and most especially, to my wife Rena, without whose support, patience, and feedback this Comment could not have been written. All errors are my own. JONNA.PRINTER.DOC

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