Political Quotes

“I am pleased to join my colleagues Senators Bond, Warner, Brown, Cantwell, Begich, Murray and Tester in offering this amendment to sections 412 and 926 to protect investors and promote capital formation. During the Banking Committee's hearings on the financial crisis, the North American Securities Administrators Association, NASAA, testified about a serious investor problem. A growing number of private placement are being used to defraud 'accredited investors.' An investor is deemed 'accredited,' or financially sophisticated and able to withstand investment losses, if he or she has $1 million in net worth, including the value of his or her home, or $200,000 in annual salary, amounts that have not been changed since 1982. 'Accredited investors' are presumed to be able to fend for themselves, receive fewer protections, and are eligible to invest in private placements.”