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The measure also makes it easier for companies to raise oversight-free capital online. They can have up to 1,000 investors without providing the SEC financial data. In addition, they can solicit them more freely. It's similar to how drug giants promote toxic products. Users have no idea what they're getting.
Former bank regulator/financial fraud expert Bill Black called the measure "insane on many levels. It creates an extraordinarily criminogenic environment in which securities fraud will become even more out of control."
Leading up to passage, back room dealmaking ignored expert anti-fraud input. The best, brightest, and most honest independent analysts unanimously condemned the bill. Black calls it "the sick face of crony capitalism."
Matt Taibbi's "The Great American Bubble Machine" called Goldman Sachs "a great vampire squid wrapped around the fact of humanity, relentlessly jamming its blood funnel into anything that smells money."
In fact, it's much worse. Wall Street and other FIRE sector (finance, insurance, real estate) giants together comprise the GREATEST "vampire squid." They're all the stronger by Washington's complicit role.
Their business model is grand theft. They're crime families, not legitimate enterprises. They make money by stealing it. They wreck economies, communities, and households. Corrupt politicians let them. They're bribed to go along. As bad as things are, they're getting worse.
On April 5, The New York Times headlined, "Obama Signs Bill to Promote Start-Up Investments," saying:
Surrounded by complicit lawmakers and industry crooks, Obama signed the JOBS Act. He called it a "potential game changer." The Times article went along with the charade. It quoted him saying:
"For the first time, ordinary Americans will be able to go online and invest in entrepreneurs that they believe in."
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