Topic: Financial Regulatory Policy
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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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'The Presidents' Club': 10 stories about relationships between American presidents
From Truman to Obama, 10 stories of friendships and feuds between US presidents.
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Greek bailout: 5 key conditions set by EU
European Union leaders agreed to a €130 billion ($172 billion) bailout deal for Greece early this morning after a long night of negotiations. Here are five key elements of the bailout deal.
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Election 101: Where the GOP candidates stand on the economy
With more than 13 million Americans out of work and wage increases so modest they’re failing to keep up with inflation, voters have put the economy and jobs at the top of their checklist of presidential issues.
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Eurozone crisis: Who wants what
A look at four central players in the eurozone crisis, and what they want.
All Content
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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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The Circle Bastiat
Herbert Hoover's bad rap
Though Roosevelt gets credit for saving the nation, Hoover was far from a 'do-nothing president.'
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Robert Reich
Obama should attack what Bain and JPMorgan have in common
Rather than lobbing generalized attacks at Mitt Romney and American business, Obama should attack a particular kind of capitalism that Romney and JPMorgan both practice: using other peoples’ money to make big bets which, if they go wrong, can wreak havoc on the economy.
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Facebook lawsuits: Did all shareholders get same data in IPO?
Facebook lawsuits charge that banks in charge of IPO didn't share company information with all shareholders. In addition to Facebook lawsuits, two congressional committees are also investigating the IPO.
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Robert Reich
Obama's disappointing response to JPMorgan Chase
Even if he didn't want to criticize Jamie Dimon, the president could have used the occasion of JPMorgan Chase's $2 billion trading loss to come out squarely in favor of tougher financial regulation. He didn't.
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Key Republican lawmaker questions JP Morgan loss
The chairperson of the House Financial Services subcommittee, Shelley Moore Capito, discussed the loss during hearings.
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JPMorgan Chase trading fiasco: What to do about big banks?
JPMorgan's loss of $2 billion shows that the forces that unleashed the recession remain partially untamed – and that Congress is still struggling to get a handle on the solution.
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JP Morgan loss: Did US regulators know what CEO Jamie Dimon apparently didn't? (+video)
Federal regulators embedded at JP Morgan are supposed to get the reports that CEO Jamie Dimon gets. But in the case of JP Morgan's $2 billion loss, that might not have been much help.
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Ina Drew retiring after JPMorgan losses. Will she get $14.7 million?
Ina Drew, at the center of JPMorgan's stunning loss, was among its highest-paid executives. Proxy statement says Ina Drew would be entitled to nearly $14.7 million if she met 'full-career eligibility.'
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JP Morgan losses send Wall Street back to Capitol Hill (+video)
Congressional critics plan hearings to probe how America's largest bank posted $2 billion in trading losses – and whether new financial regulations, still being implemented, go far enough to rein in Wall Street abuses
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JPMorgan CEO Jamie Dimon: I was 'dead wrong' about trading concerns
JPMorgan Chase CEO Jamie Dimon said he was 'dead wrong' when he dismissed concerns about the bank's trading last month. The bank disclosed a $2 billion loss last week.
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JPMorgan CEO 'dead wrong' about $2 billion loss
JPMorgan's Dimon says he didn't know the extent of the trading losses when he called them a 'tempest in a teapot' in April. The loss came from trading to limit JPMorgan's risk, he says, not make a profit.
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Robert Reich
JPMorgan collapse: Can we regulate Wall Street now?
JPMorgan Chase & Co., the nation’s largest bank, announced Thursday that it had lost $2 billion in risky trades over the past six weeks. It adds fuel to the argument that Wall Street needs to be more heavily regulated.
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Appalled by sequester cuts, House begins efforts to avoid them
The House on Thursday passed a measure that would spare the Pentagon from looming cuts by making deeper cuts to social programs. But Congress isn't expected to get serious about altering the debt deal's $109 billion sequester until after the November election.
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Robert Reich
Income inequality highlighted on Tax Day
Income inequality is at its worst in nearly a century, with the highest earners paying low tax rates in the face of a massive federal deficit and crumbling public services. To lessen income inequality, we must curb the political power of the very rich.
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Student loans: What will you owe? Check here.
Students loans online calculator is being tested by the Consumer Financial Protection Bureau. Users can compare grant and scholarship offers to see what they will owe in student loans.
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'The Presidents' Club': 10 stories about relationships between American presidents
From Truman to Obama, 10 stories of friendships and feuds between US presidents.
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Obama signs STOCK Act, banning insider trading by members of Congress (+video)
Obama said the move to bar insider trading among lawmakers would assure everyone 'plays by the same rules.'
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Robert Reich
The GOP is confused about public morality
The real threat to American morality is what's happening in corporate board rooms, not people's private lives.
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SEC's Schapiro: Budget undersized to fulfill new market-watchdog duties
The Securities and Exchange Commission has new duties under the 2010 financial reform law, but SEC chairwoman Mary Schapiro says the agency's budget is not 'appropriately sized' to do the job.
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Greek bailout: 5 key conditions set by EU
European Union leaders agreed to a €130 billion ($172 billion) bailout deal for Greece early this morning after a long night of negotiations. Here are five key elements of the bailout deal.
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IMF: $650 billion isn't enough for the European bailout fund
European finance ministers agreed to move up the launch of a permanent bailout fund by a year, but the fund is still too small, according to the IMF.
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Robert Reich
Mitt Romney and the Bain of capitalism
If Romney's opponents are going to accuse him of doing things that are bad for society during his time at Bain Capital, then they need to propose laws that would prevent such things from happening in the future. They won't.
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Recess appointee Richard Cordray ready to 'prove' worth of consumer bureau (+Video)
Amid controversy over his recess appointment, Richard Cordray outlines next tasks for the watchdog Consumer Financial Protection Bureau. The new CFPB director said Thursday businesses such as payday lenders will come under scrutiny.
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Election 101: Where the GOP candidates stand on the economy
With more than 13 million Americans out of work and wage increases so modest they’re failing to keep up with inflation, voters have put the economy and jobs at the top of their checklist of presidential issues.
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