September 15, 2004
I believe the SEC should withdraw its proposal to register hedge fund managers as investment advisers. I firmly believe that limited 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 I as a taxpayer foot the bill for oversight of hedge fund managers? There are no real benefits gained for an average taxpayer since hedge funds target the ultra wealthy. Perhaps the SEC needs to refocus their efforts on protecting the average investor and less on regulating hedge funds.