The following Letter Type A, or variations thereof, was submitted by individuals or entities.
Letter Type A:
Nancy M. Morris, Secretary
Dear Ms. Morris,
I write regarding the proposed changes to the definition of "accredited investors", namely S7-25-06. As I understand it, you propose that only individuals with an investable net worth of $2.5M or greater would be allowed to participate in certain investment vehicles, hedge funds among them. Further, I understand that your rationale includes the fact that only 1.5% of American families have net worth above $2.5M; thus, your proposal affects 98.5% of American families.
I wish to make the following points about this inane, ill-conceived and anti-libertarian idea;
I assume you are an intelligent and honorable person and are attempting to protect innocent people from unscrupulous promoters of crooked investment vehicles. Well, I suggest that your job is to do just that. 1nform the public, educate all Americans, legislate full and understandable disclosure, prosecute the villains, confiscate their ill-gotten gains, put them in jail, let them know you have a zero tolerance for fraud, don't let them off with a wrist slap.
Do all these things but please don't further compromise the hard-won liberties of industrious Americans who just want to invest their hard earned dollars as they see fit and participate fully in the American Dream.
Thank you for listening,