Matt Taibbi of the Rolling Stone on Monday slammed the loosening of regulations under the JOBS Act.
“They’ve gone so far, it almost boggles the mind,” he told Viewpoint host Eliot Spitzer.
The bill was aimed at making it easier for small business’s to raise capital. But critics warned the bill severely weakened investor protections by easing various Securities and Exchange Commission regulations.
“It places honest companies at an active disadvantage because they’re expending all this energy trying to conform and make all the numbers really add up, whereas this other company can just make up all the numbers and go to investors and say, ‘Here’s some numbers that we just cooked up and you’re free to believe them or not,’” Taibbi explained.
Watch video, courtesy of Current TV, below: