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Obama says patent trolls 'extort money', pledges reform

The Register - US President Barack Obama has used a “Fireside Hangout”, captured on YouTube, to label patent trolls as leeches who extort money from their victims.

Asked about the potential for patent trolls to hamper innovation, Obama said his administration's attempts at patent reform “only went about half way to where we need to go” and have not “captured all the problems”.

 

Among those problems are patent trolls, who “do not produce anything themselves” and are “trying to leverage and hijack someone else's idea and see if they can extort some money out of them.”