Topic: Investment Services

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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.
Seven retirement questions you need to answer

Retirement planning isn't easy. Nearly half of Americans don't feel financially prepared to live to age 75, according to a survey from Northwestern Mutual. But the process is a lot less burdensome if you break the task down into simpler parts. Here are seven questions to ask as you plan for your long-term financial security in retirement.
What can be done to create jobs? Six leading ideas.

The job market has shown some very welcome signs of improvement lately, but it still has a long way to go before approaching something Americans would call normal. Here’s a look at some of the proposed solutions out there.
Six ways the rich really do get richer

“Class warfare:” Lately this old term has been taking on new life as political theater, a way to rebuke Wall Street protestors, and, predictably, fodder for Fox News. According to Google, in just the last month alone, 3,870 articles have been published containing these words. Another way to express the concept of rich vs. not-so-rich is the expression, “The rich get richer and the poor get poorer.” It’s been around for a long time: According to Wikipedia, William Henry Harrison went there in 1840: “I believe and I say it is true Democratic feeling, that all the measures of the government are directed to the purpose of making the rich richer and the poor poorer.” I’m not going to take a stand on either side of the “class warfare” debate by saying that the rich do or don’t take unfair advantage of the rest of society. This is America, where we all have the potential to become rich. But I will say this unequivocally: The rich do get richer, or at least have the potential to. Let’s count the ways:
In Pictures: Occupy Wall Street protests

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Facebook stock drops below $29 (+video)

Facebook stock falls 9.6 percent to close at $28.84. In its first seven days of trading, Facebook stock has lost nearly a quarter of its value.
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.
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.
Facebook struggles as lawsuits loom

The stock climbed a dollar on Wednesday, but it is still 16 percent below its IPO price last Friday.
Facebook stock still slipping as investors grow wary

The company has slipped to $91 billion in total valuation from its opening at $104 billion.
The Daily Reckoning
Leave Facebook's Eduardo Saverin alone

Eduardo Saverin's timely renunciation of his American citizenship is no reason to keep him out of the US. People should be able to move where they want, when they want, for any reason.
Facebook stock falling again. What went wrong?

Facebook stock fell 7 percent in early trading Tuesday, after an 11 percent fall Monday. In challenging market environment, selling IPO of Facebook stock is like 'trying to get a jumbo jet to take off in turbulent weather.'
Stocks climb, breaking losing streak

Apple stock soared, helping propel major US stock indexes to gains after a solid week of losses. The Dow Jones rose 135 points to close at 12504.
Facebook stock falls 11 percent in second trading day

Facebook shares close down $4.20 in Monday trading. Facebook stock dropped so much Monday morning that 'circuit breakers' kicked in to restrict sell orders.
The Reformed Broker
Will the Facebook IPO save online brokers?

Yet another group may benefit greatly from the Facebook IPO: brokerage firms.
JP Morgan chief apologizes for $2 billion loss

Jamie Dimon, the CEO of the bank, told shareholders that the loss should have never happened.
JPMorgan Chase's Dimon survives pay, chairmanship votes (+video)

JPMorgan Chase shareholders voted Tuesday at the bank's annual meeting to keep CEO Jamie Dimon in his role as chairman of the board, in addition to his pay package.
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.'
Hedge funds: Money rolls in after stellar quarter

Hedge funds' inflow in April was nearly five times the rate in March but lower than the amount of investment hedge funds attracted a year ago.
Seven retirement questions you need to answer

Retirement planning isn't easy. Nearly half of Americans don't feel financially prepared to live to age 75, according to a survey from Northwestern Mutual. But the process is a lot less burdensome if you break the task down into simpler parts. Here are seven questions to ask as you plan for your long-term financial security in retirement.
Spain enters recession; Dow and S&P 500 fall

Spain reentered a recession Monday, renewing fears about Europe's economic stability and sending stocks lower. The Dow fell 14 points to close at 13213; the Standard and Poor 500 index had its first monthly loss since November.
Robert Reich
Citigroup shareholders revolt. Will CEO pay drop?

Citigroup's shareholders have said no to an exorbitant pay package for the bank's CEO, and why shouldn't they? Executive pay across American companies has ballooned to unacceptable levels, without the performance to back it up.
Investment banking: Ex-Goldman critic to write book?

Investment banking tell all? Greg Smith, who tendered a scathing resignation letter to investment banking giant Goldman Sachs, is reportedly looking for a book deal.
The Reformed Broker
Money managers are helping each other

In an unprecedented show of cooperation between firms, money managers are sharing information with one another to construct the best portfolios for their clients
Goldman Sachs culture 'toxic'? Letter confirms suspicions about Wall Street.

Polls show that Americans hold a very low opinion of Wall Street, and a damning public letter of resignation from a Goldman Sachs executive could only amplify that perception.
Tired of paltry returns on bank savings? Here's help.

Interest rates on bank savings are so low that many retirees are looking for higher returns. If you're one of them, consider bonds and dividend-paying stocks.
The Reformed Broker
Stocks: What is Warren Buffett buying?

Warren Buffett's involvement is good for a stock, since he's generally a long-term holder. But can that translate into profits for other investors?
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.
The Reformed Broker
Why hedge funds are a joke

2011 should have been the perfect year for hedge funds to thrive. What happened?
Robert Reich
Gas prices: How rising fuel costs influence lawmakers

Gas prices are up, and it's already prompted Republicans to pass a bill to expand offshore drilling and and force the White House to issue a permit for the Keystone XL pipeline. But the hike in gas prices won't be as steep, or lasting, as some think.