From: Sandy Morgen
Sent: January 27, 2007
Subject: File No. S7-25-06

The idea of increasing the amount of net worth to be an accredited investor is a bad one. It would be better to increase the transparency of hedge funds and other investments so investors can clearly understand the investment and risks involved. Let investors then make up their own minds about participating in the investment. The government should not be making that choice for them. Thank you.

Sandy Morgen