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With over SEC 500 responses received as of Friday, the public comment deadline, the SEC will be busy reading. (See full list here: http://www.sec.gov/comments/s7-25-06/s72506.shtml target=_blank>Source. The San Francisco Gate noted almost all of the comments were critical of the new rule. An overwhelming number came from individuals and a large number said, essentially, that being rich doesn't make you smart.
"To discriminate based on race, creed, sex is illegal. To discriminate based on assets should also be illegal. If you want the public to be protected from bad investments, then a test should be implemented. ... But to simply say that the rich are smarter than the poor is elitist propaganda. I find it absurd that a person born into wealth, with no education or training in investments, is considered more qualified than a college professor in economics just because of their assets," wrote Daniel Figueroa.
Stephen Bruhn of Orland Park, Ill., wrote, "This is another example of government assuming that American investors are not smart enough to weigh the risks of investing their money. Why not set artificial thresholds for investing in stocks, bonds or homes?"
CFA Centre for Financial Market Integrity in favour of new rules
Kurt N. Schacht, Managing Director and Senior Policy Analyst at the CFA Centre for Financial Market Integrity wrote “we support the attempt through this rulemaking to address the additional risks that invest...................... To view our full article Click here
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