NEW YORK, NY - MARCH 19: A Lyft logo is displayed on a vehicle driving through Times Square, March 19, 2019 in New York City. Lyft, the popular ride-hailing service and competitor to Uber, is planning its initial public offering on the NASDAQ stock exchange in the coming weeks. Lyft is projecting investors will buy the stock for between $62 and $68 per share, with the company expecting to raise over $2 billion through the sale of stock.
Over the same period, meanwhile, the number and size of private equity deals has more than tripled. Deals exceeding $1 billion, once rare, now account for a third of purchases by private equity funds, which are holding on to their portfolio companies longer and often selling them to other private equity firms rather than taking them public.
Of course, if Wall Street wants to know who is most responsible for this loss of market share, it need only look in the mirror. “The concentration of power in our capital markets — and the SEC’s failure, in the past, to grapple with its implications — has left us with a marketplace in which investors have only the slimmest menu of choices,” said Jackson.
There’s a good argument to be made that public policy should aim to level the regulatory playing field between public and private companies. But the better way to even out those differences is not to allow public companies to disclose less but to make big private companies disclose more.
An appropriately regulated free market. Stop talking in black and white terms. America is a fluid mixed market.
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WAPO - 'Perspective: How the free market, and not Wall Street, can ensure more Americans share in prosperity.' The Free market includes Wall Street you twits.
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