June 29, 2012
After a review of the JOBS act I was surprised to discover that many of the provisions of the act remove the need to follow prudent fiscal policies that any real company would follow as a course of doing business. Removing the need to perform and report this information simply moves the investment process into the realm of gambling. Smaller investors lose any hope of a fair deal and insiders hold all the cards in achieving huge gains to the detriment of both the company and small investors.
This opens the doors to major scandals, loss of investor confidence and flight of capital from US markets.
Please do not find a way to repeal the JOBS act and return to "prudent" reporting and investment practice.