Quote of the day - Greenspan again

This one just came up again, from Alan Greenspan:

"a rule against fraud is not an essential or even necessarily an important ingredient of securities markets"

In the context of an article by former U.S. regulator by William K. Black, about the “Jumpstart Our Business Startups” (JOBS) Act. This quote helps explain the worldview that for decades allowed the offshore system to grow unchecked.

Incidentally, Black calls the JOBS Act

"the most cynical bill to emerge from a cynical Congress and Administration. It is an exemplar of why Congressional approval ratings are well below those of used car dealers. The JOBS Act is something only a financial scavenger could love. It will create a fraud-friendly and fraud-enhancing environment. It will add to the unprecedented level of financial fraud by our most elite CEOS that has devastated the U.S. and European economies and cost over 20 million people their jobs. "

Read the rest here.