Bypassing Wall Street: The Direct Route to Raising Capital and Investing
Table of Contents (Start wherever you wish, by clicking on a heading)
Where is Wall Street and Who Works There
Wall Street’s monopoly
Wall Street expands beyond stocks and beyond New York
Wall Street ignores the middle class
Buy side money managers join Wall Street
Wall Street transfers risk onto its customers
Wall Street becomes a casino
Wall Street partnerships become corporations
Buy side money managers become entrepreneurs
Wall Street dominates the economy and government
Wall Street keeps its monopoly on public offerings
Venture capital becomes another Wall Street money manager
Why We Once Needed Investment Bankers and Don’t Anymore
Direct investing was not enough before electronic communication
The role of investment bankers—in their beginning years
The middle class enters the investment market
Cutting out commercial bank competition—and the middle class
Our government bypasses Wall Street to pay for World War II
Wall Street—but not investment bankers—court the middle class
Mutual Funds come between investment bankers and the middle class
Financial derivatives become the investment banker’s stock in trade
Investment bankers become traders for their own accounts
Wall Street commercial banks become investment bankers again
Investment bankers no longer “underwrite” securities offerings
Why we still have investment bankers today
The Harm That Wall Street Causes
Wall Street causes our economy to crash
Wall Street sacrifices everything for short-term profits
Wall Street Starves Entrepreneurs
Wall Street has caused a disconnect between people and our economy
Wall Street excludes the middle class from share ownership
Wall Street rations money for local governments and nonprofits
Wall Street uses complexity to maintain an impenetrable mystique
Wall Street uses complexity to hide risk
Wall Street has concentrated power in the few
Wall Street has made capitalism a casino game
Wall Street recycles taxpayers’ money and reduces retirees’ income
Mutual fund managers have adopted Wall Street morals and practices
Wall Street money managers don’t restrain corporate greed
Wall Street Changed the Objectives of Business
The IPO is not about financing business, it’s about the game
Wall Street crippled local governments Wall Street cleaned out savings and loan associations Wall Street trashed government sponsored entities
Wall Street promotes wasteful class action litigation
The way Wall Street works creates moral hazards that infect us all
Wall Street promotes monopolies
Wall Street entices some of our best minds away from more useful work
Wall Street’s morality harms our national psyche
The Wall Street capital formation myth
Direct Routes Open Now for Bypassing Wall Street
TreasuryDirect
Commercial Paper
Family and Friends
Direct Community Offerings
Direct Local Government Bond Offerings
Crowdfunding/Fanfunding
Peer-to-Peer Financing/Social Lending
Angel Investors
Search Funds
Incubators
Community Supported Agriculture
Suppliers as Shareowners
Rights Offerings
DRIPS and DSPPs
Folio Services
Posting Services
DPOs
Microlending
Local Governments as Direct Investors
Social Stock Exchanges
Dead Ends--Direct Routes That Were Blocked
Routes Around Securities Regulation
"The Era of Wall Street Domination is Over"
The Traffic Cops on Wall Street
Government Enables and Enforces Wall Street's Monopoly
The Federal Reserve Subsidizes Wall Street
The States and the Supreme Court Fashion Corporations to Serve Wall Street
The "Watered Stock" Red Herring
Government Left Wall Street Unconstrained Until the New Deal
The Great Depression, the New Deal and a Wall Street Strike of Capital
The SEC is Set Up to Police (Protect) Wall Street
How All Three Government Branches Protect Wall Street From Investors
Congress Sets Up Another Casino for Derivatives Games
Congress Cancels Out State Regulation of Wall Street
The Courts and Prosecutors Choose to Let Wall Street Run Loose
The "Regulatory Gap" for Investment Bankers Proves Self-Regulation Doesn't Work
Private Securities Cases Become Their Own Scam
Securities Laws Protect Wall Street Schemes, Like "Front-Running"
Wall Street Investment Bankers Use the New Deal Laws to Protect Their Monopoly
Wall Street is Allowed to Play Both Sides of the Game
Government Kicks Commercial Banks off Wall Street's Turf, Temporarily
The SEC Deregulates Wall Street's Sell Side, in its Dealings with the Buy Side
Privatizing Corporate Regulation
Opening the Door to Mortgage Securities and Subprime Loans
The SEC Helps Investment Bankers Focus on Institutions and the Wealthy
Build America Bonds Boondoggle
The Hedge Fund Loophole for Wall Street and Wealthy Investors
Congress Protects Wall Street's Buy Side
Proclaim National Policies
Limit Wall Street's Power to Harm Us
End Wall Street’s Monopoly Over the Flow of Investment Money
Free Small Business from Wall Street Regulation
Educate Individuals to be Shareowners
Encourage Individuals to Invest in Small Business
Demonstrate Direct Offerings of Government Securities
Income Tax Rules Could Favor Shareownership
Make Corporate Charters Conditional and Revocable
Business as Usual, with Some Tinkering
Expecting Technology to Replace Wall Street
Using the Government to Bypass Wall Street
Changing the Corporation
Redistributing Income
Changing our Culture
Broadening the Ownership of Business
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