Subject: File No. JOBS Act Title I
From: David T Clary, JD
Affiliation: Retired

September 3, 2012

I do not know the specific section of your proposed regulations that deals with allowing Hedge Funds to directly solicit individuals with assets of $1 million or annual incomes equal to or higher than $200 thousand ($300 thousand?). I have read 4 books about the 2008 economic crisis. Certainly, one of the major problems was sophisticated financial entities taking advantage of unsophisticated people, or even sophisticated entities that were simply lied to. Here you are allowing a race to the bottom to do the exact same thing. That income or asset level cannot possibly insure the level of sophistication and knowledge that an insider in the financial sector would have. There will be lots of little old ladies, and I suspect even well off professionals who will lose everything because the government, once again, failed to protect them. ADD AS MANY PROTECTIONS AS YOU CAN GIVEN THE LAW YOU HAVE TO WORK WITH.