Obama eager to sign into law bill enabling a whole new era of Wall St. fraud

[brentspeak]

The comically-titled "JOBS" Act:

http://www.huffingtonpost.com/william-k-black/jobs-act_b_1366565.html

(economist William Black, renowned expert on financial industry fraud)

This bill is an atrocity.

The "Jumpstart Our Business Startups" Act, the comically forced effort to create a catchy acronym, is the most cynical bill to emerge from a cynical Congress and Administration. It is an exemplar of why congressional approval ratings are well below those of used car dealers. The JOBS Act is something only a financial scavenger could love. It will create a fraud-friendly and fraud-enhancing environment. It will add to the unprecedented level of financial fraud by our most elite CEOs that has devastated the U.S. and European economies and cost over 20 million people their jobs. Financial fraud is a prime jobs killer.

http://www.policyshop.net/home/2012/3/16/more-fraud-few-jobs-why-the-jobs-act-is-a-bad-bill.html

More Fraud, Few Jobs: Why the JOBS Act is a Bad Bill

by David Callahan

And SEC chair Mary Schapiro has warned that the JOBS Act is overly broadly and poorly conceived, and would weaken "important protections" for investors. The result, said Schapiro, could be less capital for investors, not more:

"If the balance is tipped to the point where investors are not confident that there are appropriate protections, investors will lose confidence in our markets, and capital formation will ultimately be made more difficult and expensive."

Former SEC chair Arthur Leavitt has also warned against this bill, as has the North American Securities Administrators Association, the AARP, the Consumer Federation of America, the Council of Instutional Investors, the Main Street Alliance, and Americans for Financial Reform. (See a list of opponents here.)

This is a bad bill. It won't create that many jobs, but it could unleash a new wave of financial frauds. Has Washington learned nothing in the past few years?

[Fumesucker]

1. I'm reminded of a Gonzo Thompson quote about the music business..

The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free and good men die like dogs. ... There's also a negative side.

It applies double to politics..

[rhett o rick]

2. And people dont understand Occupy. nm

[Coyote_Bandit]

3. So much for the idea

of more transparency instead of less.