January 26, 2007
Regarding your proposal to raise the bar for accredited investors. I have been a retail investor for 40 years. I have not, nor intend to, invest in private offerings. Whether or not my net worth qualifies me to invest is immaterial, as should it be to you.
We have enough nanny government now, the SEC should be investigating the criminal element and leave the investing qualifications to others. If you want to control the hedge funds, get Congress to require their regulation.
In the meantime, do what the SEC is supposed to do. Get a jump on the New York attorney general, do your own leg work. You cant seem to keep up with current enforcement, so dont add to your work load.