Obama Authorizes Greater Wall Street Theft
The JOBS Act is a license to steal.
by Stephen Lendman
On April 5, as expected, Obama signed the Jumpstart Our Business Startups Act (the JOBS Act).
Again, America's 99% was betrayed. Overwhelming bipartisan House and Senate support backed the measure. The bill does nothing to create jobs. It facilitates greater fraud. America's race to the bottom continues.
Wall Street's again celebrating, and why not. Only bankers could love this type bill. They had to. They wrote it. It opens greater avenues for grand theft.
The SEC long ago abandoned its regulatory mandate. Under financial industry insider Mary Schapiro, it's in safe hands. Her job just got easier. The bill eliminates SEC reporting requirements for enterprises with annual revenues up to $1 billion.
The implications are obvious. Not only will big fish steal freely, so will smaller ones.