While I agree that all investors and clients need to take some responsibility for their own investments, the level of accountability and regulation between public and private markets is not even remotely comparable. Your comment "still subject to normal court oversight" is the exact issue. We should not be waiting until issues go to the court before some level of oversight is implemented.

We have kids answering phones at call centers within financial institutions changing passwords that are held to a higher regulatory and competency standard than fund managers in charge of trillions of capital and millions of jobs. The level of fraud and immorality in private markets is obvious to anyone that isn't willfully ignorant and I think it is time for private markets to mature. The short term profit back alley "deals" should have been a thing of the past two decades ago. I think most private market investing is fine, but a small underbelly of it is incredibly destructive to society and represents all of the worst parts of Wall Street.