Hedge Fund Ad Ban Lifted; Twitter Lampoons Hedge Fund Slogans
Tweet
Share
E-mail
Today the SEC vote 4-to-1 in favor of lifting the 80-year old ban on general solicitation, which will permit hedge funds, start-ups, venture capitalist and private equity funds to openly advertise to the general public.
The agency first proposed lifting the ban in 2012, however a dispute erupted among consumer advocates who were worried about rampant fraud. This was countered by pro-business advocates who see the lifting of the ban as a opportunity for small businesses to access capital and grow jobs.
Following outspoken opposition to the ban removal from Democratic Commissioner Luis Aguilar, SEC Chairman Mary Jo White pushed for the vote. "Given the explicit language of the JOBS Act as well as the statutory deadline which passed last July, the commission should act without any further delay," she said. "This does not mean, however, that the commission should not take steps to pursue additional investor safeguards if and where such measures become needed."
While the general advertising ban was lifted, those that will be allowed to invest in such ventures will still be required to be 'accredited investors' - meaning they will have to have individual annual income of $200,000 or a net worth of $1,000,000, excluding the value of their house.
On the lighter-side, amid the ban removal Twitter lit-up with #HedgeFundSlogans
Some of the more witty slogans were:
"I don't always pay for underperformance, but when I do, I pay 2 and 20." @RobBartenstein
"We make money the old fashioned way...Illegal insider information" @MagisterIR
"I'm a Tepper, You're a Tepper" @ReformedBroker
"Please don't squeeze the Ackman." @CNBCMelloy
One from the StreetInsider.com office:
"Do you believe in Bernanke?"
The agency first proposed lifting the ban in 2012, however a dispute erupted among consumer advocates who were worried about rampant fraud. This was countered by pro-business advocates who see the lifting of the ban as a opportunity for small businesses to access capital and grow jobs.
Following outspoken opposition to the ban removal from Democratic Commissioner Luis Aguilar, SEC Chairman Mary Jo White pushed for the vote. "Given the explicit language of the JOBS Act as well as the statutory deadline which passed last July, the commission should act without any further delay," she said. "This does not mean, however, that the commission should not take steps to pursue additional investor safeguards if and where such measures become needed."
While the general advertising ban was lifted, those that will be allowed to invest in such ventures will still be required to be 'accredited investors' - meaning they will have to have individual annual income of $200,000 or a net worth of $1,000,000, excluding the value of their house.
On the lighter-side, amid the ban removal Twitter lit-up with #HedgeFundSlogans
Some of the more witty slogans were:
"I don't always pay for underperformance, but when I do, I pay 2 and 20." @RobBartenstein
"We make money the old fashioned way...Illegal insider information" @MagisterIR
"I'm a Tepper, You're a Tepper" @ReformedBroker
"Please don't squeeze the Ackman." @CNBCMelloy
One from the StreetInsider.com office:
"Do you believe in Bernanke?"
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FDA clears Merck's Keytruda combo for muscle-invasive bladder cancer
- Columbus Circle Capital Corp. III closes $230M IPO on Nasdaq
- Nu-Med Plus acquires Avid Gold, targets Canadian gold properties
Create E-mail Alert Related Categories
Hedge Funds, Insiders' Blog, Trader TalkRelated Entities
Ben S. Bernanke, Twitter, Hedge FundsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
