Crowdfunding Act (HR 3606): Will JOBS Act Jumpstart Startups Or Open Fraud Floodgate?

Discussion in 'Current Events' started by ironboltbruce, Mar 25, 2012.

  1. ironboltbruce

    ironboltbruce New Member

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    Former SEC Chief Accountant warns that the JOBS Act - sponsored by one of the most corrupt Congressmen in Washington - won't increase employment but will simplify swindling.

    JOBS ACT OF 2012: WILL H.R. 3606 JUMPSTART OUR BUSINESS STARTUPS OR OPEN THE CROWDFUNDING FRAUD FLOODGATES?

    U.S. Representative Stephen Fincher (R-TN-8) is a Big Ag businessman whose company has received over $8.9 million in government subsidies (corporate welfare) over the past ten years, a politician flagged but never penalized for federal election law violations by the Federal Election Commission last 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:

    http://www.crewsmostcorrupt.org/mostcorrupt/entry/stephen-fincher

    His latest contribution to the corporate greed pervading our government is sponsorship of the Jumpstart Our Business Startups Act, HR 3606, which has been passed with massive bipartisan support by both the House and Senate, but was sent back to the House to approve some Senate changes on Thursday (22 March 2012):

    http://www.govtrack.us/congress/bills/112/hr3606

    http://en.wikipedia.org/wiki/Jumpstart_Our_Business_Startups_Act

    As is so often the case in Washington DC, the label on this Pandora's box says nothing about its true 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 small investor protections dating back as far as the creation of the SEC itself. "It WON'T create jobs, but it WILL simplify fraud," Turner said in an interview last week. "This would be better known as the Bucket-Shop and Penny-Stock Fraud Reauthorization Act of 2012."

    http://www.bloomberg.com/news/2012-...cerating-shareholder-protections-in-u-s-.html

    Mr. Turner is not alone in his assessment of HR3606. Crooked Congressman Fincher's summary claims the goal is to "increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies [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 beneficial, 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... Small businesses are important to job growth, and to improving the economy. However, by weakening investor protections and placing unnecessary restrictions on the ability of state securities regulators to protect retail investors from the risks associated with smaller, speculative investments, Congress is on the verge of enacting policies that, although intended to strengthen the economy, will in fact only make it more difficult for small businesses to access investment capital."

    http://www.nasaa.org/wp-content/upl...e-Leadership-on-H.R.-3606-FINAL-3-12-2012.pdf

    Personally, I'd wager that the only jobs created by the JOBS Act of 2012 will be for Wall Street brokers who didn't meet quota and other con artists pitching worthless penny stocks from telemarketing boiler rooms and Internet scam sites.

    ###

    NO MORE LEFT. NO MORE RIGHT. TIME TO UNITE. STAND AND FIGHT!

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    Related Image: http://veritasvirtualvengeance.files.wordpress.com/2012/03/hr3606_jobs_act_crowdfunding_fraud.jpg

    Related Video: [ame="http://www.youtube.com/watch?v=Hxizh0NTiVQ"]Stephen Fincher on "Accountability" - YouTube[/ame]

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    Tag: #crowdfunding, #hr3606, #jobsact, #fraud, #boilerroom, #boilerrooms, #jobs, #employment, #startups, #smallbusiness, #kleptocracy, #occupy, #ows, #vvvpr

    Key: crowdfunding, crowdfund investing, penny stock fraud, boiler room, boiler rooms, h.r. 3606, h.r.3606, hr 3606, hr3606, jobs act, jobs act of 2012, jumpstart our business startups, jobs, employment, startups, small business, crony capitalism, corporate greed, political corruption, fascism, kleptocracy, occupy wall street, ows, vvv pr

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  2. RP12

    RP12 Well-Known Member

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    I am not surprised. I have said in the past that the Congress would support a Martial law bill if they called it "Icecream for everyone"

    You dont expect Congress to actually read the bills and understand them do you? You realize how much they have to steal and corrupt others to get re-elected? Come on thats a full time job they dont have time to actually read anything.
     
  3. waltky

    waltky Well-Known Member

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    Obama jobs programs not workin' out...
    :hmm:
    195,000 Fewer Americans Had Jobs in July; 150,000 Dropped Out of Labor Force
    August 3, 2012 - There were 195,000 fewer people employed in the United States in July than in June, according to the Bureau of Labor Statistics, as the national unemployment rate ticked up from 8.2 percent to 8.3 percent.
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  4. waltky

    waltky Well-Known Member

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    Granny says dat's Uncle Ferd's dream world...
    :grandma:
    Will smart machines create a world without work?
    Jan 25,`13 WASHINGTON (AP) -- They seem right out of a Hollywood fantasy, and they are: Cars that drive themselves have appeared in movies like "I, Robot" and the television show "Knight Rider."
     
  5. waltky

    waltky Well-Known Member

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    Unemployment stuck in Washington's gridlock...
    :steamed:
    Record 89,304,000 Americans 'Not in Labor Force' -- 296,000 Fewer Employed Since January
    March 8, 2013 - The number of Americans designated as "not in the labor force" in February was 89,304,000, a record high, up from 89,008,000 in January, according to the Department of Labor. This means that the number of Americans not in the labor force increased 296,000 between January and February.
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    Long-Term Unemployed Rises, Real Unemployment Basically Unchanged
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    Unemployment for Women, Minorities Largely Unchanged
    March 8, 2013 - Unemployment among women and minority groups remained largely unchanged in February despite an economy that added an estimated 236,000 jobs during the month, according to the Bureau of Labor Statistics.
     
  6. waltky

    waltky Well-Known Member

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    Lowest level since record kept...
    :confusion:
    Labor Force Participation Rate for 25-29 Year Olds Hits Record Low
    May 6, 2014 --- The labor force participation rate in April 2014 for Americans ages 25 to 29 hit the lowest level recorded since 1982, when the Bureau of Labor Statistics (BLS) started tracking such data.
     
  7. smevins

    smevins New Member

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    They must have come out with a new game for X-Box I am unaware of. Perhaps a new Call of Duty :angel:
     
  8. waltky

    waltky Well-Known Member

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    Unemployment ticks up slightly...
    :confusion:
    US creates 215,000 jobs in March
    Fri, 01 Apr 2016 13:01:39 GMT (1 day, 10 hours and 23 mins ago)
    The US economy added 215,000 jobs in March, while the unemployment rate rises to 5% from 4.9%.

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    April 1, 2016 | The United States lost 29,000 manufacturing jobs in March while gaining jobs in retail trade, food services and drinking establishments, according to data released today by the Bureau of Labor Statistics.
     
  9. waltky

    waltky Well-Known Member

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    206,000 more people in the labor force...
    :confusion:
    Labor Force Participation Improves; 93,482,000 Americans Not in Labor Force
    April 1, 2016 | The number of Americans not in the labor force last month totaled 93,482,000, 206,000 fewer than the 93,688,000 not in the labor force in February -- and the labor force participation rate also improved, with 63.0 percent of the civilian noninstitutional population either holding a job or actively seeking one.
     

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