New SEC Proposals - The Blogosphere Starts to Speak

Already (besides me) the blogosphere is starting to speak on the SEC proposed accredited investor definition change for hedge fund investors and proposed hedge fund anti-fraud rules.

Have a look at two such comments - to my mind each pretty well written: Fintag (you'll have to scroll down a bit on "his" (I assume) page to get to to the article) and Rossputin. Catchy names.

Throw into the mix as my broadside of the day - a what's the protection anyhow in a global economy where your average American mere millionaire can perhaps do this "exotic" hedge fund stuff offshore or abroad where he/she is not "protected"? Are we simply going to lose more of our financial business to abroad from over regulation?

The inquiring mind wants to know.