Topic: U.S. Senate Committee on Banking, Housing, and Urban Affairs

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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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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.
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.
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.'
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
JOBS Act: Why are Democrats suddenly raising red flags?

No one wants to vote against jobs, but a wide swath of critics – ranging from the SEC, the AFL-CIO, and pension funds – worry that features in the proposed JOBS Act could hurt investors.
Payday lenders prey on the poor, costing Americans billions. Will Washington act?

The minimally regulated, fast growing payday lending industry strips Americans of billions annually. It's time for the new Consumer Financial Protection Bureau to implement regulations to curb predatory lending so that a $400 loan doesn't put a borrower thousands of dollars in debt.
New finance watchdog: how much bite?

The Consumer Finance Protection Bureau, launched in July, gives Americans a new ally in dealing with credit card and other financial companies. But just how far will the agency go in handling individual cases?
Mortgage lenders must pay homeowners for improper foreclosures

Mortgage lenders ordered to reimburse customers they foreclosed on improperly. Regulators tell 16 mortgage lenders to hire auditors to find out who could have avoided foreclosure in 2009 and 2010.
Stocks tumble. Dow down nearly 170 points.

US stocks tumbled at midday after reports about a trade deficit in China and weak jobless claims in the US.
Why the film industry chose former Sen. Chris Dodd to run the MPAA

Former Sen. Christopher Dodd is the new chairman and CEO of the film industry's MPAA, taking a position filled for four decades by the flamboyant Jack Valenti.
Federal Reserve chief warns GOP: Don't hold debt-ceiling vote hostage

Federal Reserve Chairman Ben Bernanke approves of plans to bring federal deficits under control, but he tells senators not to link such a move to a coming vote on raising the debt ceiling.
Now, US can get tough with China on currency

Changing economic conditions in China and the US have made it possible for the US government to take action on China's manipulation of the yuan.
Robert Reich
Think getting tough with China will solve our jobs problem? Think again.

The American government hints at trade sanctions against China, but those won't address the core problems: China needs to keep its people employed, and America needs its consumers to start consuming.
Obama touts US exports plan again, as voters stew over slow economy

President Obama on Thursday again stressed his commitment to double US exports in five years and, thus, create 2 million jobs. Is a tougher stance toward China part of his plan?
The Simple Dollar
Reader mailbag: Should you loan money to parents?

A reader asks if it's unethical to charge interest on a loan to parents.
Why financial reform might not work as intended

The Senate passed financial reform Thursday, and President Obama will sign it, but many of the tough decisions will be made by federal regulators. How they interpret the bill will be key.
Janet Yellen: How nominee would shape Federal Reserve policy

President Obama's nominee for second-in-command at the Federal Reserve, Janet Yellen, is 'dovish' on inflation – she's not likely to tighten monetary policy to counteract it.
What's in the financial reform compromise reached by House, Senate

House and Senate conferees crafted a final version of financial reform legislation Friday. Both houses are expected to vote on the bill next week.
Senate Republicans unmoved by Obama visit: 'We were props'

President Obama hoped to reach out to Senate Republicans in a meeting Tuesday. But 'we simply have a large difference of opinion,' one said.
After Senate passage, what's next for financial reform bill?

Negotiations with the House over the final financial reform bill are expected to be more transparent than they were with health-care reform. Exemptions or special deals sought by industry lobbyists are likely to stir intense debate.
Republicans relent, clear financial reform bill for debate

After three days of blocking tactics, Republicans allowed the financial reform bill to proceed. What's next? Weeks of amendments as Republicans – and some on the left – try to change the bill.
Why financial reform bill is stalled - and why it isn't dead yet

The financial reform bill did not get enough votes to open debate in the Senate Monday. But there appears to be progress behind the scenes, and the bill could resurface this week.
Is Harry Reid smart to push for a vote on financial reform?

Senate majority leader Harry Reid has announced that a procedural vote on the financial reform bill will take place Monday. Is he smart to schedule the vote so soon?
Obama: On bank reform, Sen. McConnell is 'cynical and deceptive'

Obama and the GOP are fighting over bank reform. Republicans accuse the administration of pushing a 'bail out.' The White House says opponents are 'trying to kill reform on behalf of big banks.'