Friday, May 25, 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.
Unbound river to surge through Grand Canyon – USATODAY.com - Visitors to the majestic Grand Canyon next year may get to see something that has happened only a few times in the past half-century. The Colorado River, restrained in its flow through the canyon since the 1960s, will be allowed to gush in semi-flood conditions again, beginning next year under an Interior Department plan to protect native fish and naturalize the river.
Ozark students, officials remember head coach | Dothan Eagle/Ebony Horton -- Stacey Watters, 38, and his 10-year-old son, Quentin, were killed early Thursday morning in a wreck in eastern Orange County, Fla., just outside Orlando, when the Chevrolet Impala Watters was driving with his two sons stopped at a stop sign before turning in front of a box truck headed north on State Road 520, according to authorities. The box truck struck the Impala on the driver’s side, killing Watters and Quentin at the scene. Florida Highway Patrol Sgt. Kim Montes said Watters’ other son, 7-year-old Jai, remained in critical condition Thursday afternoon.
Thursday, May 24, 2012
Facebook Triggered $100M in Losses - The Daily Beast - It’s been a rough week for Facebook. Its stock price has tumbled. Lawsuits have been filed. And now it looks like four of the top market makers for the initial public offering—Knight Capital, Citadel Securites, UBS, and Citi’s Automated Trading Desk—are going to collectively lose more than $100 million on the deal. The culprit was a technical glitch that delayed Facebook’s market debut by about 30 minutes, forcing thousands of orders from clients to be delayed.
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.
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