This law actually appears to have been specifically written to encourage fraud in the stock markets.
Pushed by Silicon Valley lobbyists, the law exempts start-ups from independent accounting requirements for five years, loosens other rules, and insanely says that pre-prospectus presentations don’t have to be accurate or truthful. Back up the trucks boys and let the looting begin. The government is a-ok with sleazy dealings and will be comatose when it comes to regulation.
Let’s just say this is a dramatic step taken by Barack Obama. Nobody should have any illusions about where he stands on Wall Street corruption after this thing. Boss Tweed himself couldn’t have done any worse.
Charles Gasparino was quite accurate. Barack Obama is Bought and Paid For.