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Hedge Funds Have First Amendment Rights Too! Says Hoenig

Yahoo – Last week the SEC lifted an 80 year-old ban forbidding hedge funds from advertising to the general public. Under the terms of the new rule, funds will still only be allowed to accept money from so-called qualified investors defined as families with greater than $1 million net worth or annual income greater than $200,000 per year for the last two years.

Jonathan Hoenig, founding member of the hedge fund Capitalist Pig, says Let Freedom Ring. “While the pornographer, the cigarette manufacturer, the firearms manufacturer have been able to exercise their free speech rights and run all the ads they want for 80 years, it’s been illegal for hedge funds to run an ad.”

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