In its prospectus, a penny stock named Caribbean Pacific Marketing proudly described itself as an “emerging growth company” when it began to sell shares to the public this summer.
To someone uninitiated to the Orwellian nature of recent legislation, that phrase might have seemed downright deceptive. As the prospectus made clear, it was not a growth company; it was barely even a company at all. It hoped to start a business with the proceeds from the offering.
But that phrase was enshrined in legislation officially called the JOBS Act, which Congress passed and the president signed this year in an unusual display of bipartisanship.
Read More at NYTimes.com
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