Matt Taibbi rips the JOBS Act

[marmar]

from Rolling Stone:



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. ...............(more)

The complete piece is at: http://www.rollingstone.com/politics/blogs/taibblog/why-obamas-jobs-act-couldnt-suck-worse-20120409#ixzz1raevYSoM

[KG]

1. tut-tut Matt.

and i'm sure the usual crew will be along shortly to explain how this is wonderful legislation, simply because the pres. signed it and what a hatah you are for even suggesting otherwise..

[Myrina]

2. You know Matt just wants a pony ...

[xchrom]

3. du rec. nt