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From Kirsten Bischoff, Opalesque New York:

For Phil Goldstein and his colleagues at Bulldog, suing the SEC over mandatory registration in 2006 did not garner much support from the hedge fund industry. "The perception was, we were like a guy walking around Time Square with a sign saying the world was going to end. You just walk past them," he says in the second half of an interview with Opalesque TV.

For Goldstein, the fight against mandatory registration was one based in principle, not profit. Hedge funds, which are limited to qualified investors, are subject to due diligence by those investors prior to investment. "When we are interviewed by a prospective investor, they really go into the nuts and bolts - they are asking questions that are very thorough and very detailed and there is very little need for a regulator to get involved in that process," he says. "The free markets work pretty well."

That is not to say that all investors, qualified and non-qualified should not have regulatory protection against fraud. Goldstein says the SEC should come down heavily on hedge fund frauds.

Goldstein, who is currently awaiting the outcome of a battle with Massachusetts Secretary of State William Galvin says, "I am a bi......................

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