Subject: File No. S7-25-06
From: William M. Bacon, III, Esquire

February 27, 2007

It is absolutely absurd to deny U.S. citizens the right to invest in hedge funds based upon wealth. Wealth is not an indication of sophistication or knowledge. Just investing in the stock market carries unbelievable risk, but all citizens are allowed to do this. It appears to me that to discriminate against people based upon wealth ought to be unconstitutional. Hedge fund rules ought to be changed to allow anyone to invest in hedge funds without regard to net worth or income. The rules should not be changed to make it harder for ordinary citizens to invest in hedge funds.