“Entrepreneur Access to Capital Act,” HR 2930
By Carolyn A. Betts
House Passes Crowdfunding Bill
On November 3, 2011, the House of Representatives passed the Entrepreneur Access to Capital Act (H.R. 2930). This law is intended to facilitate “crowd-funding” for financing small business entrepreneurship. Wikipedia describes crowd funding as “the collective cooperation, attention and trust by people who network and pool their money and other resources together, usually via the Internet, to support efforts initiated by other people or organizations”. Sponsor of the bill Congressman Patrick McHenry (R. NC) explains crowdfunding on his website:
- “The basic idea is to raise money through relatively small contributions from a large number of people – combining the best of microfinance and crowdsourcing”
Crooks Lick Their Chops Over ‘Crowdfunding’ Bill
Morningstar (22 Nov 11)
Businesses Also Seek ‘Crowdfunding,’ so Watch Out
The Baltimore Sun (14 Nov 11)
Solari Report Blog Commentaries
(14 July 11)
Crowdfunding: Raising Money From Strangers
(4 May 11)
By Catherine Austin Fitts
Thrive is a documentary invitation to a website and a conversation about what it will take for us to thrive. It is:
- A formidable intellectual achievement. It builds the most coherent and powerful presentation yet on what is happening globally and what we can do about it. The film is beautifully shot and scored – a highly professional creation representing the contributions of many talented artists, musicians and technologists.
- An extraordinary act of personal courage and generosity. The creators of Thrive have made a globally significant contribution at great personal expense and risk. Their leadership in doing so is inspiring. Once you watch Thrive you will never again say “Why is no one doing anything?” Indeed, through the film you are introduced to many people who are doing plenty.
Here is the initial feedback from our network:
“Wow. . Thrive is stunning. It’s so well done in every aspect, and really has the potential be a game changer.”
About the Author
Catherine Austin Fitts is president of Solari, Inc. Ms. Fitts served as Assistant Secretary of Housing during the first Bush Administration, lead financial advisor to the U.S. Department of Housing and Urban Development during the Clinton Administration and is a former managing director and member of the board of Dillon, Read & Co. Inc. Biographical information.
Media revelations are unfolding daily regarding losses in the U.S. mortgage market. These losses are not a new phenomenon. Rather, they represent the latest phase in an ongoing tradition of institutionalized fraud in the U.S. mortgage system and the federal credit system that directly and indirectly guarantees it. An understanding of this history can mobilize public support for reforms that address root causes by reversing the profitability enjoyed by those responsible.
Where is the Money? Let’s Get it Back!
by Catherine Austin Fitts
Original (5 Nov 2008)
Large banks now claim recent losses in the US mortgage market totaling over $100 billion. While amounting to only a small percentage of banking profits over the last decade, this is still a lot of money. It may pale by comparison, however, to the losses the banks’ customers, the communities drained by predatory lending and investment practices and the citizens who stand behind the federal credit may incur.
Municipalities from Australia to Montana are reporting losses on U.S. mortgage and structured investments sold to them by the banks. (1) (2) Just as small towns in the Norwegian Arctic Circle reported losses of $167 million on investments packaged by Citicorp, Citicorp’s departing CEO exited his job with a $100 million compensation package.
By Carolyn A. Betts and Catherine Austin Fitts
In response to our Special Solari Report on the two largest US precious metals exchange-traded funds “GLD & SLV: Disclosure in the Precious Metals Puzzle Palace“, a Solari Report subscriber asked us about two Swiss-based exchange traded funds offered by the bank of the Swiss canton of Zurich, Zürcher Kantonalbank. Here is our briefing, providing summary information regarding these ETFs and a response as to whether they are available for purchase by US investors.