Amazing how far an attractive acronym can get you.
Today, Our President signed into law the duplicitously named JOBS (Jump-start Our Business Start-ups) act, which has absolutely nothing to do with creating jobs, and everything to do with deregulating the financial sector. If it had been called the SOBS (Stimulate Our Business Start-ups) act, at least it would have presented an accurate portrayal of the political weasels of both parties who pushed it through.
So now, IPOs for "small" businesses (up to one billion dollars of revenues per year) are no longer required to even tell investors what the hell the business is for five years. We're back to where we were during the internet bubble, when investors poured money into duds like pets.com. Hmmm... maybe somebody could bring back pets.com. "PETS" could stand for "Pickpocket Every Thick-brained Sucker."
Last month, I offered instructions for how you could use the provisions of the JOBS act to rip off random strangers on the internet. Wall Street firms don't need instructions from me. Now, in the case of "small" businesses, they can go back to having their analysts puff up a stock offering their finance arm is selling.
CRAP (Capitalists Rape the American People)!