Thursday, May 24, 2012
The Facebook IPO: Shareholders Weren't Invited to the Real Party | Matt Taibbi | Rolling Stone - A suit has been filed by Facebook shareholders against Mark Zuckerberg, Facebook, Morgan Stanley and others. It's based on a very simple concept: when internal analysts learned that Facebook’s numbers were going to be worse than expected, the company and its bankers didn’t tell everyone, but just "selectively disclosed" information to a small group of "preferred investors." -- All of these stories suggest that Wall Street is increasingly turning into a giant favor-and-front-running factory, where the big banks and broker-dealers that channel vast streams of crucial non-public information (about the markets generally and their clients specifically) are also trading for their own accounts, and sharing information with a select group of "preferred investors," who in turn help the TBTF banks move markets in this or that desired direction by jumping on or off various pigpiles at the right times.
Facebook IPO: Morgan Stanley to reimburse investors ripped off by Facebook trades... as embattled social network may switch to New York Stock Exchange over bungled IPO | Mail Online - Amid a flurry of lawsuits over Facebook's initial public offering, the company’s top underwriter says it's prepared to pay back investors who were burned when they bought shares. Morgan Stanley announced in a memo on Wednesday that it is reviewing Facebook trades and would adjust prices for some retail customers who overpaid. The IPO mishaps have sparked numerous lawsuits against Morgan Stanley, the Nasdaq stock exchange and Facebook itself by shareholders who claimed they hid the social networking company's weakened growth forecasts just before it went public, The allegations raised questions about whether top investors profited at the expense of smaller buyers.
(Photos) High-speed adventure on the African plains: Fastest creature on Earth captured chasing ostrich (who suddenly wishes he could fly) | Mail Online -The cheetah may be the fastest animal on the planet, but as these pictures show that doesn't always guarantee a successful hunt. The first mistake he made was to go after an ostrich, something he would not normally hunt - and then when the ostrich decided to turn on him it was the cheetah who had to leg it. This bizarre set of pictures were taken by wildlife photographer Guy Dekelver at the Ngorogoro Crater in Tanzania, but even then all is not as it seems.
Hal Steinbrenner blasts sale report | FOX Sports - Hal Steinbrenner said Thursday a report that claimed he and his family were considering selling the Yankees in the wake of the recent record $2.175 billion Dodgers sale was "complete fiction."
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