TOTM
Jonathan Macey for SEC Commissioner
Truth on the Market
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In a must-read op-ed in today’s Wall Street Journal, Yale Law’s Jonathan Macey weighs in on Goldman Sachs’s decision to allow only foreign gazillionaires — no Americans, regardless of their wealth or sophistication — to invest in new shares of Facebook.
Numerous observers have portrayed Goldman’s move as a “victory for the SEC.” The New York Times‘ Dealbook called it “a serious embarrassment for Goldman.” In reality, Macey contends, “[i]t is the SEC that should be embarrassed” for fostering a system in which, as Larry put it, “the US securities laws exclud[e] US investors from investing in a US company in the US.”