SEC Chief Schapiro Delayed Rule (JOBS Act; Crowdfunding) Over Legacy Concerns

Every once and a while, something is brought to our attension that "unfortunately" reminds us just how far some officials in our government, are willing to sacrifice what is in the best interest of the people, in order to protect their own self-interest. Here is a shameful reminder of that kind of behavior.

According to various articles, such as this one from The Wall Street Journal (http://online.wsj.com/article/SB10001424127887324205404578153693968634504.html), these officials are willing to go to extremes which affect millions of people, in order to protect their own self-interest.

From the article:

"In one of her last acts as chairman of the Securities and Exchange Commission, Mary Schapiro delayed a rule potentially affecting hundreds of billions of dollars of private offerings by companies, in part because of concerns about her personal legacy, according to previously unpublished documents.

Internal SEC emails, released to a congressional panel and reviewed by The Wall Street Journal, appear to show how a last-minute intervention by a consumer lobbyist might have helped persuade Ms. Schapiro to change her mind and delay one of the centerpiece measures of the Jumpstart Our Business Startups, or JOBS, Act."

Please see the link above for additional details