September 15, 2004
I believe the SEC should withdraw its proposal to register hedge fund managers as investment advisers. As a U.S. taxpayer, I strongly believe that our scarce government resources would be better spent protecting retail investors from misconduct by mutual fund operators and unscrupulous corporations than policing investment vehicles that are exclusively available to super-wealthy investors. Why should the average taxpayer foot the bill for oversight of hedge fund managers when the SEC prohibits them from reaping any of the benefits of investing with those hedge fund managers?