March 20, 2012

Extreme slow learners

Another one of those "only in America" bits of legislation ... chipping away at the minimal regulation of the finance industry in the US. 
The legislation is the JOBS Act, or Jump-Start Our Business Start-Ups Act, which passed the House with White House support this month and will be voted on this week in the Senate. JOBS, named in Orwellian fashion, is not about jobs. It is about undoing investor safeguards in federal law, including parts of the Sarbanes-Oxley law and other landmark protections, so that companies can raise money without having to follow rules on disclosure, accounting, auditing and other regulatory mainstays. 
What economic crisis, hey?

You scratch my back ... 

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