From: Your Dad
I got your note re: request to hand over the private numbers of
If you still haven't learned how to read, get your shicksa goddess to read you today's story in the Times talking about a company that serves as a fund raising platform for this mishegas "crowd-funding" idea. This thing isn't regulated at all, and it allows knuckleheads like you to solicit investment capital for what those of us with more than 15 minutes of financial industry experience would define as being nothing more than old-fashioned investment schemes.
Here's the real kicker; instead of using those clowns at Goldman, Morgan and Merrill charging the typical 7% underwriting fee, these kickstarter guys are dsintermediating the investment bank industry and only charging 5 points. Its f**king brilliant!
While those bonebrains at SEC spend half their day coming to this blog, and the other half chasing after ghosts, you need to put your idea on Kickstarter. If it only sounds like a really good idea, you could raise millions, without having to provide any documentation, without having to register any securities with any regulators, without having to pay legal fees, without having to pay idiot CPAs to prepare worthless audit documents and without having to be accountible to anyone..And, if the wind simply blows in a different direction two minutes after the money is released to you, no worries! You can keep it all and have dinner at Primola every night for the rest of the year!
Don't believe me?? Read about the guy that solicited $15k to create a watchband to support one of those iPod devices...a watchband! The kid raised 900 Grand simply by promoting the idea on the Kickstarter website! What do you think he's doing with the $885k surplus?? I'll tell you what he isn't doing: he's not paying interest or dividends to any investors, that's for sure! And, its LEGAL!
Here's what's going to happen next: after Mitch Romney loses in the general election, his boys are going to buy kickstarter--and Newt Gingrich is going to be their DC lobbyist. Everybody wins! No worries about insider trading because there's no public stock, and if they want to manipulate SecondMarkets..so be it! Its all legal!
Love,
Dad
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