Does anyone have a good word to say about the European Commission’s proposed regulations for alternative investment fund managers? If they do, they are not shouting from the rooftops, unlike the growing army of (mostly UK) politicians, industry representatives and commentators who have voiced concern about the proposals.

The main objection is that the Commission is looking in the wrong place: it should be focusing on the banks that caused the problems rather than the hedge funds and private equity firms that took advantage of cheap credit but were not instrumental in bringing down banks.