Topic: Financial Market Regulation
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Facebook IPO: Six key dates in its debacle
Facebook's first week as a publicly traded company will go down as a terribly botched corporate launch, perhaps one of the worst in recent history for such a highly visible entity. Eight days ago, it was the tech world's most highly anticipated initial public offering in eight years. Now, the social media company faces mounting legal woes and serves as an embarrassing example of how not to run an IPO. Despite rising insider pessimism about its growth prospects, Facebook kept boosting its asking price and the number of shares it would sell. The result: billions of dollars in losses; investigations by two congressional committees, the Securities and Exchange Commission (SEC), an industry watchdog, and the state of Massachusetts; at least 13 class-action lawsuits; and thousands of resentful shareholders who days later still were unsure how many Facebook shares they had or at what price. Here are six key dates in Facebook's unfolding IPO disaster.
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What does the JOBS Act actually do? Six questions answered.
A bipartisan bill known as the JOBS Act, for 'Jumpstart Our Business Startups,' is among the GOP's priorities in Congress. It is targeted at small-business owners, but what would the bill actually do?
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Photos of the Day: Photos of the Day 12/06
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The Reformed Broker
SEC won't take action against Lehman Brothers
The SEC will likely not seek action against the Lehman for the events that led up to the firm's massive bankruptcy in 2008.
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Facebook IPO: Six key dates in its debacle
Facebook's first week as a publicly traded company will go down as a terribly botched corporate launch, perhaps one of the worst in recent history for such a highly visible entity. Eight days ago, it was the tech world's most highly anticipated initial public offering in eight years. Now, the social media company faces mounting legal woes and serves as an embarrassing example of how not to run an IPO. Despite rising insider pessimism about its growth prospects, Facebook kept boosting its asking price and the number of shares it would sell. The result: billions of dollars in losses; investigations by two congressional committees, the Securities and Exchange Commission (SEC), an industry watchdog, and the state of Massachusetts; at least 13 class-action lawsuits; and thousands of resentful shareholders who days later still were unsure how many Facebook shares they had or at what price. Here are six key dates in Facebook's unfolding IPO disaster.
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Tech stocks exchange to change IPO auctions after Facebook glitches
Tech stocks IPO auctions will be revamped, Nasdaq CEO says, after delays plagued Facebook's first day of trading. SEC investigating to see if delays hurt trading in the tech stock's underwhelming IPO.
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Goldman resignation tip of iceberg
While Greg Smith's public resignation has attracted media attention, regulators and Wall Street insiders say Goldman Sachs' problems come as no surprise.
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What does the JOBS Act actually do? Six questions answered.
A bipartisan bill known as the JOBS Act, for 'Jumpstart Our Business Startups,' is among the GOP's priorities in Congress. It is targeted at small-business owners, but what would the bill actually do?
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What keeps SEC chairwoman up at night? Money market funds (+video)
The health of money market funds leads the list of worries of SEC chairwoman Mary Schapiro, America's top financial market regulator. Past wild swings in the stock market rank up there, too.
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Insider trading suspect: Are his threats ominous?
Insider trading case leads to arrest of suspect. Federal prosecutors say he should stay jailed because he threatened them during the insider trading investigation.
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Volcker rule gets SEC backing
Volcker rule: The proposed ban on banks trading for their own profit got support from the SEC. The Volcker rule is part of the Dodd-Frank financial regulation overhaul.
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Warren Buffett gives $1.5B in stock to Gates Foundation
Warren Buffett donated 19.34 million Class B shares of Berkshire Hathaway stock. Warren Buffett plans to transfer the majority of his wealth to the Bill & Melinda Gates Foundation, and this gift represents the fifth installment.
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Rajat Gupta leaves P&G board after charges
Rajat Gupta, charged with leaking inside information while on Goldman Sachs's board, resigns from Procter & Gamble's board.
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Insider trading: Ex-Goldman director is charged
Insider trading charge brought against Rajat Gupta, a former Goldman Sachs board member.
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Photos of the Day: Photos of the Day 12/06
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Texting and Facebook from your car, hands-free
Texting read out loud and Facebook dictation could be part of the new OnStar car service from General Motors. Is texting just the beginning of hands-free Web features?
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Countrywide CEO Mozilo settles with SEC for $67.5M
Countrywide CEO Angelo Mozilo has agreed to a $67.5 million settlement to avoid trial on fraud and insider trading charges that alleged he profited from risky mortgages he signed off on before the collapse of the housing market.
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Bank debt harder to hide under SEC proposal
Bank debt: Proposed rules would require more disclosure on accounting tricks to make bank debt look smaller.
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Goldman Sachs $550 million settlement a 'stark lesson' for Wall Street
Goldman Sachs settled its SEC suit for a record amount Thursday. The settlement may be just the beginning of a broader SEC campaign against alleged Wall Street abuses.
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Supreme Court rules for president in separation of powers case
The Supreme Court ruled Monday that a board overseen by the Securities and Exchange Commission operated under rules that violated the Constitution's separation of powers clause.
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The New Economy
Dow average sees biggest fall in 15 months
The 376-point plunge in the Dow average Thursday was big, but the flash crash was bigger. Can the SEC keep it from happening again?
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Obama, Wall Street, and lobbyists
Obama's call to Wall Street to call off the lobbyists on financial reform highlights the unhealthy relationship between special interests and lawmakers.
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SEC charges Goldman Sachs over packaging of subprime mortgage deal
The SEC has charged Goldman Sachs with fraud over its packaging of a subprime mortgage investment.
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The Daily Reckoning
Suing the SEC for lack of regulation
The SEC did nothing to stop Lehman Bros. from using questionable accounting tactics. Should they be held responsible?
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Ex-SEC lawyer convicted in stock manipulation scheme
A federal jury Thursday convicted a former Securities and Exchange Commission (SEC) lawyer for participating in 'pump-and-dump' schemes, where demand for a stock is pumped up by false statements before the shares are dumped for a large profit.
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Can Congress create agencies insulated from White House control?
The US Supreme Court is considering whether an oversight board created by Congress intrudes on executive branch authority - the latest battleground in the dispute over separation of powers.
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Stanford indicted on charges in alleged $7 billion swindle
The onetime billionaire sports enthusiast has proclaimed his innocence since the SEC brought accusations against him in February.
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Bright Green
Study: Most companies lie to SEC about environmental fines
Most companies that are hit with large environmental sanctions fail to disclose this information to the Securities and Exchange Commission, as required by law, a researcher at the University of Arkansas has found.
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