January 29, 2007
Similar to most government interference designed to "provide additional investor protections", this proposed rule change is misguided and based on the false assumption that rational, self-interested adults are less capable of determining their financial well-being than a government committee. I have to imagine that even SEC employees, when considering their own personal portfolio, would prefer to at least have the option of considering hedge funds and other investments limited to accredited investors. This is basic common sense. In fact, I would ask that the proponents of this rule explain, in plain language, 1.) why certain American investors need government prohibition from certain asset classes and 2.) why this protected class is limited to less wealthy investors.