Jonathan Hoenig is managing member at Capitalistpig Hedge Fund LLC. He is also the author of Greed is Good, and has written for the Wall Street Journal Europe, Wired and Trader Monthly.

President Obama's proposal to overhaul and increase regulation of the financial markets has some populist support, but he's punishing many of the companies that have acted most responsibly, says hedge-fund manager Jonathan Hoenig, while giving more power to the bureaucrats who helped cause the crisis in the first place.