New JOBS Law Great for Fraud

April 4. It’s the Jumpstart Our Business Startups (JOBS) Act and its a bill full of ways to streamline rules, so that companies can issue new financial offerings, getting rid of RED TAPE and the like. They’re getting rid of regulations that slow things down and the result will be more jobs and …

WAIT.

Didn’t we have enough “de-regulation” in the ’90’s and the first half of the last decade. Isn’t that a big reason things crashed in 2008?

Bloomberg news has an article about this and quotes a fraudster who served 41/2 years in prison for scamming. He looks at the law in disbelief. He says it’s an open invitation for fraud.

The Bloomberg writer, Susan Antilla, says the law is 22 pages of “cool opportunities to avoid rules that force companies to supply audited financial statements”.

Anyone for 5,000 share of “Son of Enron”?

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