It takes money to make money — that’s an actual regulation
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The world of private equity — the hedge funds, the venture capital, the people pouring a ton of money into startups — comes with a huge risk. The reward can be huge too. But if you want a piece of this world, you have to be what’s known as an accredited investor, which means you need to be rich. The idea, historically, was to protect people from getting swindled into throwing their life savings into some sketchy investment. But as time has gone on, people have criticized the rule as a wall that’s shut a lot of people out from opportunities to gain wealth. Now, the Securities and Exchange Commission is changing the rules. Molly speaks with Arlan Hamilton, founder of the venture capital firm Backstage Capital, who has been pushing for changes that could reduce the racial wealth gap. She says anyone old enough can make a bet and lose it all in Vegas, so why not in the casino of private equity?
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