January 31, 2007
To discriminate based on race, creed, sex is illegal. To discriminate based on assets should also be illegal. If you want the public to be protected from bad investments, then a test should be implemented and mandatory. But to simply say that the rich are smarter than the poor is elitist propaganda. I find it absurd that a person born into wealth, with no education or training in investments, is considered more qualified than a college professor in economics just because of their assets. While I didnt agree with the previous regulations for hedge funds, I most definitely do not agree with the new proposed ones.