That's the unintended consequences around the stricter IPO/reporting laws.
Instead of making IPOs more difficult to do, they just don't get done. So instead secondary markets spring up, completely unregulated, around the companies. The politicians won't realise this until we have a major flameout somewhere and a lot of people lose a lot of cash.
You can't stop people from speculating, especially when they're doing it with other people's money. Stopping IPOs on NASDAQ has merely forced them 'underground' so instead of an IPO, you get a secondary market. I mean, one of the people from craigslist that got equity managed to sell to ebay. There's a crazy secondary market for you.
Instead of making IPOs more difficult to do, they just don't get done. So instead secondary markets spring up, completely unregulated, around the companies. The politicians won't realise this until we have a major flameout somewhere and a lot of people lose a lot of cash.
You can't stop people from speculating, especially when they're doing it with other people's money. Stopping IPOs on NASDAQ has merely forced them 'underground' so instead of an IPO, you get a secondary market. I mean, one of the people from craigslist that got equity managed to sell to ebay. There's a crazy secondary market for you.