Matt Taibbi on Jobs Bill

[EVAY]

This is devastating in its exposition of the deregulation of accounting requirements embedded in the new JOBS bill. Now, according to Taibbi, new start-up companies are not required to have independent accounting verification of their internal financials for FIVE years after an IPO.

Plus, Wall Street Analysts don't have to verify that the companies are telling them the truth in order to recommend the stock!

Talk about inviting Fraud on the Public!!

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

[EVAY]

^^^sorry, guys. I edited the link to get the correct spelling on the taibblog piece, which I had inadvertently left off the initial post, but I still can't get it to show up when I try to click on it.

[Winehole23]

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

[EVAY]

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

Thanks, WH

I feel like a total luddite, but I still don't know what I did wrong.

Heck of an article, though, isn't it?

[Winehole23]

I don't know what went wrong, either.

Reducing financial transparency would seem to enable the sort of hanky panky that got us here, but what do I know...

[boutons_deux]

Jobs Act 2012 a Recipe for Fraud

It is hard to say enough bad things about the Jumpstart Obama’s Bucket Shops act in a short space. I’m in the UK now, and a contact asked me to explain it to him. When I told him of some of the major provisions, he could not believe what he was hearing. He said (correctly) that it was a great boon for conmen and aside from a few companies who were early to raise money under the new law, would make obtaining equity funding more difficult and costly for legitimate operators.

This Real News Network interview with Bill Black gives an overview:

http://www.nakedcapitalism.com/2012/04/jobs-act-2012-a-recipe-for-fraud.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capi talism%29&utm_content=Google+Reader

Cantor’s ‘Small Business’ Jobs Bill Gives Millionaires An Average Tax Cut Of $45,000

The Tax Policy Center has now estimated who benefits from Cantor’s bill. Among TPC’s findings:

– The top 1 percent would receive an average tax cut that is 1000 times bigger than the average tax cut for people in the middle quintile ($23 vs. $23,000). The top 0.1 percent would receive an average tax cut of more than $130,000.

– Half of the tax benefits would go to millionaires, who comprise less than one-half of one percent of all taxpayers and only 4 percent of actual small business owners according to a recent Treasury study. Millionaires, on average, would get a tax cut of $45,000 — almost as much as median household income in 2010.

– Business owners with annual income of $200,000 or less — who comprise more than 75 percent of small business owners — would receive only 16 percent of the benefit from Cantor’s bill.

http://thinkprogress.org/economy/2012/03/28/453936/cantor-small-business-millionaires/

[TeyshaBlue]

It's a 5 year shell and sell game plan. Hell, even my Chihuahua could make a killing.

[baseline bum]

Why do the Republicans hate Uncle Tom again?