Tech companies and their venture capital backers, angered by a bipartisan push for Internet anti-piracy legislation known as SOPA, are key beneficiaries of the JOBS Act — a fact not lost on Democratic leaders. Rapid-fire public stock offerings and free-wheeling funding are the lifeblood of the Silicon Valley landscape, and the JOBS Act promises to make it easier for financiers and their clients in the technology industry to raise money for their companies’ operations.
“What happened coming out of the SOPA fight is, people in Washington and Congress really sat up and took notice and said, ‘There is actually work to be done here. This is not just kids in T-shirts running around Palo Alto on skateboards. This really is a community looking to create the next wave of businesses that will jumpstart the American economy,’” says Michael McGeary, a strategist with the venture capital firm Hattery, based in San Francisco. “And Congress is very opportunistic this way. They saw there was this community that was very engaged … And we would like to say thank you to them.”
The JOBS Act, say McGreary and other venture capitalists who work regularly with Silicon Valley, goes a long way toward sweetening the bitterness brewed by the SOPA scuffle.
But in deciding to back the JOBS Act, Democrats were forced to choose between two allies — labor and the tech industry. Democrats stuck with Silicon Valley, secure in the belief that union loyalty isn’t going anywhere. It’s yet another political battle pitting nominal allies against one another because large sums of money are at stake."
— Obama JOBS Act Leaves Labor Fuming In Democratic Feud
Zach Carter and Ryan Grim
A couple days after the Associated Press investigated employers asking job seekers for Facebook passwords in order to perform background checks, the social networking company has responded in a blog post. Facebook first and foremost reiterates its motto that “you should never have to share your password.” The company also reserves the right to terminate your account if you solicit passwords from others (as stated in its Statement of Rights and Responsibilities), and says that you expose yourself to “legal liability” by doing so. Facebook elaborated:
“If an employer sees on Facebook that someone is a member of a protected group (e.g. over a certain age, etc.) that employer may open themselves up to claims of discrimination if they don’t hire that person.”
Thus, asking for passwords is a lose-lose situation for employers. And this is besides the fact that asking for someone’s Facebook password is as ridiculous as asking someone to let you rifle through their email inbox. Additionally, anyone with your password has instant access to all of your friends’ pictures, phone numbers, email addresses, and private messages, which turns the practice into an even bigger invasion of privacy."
— Glenn Greenwald on the Megaupload indictment and seizure. [Link]