June 28, 2012
"coments attached" I an distraught over the provisions of the
So calledJOBS act that gives "small" companies up to five
Years to fully comply with generally accepted
Accounting principles. Worse yet the act eases
Communications that would normally be considered
Insider trading. I am often for smaller government
But an essential function of government is to
Protect property rights. As an individual investor how
Can iI possible avoid beind defrauded? This will destroy
The prestige and attractiviness of US markets
And raise the cost of capital for legitimate companies.
The idea that fulfilling all the accounting requirements
Is too expensive is backwards. These smaller companies
Need the best accounting to manage their businesses
And if they want access to low cost capital
Their records must be as revealing and accurate
As possible. I can foresee London, Paris or Hong Kong
Replacing US exchanges as the drivers of capital
Of the SEC is not given the mandate and tools
To improve public/small investor reporting.