How Washington Privatized The Capital Market - ft. Renée Jones
Summary
Bethany McLean and Luis Zangalis discuss Rene Jones’s book, "Untain Unicorns," which argues that deregulation, not public market overregulation, allows startups to stay private for decades. Jones explains how the 1996 NSMIA and 2012 JOBS Act removed shareholder caps, enabling massive fee extraction and fraud without mandatory disclosure. The conversation highlights how this shift weakens corporate governance, leaves pension funds bearing the risk, and creates an opaque system where insiders profit while the public suffers.
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