Senate mulls an express lane for IPOs
http://money.cnn.com/2012/03/20/smallbusiness/ipo-bill/index.htm?source=cnn_bin
As if it wasn’t already easy enough for the oligarchy to rip off ordinary people, now we have legislation that will turn the clock all the way back to before the ’29 crash. It is mind blowing the arrogance that would lead someone to so thoroughly gut what little remains of the protections against unscrupulous brokers so soon after our most recent crash. The only thing that makes the tiniest bit of sense is the part about crowd sourcing, but even there that should be limited to tiny amounts, like less than a few million. It is laughable (if it weren’t so demoralizing) to think that a company with a billion in revenue (which should be producing at a minimum of $100 million in profit if it is worth a damn to investors) can’t afford the listing requirements of an IPO. Even going to $350 million is also a joke. I know from personal research that the cost of an IPO is generally a few percent of the offering (or around a minimum of a million bucks) and while I have a strong moral objection to handing that money to Wall Street (to basically do nothing but enrich their cronies (I should stop now before I get off topic)) that is just part of the game to have the legal boxes checked to seek investment. Removing all those legal requirements means that scammers (which, all my reader(s) should be well aware, is basically the definition of Wall Street operatives) will have no restrictions whatsoever. It is bad enough that when Wall Street actually broke laws and contracts they have not been prosecuted, it is unbelievably worse to strip away those unenforced laws and contracts!
Of course, since the sheeple have no clue what this means this or something substantially identical will be put into place shortly (it will probably be renamed the “Investor Protection Act” or something idiotically ironic like that).
I like to think that things can’t get worse and will have to start getting better, but then I keep reading this sort of crap.
