Congress’s Genius Jobs Plan—for Fraudsters, Shills, and Wall St. Analysts
Finally, the House passed a jobs bill last week. And what a bill it is!
Officially called the Jump-Start Our Business Start-Ups Act, it calls for reopening our capital markets to exciting new start-ups by ridding protections for investors and stripping away disclosure requirements for smaller companies.
JOBS has been repeatedly assailed, but it will bring much-needed help to some of the harder hit sectors of the economy.
John Coffee, a Columbia Law professor, has hailed the bill as "the boiler room legalization act." And rightly so. Boiler room operations were one of the unsung job creators of the 1990s, producing some of America's greatest penny stocks and boom times for yacht makers and coke dealers.
But these small, hard-working firms have run into hard times. Areas of Long Island and Boca Raton, Fla., have still not recovered since the heyday of the Nasdaq. How long must a lost generation of Lamborghini-loving twenty-somethings suffer while their talents for talking quickly go to waste?
more:
http://www.propublica.org/thetrade/item/congresss-genius-jobs-plan-for-fraudsters-shills-and-wall-st-analysts
