Topic: U.S. House Committee on Financial 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.
Briefing
Five things Ron Paul wants from the Republican National Convention

It looks as if Ron Paul is going to be an active participant in the Republican National Convention in Tampa this August. Here’s our take on the five things Paul hopes to gain from staying within his party’s tent in 2012.
Photos of the Day: Photos of the Day 03/02

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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.
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.
Briefing
Five things Ron Paul wants from the Republican National Convention

It looks as if Ron Paul is going to be an active participant in the Republican National Convention in Tampa this August. Here’s our take on the five things Paul hopes to gain from staying within his party’s tent in 2012.
Key Republican lawmaker questions JP Morgan loss

The chairperson of the House Financial Services subcommittee, Shelley Moore Capito, discussed the loss during hearings.
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.
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.'
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.
Why Congress is warming up to ban on insider trading

On Tuesday, the House Financial Services Committee launched a hearing on legislation that would explicitly ban members of Congress from insider trading.
House committee subpoenas former MF Global CEO Jon Corzine

The former CEO of the bankrupt investment firm has been called before a congressional committee next week.
Barney Frank exit may signal the end of glory days for Mass. Democrats

Barney Frank will not seek re-election in 2012, but will there be enough Democratic fire power left in Massachusetts after he's gone?
The Vote
Why is Rep. Barney Frank retiring? (VIDEO)

Rep. Barney Frank (D) of Massachusetts, who has served for 16 terms, will not seek reelection. Here are three reasons he might have made that decision.
Barney Frank to retire after three decades

Rep. Barney Frank's office says he will hold a 1 p.m. news conference in Newton, Mass. to make the formal announcement that he will not run for reelection in 2012.
Freddie Mac, on taxpayer support, pays big bonuses

Freddie Mac, Fannie Mae defend $13 million in bonus payments. Executives tell House committee that bonuses needed to keep qualified staff at Freddie Mac and Fannie Mae.
Fannie Mae and Freddie Mac regulator throws lifeline to underwater homeowners

Fannie Mae and Freddie Mac: The overhaul, which would only help a fraction of the country's 11 million underwater borrowers, is the latest government effort to breathe life into the crippled US housing market.
The New Economy
Fed bashing is back in vogue

The Federal Reserve is getting a lot of healthy criticism. But the moves by politicians are worrying.
US debt downgrade is possible, not inevitable

Deven Sharma, president of Standard & Poor's, told a House subcommittee Wednesday that if lawmakers can work out a 'grand bargain' with $4 trillion in deficit cuts over the next decade, the US may yet keep its AAA rating.
Ben Bernanke: High unemployment rate to persist, even as economy revives [VIDEO]

Ben Bernanke said on Capitol Hill Wednesday, the pace of the US economy 'will pick up in coming quarters.' But the unemployment rate will decline slowly, he said, citing 'headwinds.'
Thaddeus McCotter jumps into presidential race. Thaddeus who?

US Rep. Thaddeus McCotter of Michigan says he's running for the 2012 Republican presidential nomination. His biggest challenge is name recognition.
If Rep. Weiner stays in Congress, will he become irrelevant?

Former members of Congress paint a grim picture of what could await Rep. Weiner if he doesn't resign, including shunning and loss of influence. Democrats are already edging away.
Photos of the Day: Photos of the Day 03/02
With new oversight powers, House GOP aims to put Obama on defensive

Obama has faced little congressional oversight so far, but with House GOP probing into policies ranging from illegal immigration to health care, the president's oversight holiday may be over.
House passes bipartisan tax cut deal, first of Obama administration

Though many House Democrats balked at extending Bush-era tax cuts, House lawmakers late Thursday approved the $858 billion tax cut deal intact, with 139 Democrats and 138 Republicans.
Barney Frank and Mass. Dems regain footing

Barney Frank, who defeated challenger Sean Bielat, used his speech to lash out at Republicans over negative campaigning.
Paper Economy
Let's get Frank

Rep. Barney Frank (D-MA) has championed Fannie Mae and Freddie Mac for 30 years, despite the hundreds of billions of dollars it cost taxpayers after the 2008 bailout.
The Vote
Could Barney Frank lose his House seat to newcomer Sean Bielat?

The race has long been considered a slam-dunk for Barney Frank, but now it's getting some attention. That's partly because of his status as a powerful Democrat that Republicans love to hate.