Ah, the sequel. The 1934 Act was like The Godfather 2—equally as good, if not better. It was all about disclosure and the rules around stocks that were already trading. While you're free to express opinions about stocks, you can't do the equivalent of yelling "fire!" in a crowded theater. Most importantly, the '34 Act created the SEC (the people who completely missed Bernie Madoff). For years prior to Bernie, however, the SEC was a well-run organization and it was a kind of "practices c...
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