As Facebook continues its search for a bottom after only eight trading days as a public company, there’s a much bigger problem than the $40 billion in market cap it has lost. The people behind Facebook’s dubious $100 billion-plus self-valuation were apparently as doubtful as the rest of us. At stake is the fate of Wall Street’s soul. To paraphrase Sir Thomas More’s line in A Man For All Seasons: “It profits a man nothing to give his soul for the whole world…” – but for Facebook?
Bonnie and Yonni are unlikely to go down in the history books as among the nimblest of partners-in-crime. But they might have earned a prominent place among the most candid.
U.S. Securities regulators on Thursday sued a well-connected Kuwaiti financier, saying he reaped millions in suspicious profits after false takeover reports briefly sent shares of Harman International Industries soaring this week.
from Summit Notebook:
Mary Schapiro, America's new top cop for the securities industry, said the current mass culling of journalists' jobs is a concern because it could reduce the number of leads that regulators get as they seek to crack down on nefarious behavior.
Allen Stanford's financial empire is in chaos after the SEC charged that he and his partners were perpetrating a "massive" fraud, but only four months ago things appeared much sunnier, at least in a glowing Forbes profile that described his investment strategy as "sure and steady."