The national Hedge Fund Association defines hedge funds as any unregistered, privately-offered managed pool of capital for wealthy, financially sophisticated investors.

By the early 80's, individual investors had become more financially sophisticated and the mutual industry expanded its product line.

Someone as financially sophisticated as Mr. Lay could have made use of vehicles, even offshore trusts.

But some accountants say the wealthy and the financially sophisticated may not find the state program very appealing.

They clearly hadn't made preparations for this disaster that somebody more financially sophisticated might have.

Some 160 of them are already large, financially sophisticated organizations with international connections, operating in the United States and most of Europe.

"There is a case for the adjustable, but unless a person is financially sophisticated they are not going to figure it out," Mr. Gooden said.

"These credit offers would upset her because of the damage they can do to people who aren't financially sophisticated."

"I am always trying to make my articles financially sophisticated enough to appeal to my father, while also being accessible and engaging enough to interest my mother," he wrote.