From: Dennis Pike
I would like to register my objection to raising the qualified investor rule from its current $1 million level to $2.5 million. As a matter of fact, I would go even further on qualified investor rules: I don't think there should be any at all, just like there are none on state lottery program participants who according to published statistics are by and large the poorest of Americans. I think they need more help than I do.
I've concluded that today's rules, and certainly the newly proposed net worth bump-up change, are un-American. Why exclude virtually all Americans from participating in the same investment opportunities as those who are "rich," especially in an era where individuals have to provide for their own retirement-years income? Actually, it's very insulting and demeaning to me (I don't qualify under the proposed parameters) and to many others, I'm sure. It's akin to calling virtually all Americans "children." No thanks. Take off the shackles.
Frankly, I consider myself to be a very sophisticated investor and I can't believe that my continued participation in qualified investment opportunities would be eliminated. As I currently participate, will you force me to liquidate my current investments? Hope not.