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Re: Taibbi Slams Jobs Bill
Originally posted by Thailandnotes View Post
Here's the Bill.
From a cursory glance, it looks like it functionally takes Sarbanes-Oxley and part of the old Securities Exchange Act of '34 and throws it out the window for new firms, which it calls "emerging growth companies."
First of all an "emerging growth company" is defined as one with annual revenues of less than $1 Billion (then ties that amount to the CPI so it goes up over time). That's billion. With a B. That's that bi-partisan help for small-business right there. When I think small-business, I think 9 figure revenues, don't you?
Then it does some shady non-public filings with the SEC prior to the IPO.
It backdates the exemption from standard accounting rules until 12/8/11, which is a weird date. I guess you get a quarter's head start.
Then it allows you to 'opt out' of the new system. Which nobody will do, since it costs money to opt out. We wouldn't want billion dollar firms to have to do independent audits, now would we?
Legal enrons from privately traded firms. Sounds cool. Now you don't actually even have to file with the SEC until you have 2,000 shareholders. Actually, it sounds like a great time to start a "community bank" and rob all your depositors and investors blind, leaving the FDIC to hold the bag. Wait until you read about that in 3-5 years. Screw audits. My bank's honest. I promise. Scout's honor.Last edited by dcarrigg; April 09, 2012, 06:56 PM. -
Re: Taibbi Slams Jobs Bill
The only good thing about this bill is that it may finally put the "Obama is anti-business" and "government regulation destroys businesses" memes to rest in such an obvious manner that only the most delusional Tea Partier, Libertarian, or Repub will continue to believe and spread them. Especially once we start to see all the new and interesting variants of ponzi schemes and fraud that start to spring up several years down the road as a result of this law which is little more than a form of Neo-Laissez-Faire "economics".
Everything old is new again I guess.Comment
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Re: Taibbi Slams Jobs Bill
oh its even better than that, as matt himself sez:Originally posted by mesyn191 View Post
now even the dems can say they are "friends of 'small' business"Originally posted by taibbi
which i'm sure will help them with their fundraisers in lower manhattan.Comment
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Re: Taibbi Slams Jobs Bill
that 12/8/11 thing has just GOT to be some political payback for a donation from some "emerging" company that has already run afould of the old laws.Comment
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