Rolling Stone's Matt Taibbi, on his "TaibBlog" -- "Why Obama's JOBS Act Couldn't Suck Worse": "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 ... Then the JOBS Act happened. ... [O]ne 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. ... We needed Barack Obama and the congress [sic] 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? ...
"There's just no benefit that the JOBS Act brings to an honest startup company. In fact, it puts an honest company at a severe disadvantage, because now it has to compete against other, less scrupulous companies that can simply make their projections up on the backs of envelopes. This is like formally eliminating steroid testing for the first five years of a baseball player's career." http://bit.ly/Hx48l0
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