Techdirt. Stories filed under "legacy" Easily digestible tech news... http://www.techdirt.com/ en-us Techdirt. Stories filed under "legacy"http://www.techdirt.com/images/td-88x31.gifhttp://www.techdirt.com/ Tue, 4 Dec 2012 19:58:00 PST Ridiculous: SEC Boss Refused To Move Forward On Required Crowdfunding Rules To Protect Her 'Legacy' Mike Masnick http://www.techdirt.com/articles/20121202/23405221206/ridiculous-sec-boss-refused-to-move-forward-required-crowdfunding-rules-to-protect-her-legacy.shtml http://www.techdirt.com/articles/20121202/23405221206/ridiculous-sec-boss-refused-to-move-forward-required-crowdfunding-rules-to-protect-her-legacy.shtml highly regulated area, in which you have to file all sorts of documents with the SEC, get an underwriter, go on a road show, all that fun stuff. But for smaller businesses looking to raise some money, this doesn't make much sense. The JOBS Act opened up a small sliver of space in which smaller companies could raise a little bit of money in exchange for equity. The SEC actively opposed the whole thing from the beginning, but once the bill was law, it was also tasked with setting up the rules for how it would work to limit possible fraud.

Back in August, we noted that the SEC's rules were due out any day, but had been pushed back at least a week as various state regulators argued that the whole thing was just going to be used for massive scamming. Since then the whole process has been fought over and changed numerous times. Newly released emails suggest that it wasn't because the SEC was struggling with setting the best rules possible... but because SEC boss Mary Schapiro was worried about her legacy. She's leaving the position in two weeks and apparently didn't want to put in place strict rules for fear that it would tarnish her reputation as being "pro-investor."
"I don't want to be tagged with an anti-investor legacy," Schapiro wrote in an e-mail to [Corporation Finance Director Meredith] Cross with the subject line "Please don't forward."

"In light of all that's been accomplished, that wouldn't be fair, but it is what will be said ..."
Whether or not you think the rules are good or bad, we should have SEC commissioners who focus on doing what's right... now how things are going to look on their resume when they go hunting for a job in the industry after leaving public service.

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]]> her-legacy-is-a-joke http://www.techdirt.com/comment_rss.php?sid=20121202/23405221206 Mon, 16 Jan 2012 15:05:00 PST How IP Laws Have Locked Up Martin Luther King's Brilliance Mike Masnick http://www.techdirt.com/articles/20120116/00402117411/how-ip-laws-have-locked-up-martin-luther-kings-brilliance.shtml http://www.techdirt.com/articles/20120116/00402117411/how-ip-laws-have-locked-up-martin-luther-kings-brilliance.shtml lock up MLK Jr.'s legacy -- and set up a toll booth to charge anyone for making use of them in any way, shape or form. The most recent episode of On The Media explored this... and also talked about how most of King's speeches were actually built off the works of others, but then (obviously) turned into something much more powerful through his detailed study and understanding of how to preach. It's a fascinating story... made ridiculously annoying by his heirs' desire to lock up and charge for King's legacy.

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