Bill Black: JOBS Act is Invitation to Commit Fraud

Bill Black on the JOBS Act: Fundamentally this Act brings to equities the equivalent of shadow banking - which enabled the crisis to take place. Opaqueness - which the JOBS Act creates - is one road to disaster. It is a dream bill for every pump and dump scam in existence. We already had endemic problems way beyond the SEC's ability to deal with. It is truly an atrocity.