Counterparties: Are you sick of Facebook yet?

May 16, 2012

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Never mind the important stuff going on in the world, all that anybody wants to talk about today and tomorrow and Friday is the “spectacle, media event and cultural moment” (Max Wolff) known as the Facebook IPO. We want to know who’s buying! We want to know who’s selling! We want to know what advertisers are thinking! We want to know what old people are thinking! We want to parse the relationship between IPO investors and brand-name puppets!

Should you buy FB? All the media advice – even Jim Cramer – says no, but an impressive 18% of Felix’s readers say that they’re seriously considering it. And surely Felix’s readers are smarter than Jim Cramer! If you try to value Facebook, you’ll never end up at $35 per share, but that just proves that this isn’t a trade for DCF jockeys. Besides, speculating on Facebook is much less boring than buying an index fund. When was the last time you saw an ETF valued in Whoppers? One thing’s for sure: If you’re half as sick of Facebook as we are, at this point, just don’t consume any media for the next three days. It’s only going to get worse.

On to today’s links.

Plutocracy Now
How Chief Justice John Roberts orchestrated the return of corporate money to politics – New Yorker

Facebook
At $67 million, Eduardo Saverin thinks his U.S. citizenship is overvalued – Bloomberg

JPMorgan
One controversial JPMorgan unit sold risky derivatives and another bought them – DealBook
JPMorgan’s risk management unit had looser risk controls than the rest of the bank – International Financing Review
Hedge fund manager in February: “Buy CDX.NA.IG.9″ – FT
A sad Jamie Dimon Pinterest board – Kevin Roose

Politicking
Never let a fiasco go to waste: John Boehner threatens a debt ceiling do-over – WashPo
Ezra: This time around, it’ll be much more than just a debt ceiling crisis – WashPo
States decide to use mortgage settlement aid meant for homeowners for things that won’t help homeowners – NYT

EU Mess
There’s not yet a run on Greek banks, but it’s getting awfully close – Reuters

Chesapeake
Aubrey McClendon may also be distorting ticket prices at the Oklahoma City Thunder – CNBC

Boondoggles
New data shows Google+ is basically a ghost town – Fast Company

Stuff We’re Not Linking To
For the rich who don’t want to be confused for the smart, diamonds are the new stocks – CNBC
President Obama has a JPMorgan Chase checking account with money in it – Politico

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