Wish Taibbi had written this even sooner. Just in case you weren’t convinced, the JOBS Act is a nightmare form deregulation and encouragement of fraud.
“The “Jumpstart Our Business Startups Act” (in addition to everything else, the Act has an annoying, redundant title) will very nearly legalize fraud in the stock market.
In fact, one could say this law is not just a sweeping piece of deregulation that will have an increase in securities fraud as an accidental, ancillary consequence. No, this law actually appears to have been specifically written to encourage fraud in the stock markets.”
“Even worse, the JOBS Act, incredibly, will allow executives to give “pre-prospectus” presentations to investors using PowerPoint and other tools in which they will not be held liable for misrepresentations. “
“We needed Barack Obama and the congress to compromise the entire U.S. stock market because it’s too expensive for a publicly-listed company with billion-dollar ambitions to hire an accountant? That almost sounds like a comedy routine”
“In the meantime, let’s just say this is a dramatic step taken by Barack Obama. Nobody should have any illusions about where he stands on Wall Street corruption after this thing. Boss Tweed himself couldn’t have done any worse.”
- democracyfail posted this