Is Facebook Worth $100 Billion?
When Facebook goes public this week, the company will be valued at roughly $100 billion. It will be the highest valuation ever for an initial public offering of a tech company. Is Facebook really worth this much money? One way to frame the question is to consider a single fraction. The number on top of [...]
Former Murdoch Editor Facing Criminal Charges In Hacking Scandal
The first top editor from Rupert Murdoch’s U.K. tabloids to face criminal charges related to the hacking scandal that has rocked his media empire is Rebekah Brooks, who prosecutors allege tried to “pervert the course of justice” last year by seeking to cover up what had been going on at Murdoch’s News of the World. [...]
Facebook Ups Its Forecast: Says Shares Will Sell For $34 To $38
Strong demand for its first public sale of stock has led Facebook to raise its forecast for how much each share will sell for when the company goes public on Friday. “We anticipate that the initial public offering price will be between $34.00 and $38.00 per share,” the company says in a statement filed earlier [...]
The ‘Whale Sized’ Loophole In A New Finance Rule
Banks that take deposits from ordinary people shouldn’t be allowed to make risky, speculative bets! (But they should be allowed to protect themselves against the risks they face in the course of their business.) This, basically, is the Volcker Rule. It sounds reasonable enough. But it’s proving very tough to put into practice — a [...]
Yahoo CEO’s Ousting Is Victory For Hedge Fund Pushing Change At Company
Sunday’s news that Yahoo CEO Scott Thompson was stepping down in the wake of questions about his credibility is being followed this morning with accounts about how this is a victory for an activist hedge fund that’s been pushing for changes at the Internet search giant. As the Mercury News reports: “The Mother’s Day boardroom [...]
Facebook’s Zuckerberg Turns 28, With Billions Of Reasons To Celebrate
Happy birthday, Mark Zuckerberg. Not only do you turn 28 today, but at the end of the week Facebook stock is due to go public for the first time. The social networking giant is expected to be valued around $100 billion and Zuckerberg’s worth will then be around $18 billion, as Wired magazine’s Steven Levy [...]
Reports: JPMorgan’s Losses Could Top $4 Billion; Three Execs To Resign
Three high-ranking executives, including one of the most powerful women on Wall Street, are expected to resign from JPMorgan Chase this week because of their roles in the $2.3 billion loss the bank recently suffered when some risky trades blew up in its face. The Wall Street Journal, which broke that news, also reports that [...]
Lack Of Support Puts The Brakes On High-Speed Rail
Three years ago, President Obama was rolling out an ambitious vision for high-speed rail in America. “Imagine whisking through towns at speeds over 100 mph,” the president said at the time. Today, there are a few Amtrak trains going that fast, but for the most part, the president’s plans for high-speed trains have slowed considerably. [...]
Romney Shifts Gears On Auto Industry Bailout
Mitt Romney is from Michigan, a state he has said he hopes to win in November. But the likely Republican presidential nominee has very publicly opposed the government bailout of the auto industry. In 2008, when it was clear Chrysler and General Motors were in big trouble, he wrote a New York Times op-ed with [...]
JPMorgan ‘Rogue Trader’ Losses Send Chills Through Markets
According to The Associated Press: The head of the Securities and Exchange Commission says the agency is focused on a surprise $2 billion trading loss by JPMorgan Chase. SEC Chairman Mary Schapiro told reporters “I think it’s safe to say that all the regulators are focused on this.” She declined to make any further comment [...]
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