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April 23, 2010


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Adrian Scott

Brilliant post. I would posit that recent regulatory and taxation changes and current trends will lead to the U.S. losing its global leadership position in venture capital this decade, in the same way it lost its IPO leadership in the last decade, post-Sarbox.


Worth noting that 8 IPOs priced yesterday, the most in any single day since 2007. At least a couple were tech deals. Also, there is a pretty substantial number of deals, including tech deals in registration right now.

Mike In NYC - Distict 10 Whitehall days

Exactly! I agree 99%. I will add this known fact, that it was clearly "Decimalization" that ended and killed the IPOs and Market Making Profit centers worldwide.

Market making centers.... paid for everything else; including research and capital formation for privates and secondaries. Just think of all they money NASD made back then. Now they are losing 3/4 billion dollars.

In my opinion, The SEC should go back to "Decimalization" or they won't have financing at all shortly.

I have an idea? Let's break up the Government instead. They just don't get it. You won't need mortgage swaps and derivatives when you can get the Market Making Machines to print money, the retail brokers earning a living, and capital rasing and formation directed from full service accounts.

In short, if the government keeps going...it's called form BDW broker dealer withdrawal. I feel sorry for those BD's that deal with public customers.

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