From: Robert Pollak
To equate sophistication and wealth is unfair to the many sophisticated citizens who don't happen to have millions in assets. If you want to limit hedge fund investing to "sophisticated" investors, the rules should eliminate those who are rich but unsophisticated. To do atherwise is not equitable and doesn't keep with the American tradition of a level playing field.
The rule for allowing only "accredited" investors to be offered certain investments is unfair. Government doesn't stop people from gambling in Vegas, why should they stop people from risking their money in any investment available in the marketplace?\