From: James R. Young
I disagree with proposed changes articulated in http://www.sec.gov/rules/proposed/2006/33-8766.pdf
The $1,000,000 liquid assets requirement for certain pooled funds investments is blatantly elitist and clearly goes against the American ideal of equal access to opportunity for everyone, regardless of race, creed or economic status. That the SEC is proposing to raise these levels goes against the current, laudable, trend in investing, which is to open access to investing opportunities for everyone.
The rationale that individuals with a liquid net worth of less than a certain amount cannot make sound decisions on their investments, and that therefore "we" (the SEC) cannot allow them access to certain types of investments because they "are not capable evaluating the merits and risks of an investment in private offerings" is no different than the government creating a law that says that an individual with a net worth of less than $100,000 cannot start their own business because they may not have the business acumen to run a business. Hello Big Brother, goodbye American Dream.
This rule change, as well as the old 1982 rule, in my estimation, need to be seriously reconsidered and reversed if our markets are to remain open, healthy and a vital part of our country's economy.
James R. Young