Jobs Act

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Darla
This is Taibbi, I wonder what others think of this?

"Boy, do I feel like an idiot. I've been out there on radio and TV in the last few months saying that I thought there was a chance Barack Obama was listening to the popular anger against Wall Street that drove the Occupy movement, that decisions like putting a for-real law enforcement guy like New York AG Eric Schneiderman in charge of a mortgage fraud task force meant he was at least willing to pay lip service to public outrage against the banks.

Then the JOBS Act happened.

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.

Read more: http://www.rollingstone.com/politic...act-couldnt-suck-worse-20120409#ixzz1reGYqKpA
 
I'm going to have to get me a fistful of those dollars, use it to improve political communication by upgrading this site.

:D
 
Darla said:
This is Taibbi, I wonder what others think of this?

"Boy, do I feel like an idiot. I've been out there on radio and TV in the last few months saying that I thought there was a chance Barack Obama was listening to the popular anger against Wall Street that drove the Occupy movement, that decisions like putting a for-real law enforcement guy like New York AG Eric Schneiderman in charge of a mortgage fraud task force meant he was at least willing to pay lip service to public outrage against the banks.

Then the JOBS Act happened.

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.

Read more: http://www.rollingstone.com/politic...act-couldnt-suck-worse-20120409#ixzz1reGYqKpA
Click to expand...

It is beyond ignorance. It is full on Mutt level retarded. I think Taibbi has severely understated the storm that will rise from this. Wall Street asks... the two parties obediently give. Duck and cover.
 
Well, don't worry Darla. Past experience shows that the Administration will lean towards giving money to people who will also give them money, so just call it the re-elect Obama fund.
 
Darla said:
So he's right and this basically legalizes fraud?
Click to expand...


It doesn't legalize fraud, it makes it easier to commit fraud. I think the most important part of the piece is the observation that anyone but an idiot is going to be hesitant to invest in a big way in an IPO that hasn't provided necessary financials to perform due diligence. Basically, it makes fraud easier but since everyone knows that it makes fraud easier I doubt it will have all that much of an impact at all.

This should be filed in the "appear to be doing something while doing nothing" category.
 
Darla said:
So he's right and this basically legalizes fraud?
Click to expand...

It gives these companies five years of unaudited results. Which in essence opens the door to massive amounts of fraud. Fraud that will be very hard to prosecute. So yes, they are essentially making it legal. The vast majority of companies will likely be on the up and up and will try to bring legit ideas to market. But the swindles will be there.

The manner in which they can raise capital is also highly questionable. It used to be that you needed to raise capital from those with significant capital who can afford to take the risks associated with a start up. Now there are a couple websites already up to 'help' the average investor invest in these 'new and exciting opportunities'. I think this is opening the door for swindle after swindle. The 'gee golly, we really thought it would work, the numbers looked good for the first five years, honest to God' then we find out the 'executives' were milking the company for lavish salaries/bene's only to walk away at the end.

The catch is that Sarbanes Oxley is overly burdensome, but the above is swinging the pendulum too far to the opposite extreme.
 
Superfreak said:
It gives these companies five years of unaudited results. Which in essence opens the door to massive amounts of fraud. Fraud that will be very hard to prosecute. So yes, they are essentially making it legal. The vast majority of companies will likely be on the up and up and will try to bring legit ideas to market. But the swindles will be there.

The manner in which they can raise capital is also highly questionable. It used to be that you needed to raise capital from those with significant capital who can afford to take the risks associated with a start up. Now there are a couple websites already up to 'help' the average investor invest in these 'new and exciting opportunities'. I think this is opening the door for swindle after swindle. The 'gee golly, we really thought it would work, the numbers looked good for the first five years, honest to God' then we find out the 'executives' were milking the company for lavish salaries/bene's only to walk away at the end.

The catch is that Sarbanes Oxley is overly burdensome, but the above is swinging the pendulum too far to the opposite extreme.
Click to expand...

I think a new customer of mine is in that business. I have been trying to figure out exactly what they do. Huh.
 
General Buck Turgidson said:
It doesn't legalize fraud, it makes it easier to commit fraud. I think the most important part of the piece is the observation that anyone but an idiot is going to be hesitant to invest in a big way in an IPO that hasn't provided necessary financials to perform due diligence. Basically, it makes fraud easier but since everyone knows that it makes fraud easier I doubt it will have all that much of an impact at all.

This should be filed in the "appear to be doing something while doing nothing" category.
Click to expand...

Yes that phony conversation he wrote up was hilarious.
 
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