"When a fight breaks out in a bar, W you don't hit the man who started it. You clobber the person you don't like instead." That is the cynical verdict of a fund-management executive on the European Union's proposed Alternative Investment Fund Managers directive. Even though the credit crunch was largely the fault of (highly regulated) banks, politicians seized the chance to have a pop at the unpopular hedge-fund and private-equity industries.
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