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JOBS Act of 2012: Will H.R. 3606 Jumpstart Our Business Startups Or Open The Crowdfunding Fraud Floodgates?

Image by watchingfrogsboil
Former SEC Chief Accountant warns that the JOBS Act – sponsored by one particular of
the most corrupt Congressmen in Washington – will not increase employment but
will simplify swindling.
JOBS ACT OF 2012: WILL H.R. 3606 JUMPSTART OUR Enterprise STARTUPS OR OPEN THE
CROWDFUNDING FRAUD FLOODGATES?
U.S. Representative Stephen Fincher (R-TN-8) is a Large Ag businessman whose
firm has received over .9 million in government subsidies (corporate
welfare) over the past ten years, a politician flagged but by no means penalized
for federal election law violations by the Federal Election Commission final
July, and a legislator the political watchdog group Citizens for
Responsibility and Ethics in Washington (CREW) cites as one of the Most
Corrupt Members of Congress:
www.crewsmostcorrupt.org/mostcorrupt/entry/stephen-fincher
His most recent contribution to the corporate greed pervading our government is
sponsorship of the Jumpstart Our Organization Startups Act, HR 3606, which has
been passed with enormous bipartisan help by each the House and Senate,
but was sent back to the Residence to approve some Senate changes on Thursday
(22 March 2012):
www.govtrack.us/congress/bills/112/hr3606
en.wikipedia.org/wiki/Jumpstart_Our_Enterprise_Startups_Act
As is so typically the case in Washington DC, the label on this Pandora’s box
says absolutely nothing about its accurate contents. Euphemistically referred to as the
"Jobs Act of 2012", former Chief Accountant of the Securities and Exchange
Commission Lynn E. Turner warns this bill would destroy tiny investor
protections dating back as far as the creation of the SEC itself. "It Will not
produce jobs, but it WILL simplify fraud," Turner mentioned in an interview final
week. "This would be better identified as the Bucket-Shop and Penny-Stock Fraud
Reauthorization Act of 2012."
www.bloomberg.com/news/2012-03-13/job-creation-legislatio…
erating-shareholder-protections-in-u-s-.html
Mr. Turner is not alone in his assessment of HR3606. Crooked Congressman
Fincher’s summary claims the aim is to "increase American job creation and
economic growth by enhancing access to the public capital markets for
emerging growth firms [e.g. crowdfunding]", but President of the North
American Securities Adminstrators Association (NASAA) Jack Herstein warns
otherwise:
"Expanded access to capital markets for startups and small businesses can be
advantageous, but only insofar as investors can be confident that they are
protected, that transparency in the marketplace is preserved, and that
investment opportunities are legitimate… Modest companies are important
to job growth, and to improving the economic climate. Even so, by weakening investor
protections and putting unnecessary restrictions on the ability of state
securities regulators to guard retail investors from the dangers linked
with smaller, speculative investments, Congress is on the verge of enacting
policies that, though intended to strengthen the economic climate, will in reality
only make it more tough for small corporations to access investment
capital."
www.nasaa.org/wp-content material/uploads/2011/07/NASAA-Letter-to-…
rship-on-H.R.-3606-FINAL-three-12-2012.pdf
Personally, I’d wager that the only jobs produced by the JOBS Act of 2012
will be for Wall Street brokers who did not meet quota and other con artists
pitching worthless penny stocks from telemarketing boiler rooms and Net
scam sites.
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NO Much more LEFT. NO A lot more Proper. TIME TO UNITE. STAND AND FIGHT!
IronBoltBruce via VVV PR ( veritasvirtualvengeance.com | @vvvpr )
Associated Image:
veritasvirtualvengeance.files.wordpress.com/2012/03/hr360…
rowdfunding_fraud.jpg
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