Subject: File No. S7-25-06
From: John F Wallace
Affiliation: Retired CFO

January 27, 2007

There should be no restrictions on which citizens can invest in hedge funds or anything else. The idea that only the rich are sophisticated enough to know the risks is such elitist, un-American thinking that the SEC should be ashamed of having created the first set of limits. Big Brother is alive and well in the SEC.