There is much talk, much too late of course, about the JOBS act. We warned about this inappropriately titled bill earlier, but as usual, when corporate lobbyists want, corporate lobbyists will get in Congress, no problem. The bill passed and was signed into law, despite having almost nothing to do with real jobs. Dealbook overviews what Wall Street is discovering after the Jumpstart Our Business Startups bill was passed, oops.

Provisions tucked into the so-called JOBS Act, or the Jumpstart Our Business Startups, will roll back some major securities regulations and parts of a landmark legal settlement struck almost a decade ago. That 2003 settlement built a Chinese wall between Wall Street research analysts and investment bankers, an effort to prevent analysts from improperly promoting stocks to help their firms drum up business from corporate clients.

Now many are pouring over the nitty gritty to see what this bill really does. It ain't lookin' too pretty. While being billed as something to give start up companies more sources of funding and flexibility, instead the bill appears to be a re-awakening of the great Dot Con IPO ripoff circle jerk that was going on from 1994-2001.