The JOBS Act of 2012 made legal room for a new kind of investing: crowdfunding. Think Kickstarter, but instead of getting a t-shirt, you’re buying a piece of a company. After a year and a half of deliberations, the Securities and Exchange Commission meets today to consider regulations for crowdsourced venture capital.
U.S. Bankruptcy Court Judge Steven Rhodes will hear arguments today in Detroit over whether the city has the right to avail itself of municipal bankruptcy. It would be the biggest Chapter 9 bankruptcy ever in the U.S. Kevyn Orr, the emergency manager appointed by Michigan Governor Rick Snyder to resolve Detroit’s fiscal crisis, claims that Detroit cannot possibly pay for the $18 billion in long-term liabilities it has accumulated.
Lumber Liquidators' quarterly profits out Wednesday show net income is up 58 percent and sales are up about 25 percent. That news comes as a federal probe continues into the household wood products company. Shares fell 9 percent last month in the days that followed a search by federal authorities of the Virginia-based company's offices. The case is believed to be connected to concerns the company may have been knowingly or unknowingly selling hardwood that was been illegally poached.