February 2, 2007
I think it is wrong to discriminate based on their level of wealth. It seems to me that there are already adequate disclosure regulations and laws in place to adequately prepare a person for the risk relative to the type of investment they are considering. It is also wrong for any government to decide that a person who has not attained a certain level of wealth is incapable of making a correct decision regarding any certain types of investing.
In the age of disclosure, information and internet; people can make informed decisions regarding their own investment opportunities. Time and occurrence has proven that one who may have inherited great wealth can loose it just as quickly as someone with limited resources can make a sizable fortune. What government agency should be allowed to decide what investment can be entrusted to whom? Why not base it on Gender, Race? Why not on personal temperament? Why not base it on IQ, a real measurable indicator of intelligence?
I hope that these proposed rules will awaken those who have been discriminated against. I have to believe that one day everyone will have the same opportunity granted to them, regardless of whether they are considered rich or not by our government. A government should never be allowed to tell its people: you are not allowed to invest in this, you are not wealthy enough. This proposal is the definition of discrimination.