We've discussed at length the number of top executives quitting big firms to start up hedge funds. But a securities regulator? Specifically, former chairman of the Securities and Exchange Commission Richard Breedon? Well, he has no investing experience--which isn't good--but he was a champion of strong ethics and governance practices, which can't hurt, given that his fund will act as a corporate governance kind of fund. He's already made a big splash: He's nominated four friends to the board of Applebee's, a company in which he owns a 5.2 percent stake. Since leaving the SEC in 1993, he has served as an outside monitor to scandal-plagued companies and soon got the notion that he could have greater influence as an investor. He apparently had no trouble raising $500 million, most came from CalPERS. He was seeking $1.25 billion initially.

For more:
- here's a New York Times article
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