January 28, 2007
-I am opposed to the proposed rule on increasing the limite for accredited investors. And it's naive to think that "rich folk" are more soficated about thier investments. You only need to look at the number of high net worth folk who have been defrauded in the past.
You should do what England does -- take off the $1M limit and require a suitablity test.
And the SEC should have oversight on all these funds in my opinion. You're never too old or to rich to be taken by people who want to separate you from your money.
In sum, leave or lower the access to hedge funds which should only those who have money have acccess to these managers -- isn't that backwards?, and require more supervision by this Federal agency.