The ROBS Act

[Octafish]

2. Why Obama's JOBS Act Couldn't Suck Worse

Matt Taibbi puts it into words better than most:

Why Obama's JOBS Act Couldn't Suck Worse

Matt Taibbi
Taibblog

EXCERPT...

The law also rolls back rules designed to prevent bank analysts from talking up a stock just to win business, a practice that was so pervasive in the tech-boom years as to be almost industry standard.

Even worse, the JOBS Act, incredibly, will allow executives to give "pre-prospectus" presentations to investors using PowerPoint and other tools in which they will not be held liable for misrepresentations. These firms will still be obligated to submit prospectuses before their IPOs, and they'll still be held liable for what's in those. But it'll be up to the investor to check and make sure that the prospectus matches the "pre-presentation."

The JOBS Act also loosens a whole range of other reporting requirements, and opens up stock investment not just to "accredited investors" but to the general public (giving official sanction to the internet-based fundraising activity known as "crowdfunding&quot .

But the big one, to me, is the bit about exempting firms from real independent accounting for five years. This has to be one of the more incredible provisions in the history of federal regulation.

CONTINUED...

http://www.rollingstone.com/politics/blogs/taibblog/why-obamas-jobs-act-couldnt-suck-worse-20120409

Remember when we were told the Bush tax cuts were temporary. It's like that.