The ROBS Act

[sabrina 1]

16. So nothing has changed:

The provision, part of the bill passed by Congress and expected to be signed by President Barack Obama this week, would enable companies to submit confidential drafts of their initial-public-offering documents to the Securities and Exchange Commission before they file publicly.

Critics say that measure would allow a company like Groupon, which had well-publicized disagreements with the SEC over its accounting last year, to resolve such issues under the radar, without investors learning of them until later although still before any IPO.

The reason it's 'hard to make this stuff up' is because most people are not corrupt or, there would be consequences for the average person if they even tried. But for those who are corrupt, it's apparently easy to keep on doing what they were doing before, because there are never any consequences for them.