OPINION: "Is Silicon Valley a Systemic Risk?" by James Freeman, Wall Street Journal, 9 April 2009.

A warning against Treasury deciding to treat large venture capital funds as being the equivalent of hedge funds--namely, the chill effect on innovation and start-ups.

Sarbannes-Oxley was a real mess of regulation that burdened U.S. companies unduly. Extending that sort of stultifying control over Silicon Valley will come back to haunt us.

Gist: These are not overleveraged plays that generate systemic risk.