Just days after its controversial IPO, Facebook and its Wall Street bankers have been hit by shareholder lawsuits alleging that the social networking giant and its underwriters concealed the company’s decelerating revenue growth from investors. The lawsuits come amid a growing furor about whether Facebook’s banks selectively disclosed information that gave favored clients an unfair advantage over other investors. Top U.S. regulators have begun examining the IPO, and now the U.S. Senate Banking Committee and other lawmakers want answers from Facebook about issues raised in the offering’s aftermath, according to The Hill newspaper.
Facebook’s Wall Street investment banks warned top clients of new doubts about the social network’s financial prospects just days before the company’s IPO, according to a series of reports that emerged Tuesday.
Although the Facebook IPO was a big success for Facebook and its early investors and insiders — who sold $9 billion worth of shares they’d acquired at lower prices — the offering was a disappointment for many investors who clambered to get a piece of the most-hyped IPO in nearly a decade.
Goldman Sachs, the most powerful investment bank on Wall Street, is getting into the social media game. In a job posting on the company website, the bank said the ideal candidate will be responsible for “monitoring online conversations and participating in those conversations to build brand visibility and thought leadership.” It’s just the latest step [...]
Goldman Sachs CEO Lloyd Blankfein has launched a complete image makeover, while Fed Chair Ben Bernanke stays the course on monetary stimulus.
These days there are plenty of other “income generators” on the internet, but porn and “adult services” still generate a boatload of cash.
It’s been a rough couple of weeks for Wall Street giant Goldman Sachs. Still, it’s hard to imagine a more embarrassing public relations fiasco than being connected with child sex trafficking — even indirectly. But that’s exactly what happened over the weekend after New York Times columnist Nicholas Kristof revealed Goldman’s $30 million stake in [...]
Goldman Sachs, still smarting from the scathing public resignation of 32-year-old banker Greg Smith, is conducting a companywide e-mail scan looking for the word muppets and other derogatory terms, according to Reuters. While most Americans associate the Muppets with Jim Henson’s furry creatures, it turns out that muppets is slang for “stupid people” in Britain, [...]
As the fallout over Greg Smith’s public resignation continues to swirl around Goldman Sachs, several powerful figures have rallied to the bank’s defense, including New York Mayor Michael Bloomberg — who made his fortune supplying data terminals to Wall Street — and Morgan Stanley CEO James Gorman. Even as Goldman faces a torrent of negative [...]
Greg Smith’s incendiary Goldman Sachs resignation letter seemed to confirm what many already believed: That the investing game is rigged in favor of insiders. Professional investors do have an obvious edge in many ways. But, surprisingly perhaps, in the aspects of investing that matter most, individual investors may have certain advantages.
