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Banks Win Again: CFTC Caves, SEC Opens Door Wide Open to Fraud

As for the SEC, we have the continuing disgrace of the ignominious Jumpstart Obama’s Bucket Shop Act, which has sent investor protection back to the ugly days of the Roaring Twenties. The SEC passed three measures. One was an embarrassingly watered-down version of a Dodd Frank requirement to restrict the involvement fo felons and other bad dudes in Regulation D offerings. Another to make the Reg D forms better (but whether they actually get around to figuring that out is another matter; the SEC has a sorry history of leaving important business like this unfinished). But the ugly piece de resistance was to allow general solicitations to “accredited investors” of private funds (meaning soi disant hedge funds) and startups.

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