Facebook Inc. CEO Mark Zuckerberg is seen on a screen televised from their headquarters in Menlo Park moments after their IPO launch in New York. (REUTERS)
Shares of Facebook (FB) opened at $42.05 on today, up about 11 percent from the IPO price of $38. At this valuation, the company is worth around $115 billion. But shortly after the open, despite all the bubblicious hype leading up to FB's debut: share price dropped. At the time of this blog post, the price is hovering around $38.
The WSJ reports that trading volume was more than 375 million in first three hours of listing, more than 6.5% of total market volume. Trade volume is expected to set a new record in trading volume on IPO day.
STOCKENFREUDE (n): That feeling you get, as someone who loathes Facebook, seeing FB shares crap out on IPO day.
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The Wall Street Journal reports that General Motors will soon stop advertising
on Facebook "after the auto maker's executives determined their paid ads had little impact on consumers' car purchases." GM will, however, engage in Facebook's "pages" that allow marketers to display promotional content at no cost. The news comes just days before Facebook's planned IPO. Read the rest
screengrab: Fawlty Towers Resort website
Cocoa Beach is a Florida town where the economy was for decades buoyed by the NASA Space Shuttle program. Astronauts, aerospace contractors, service workers, and their families all made their way to communities like this one along the "space coast," near Kennedy Space Center.
I traveled to Cocoa Beach a few times last year with Miles O'Brien, Kate Tobin, and the SpaceFlightNow crew, for the final shuttle launches. Press and fans swooped in around those launches like migratory birds. Everyone in town—donut shops, cigar stores, restaurants, strip bars, and, of course, hotels—everyone depended on the space industry for their livelihoods.
But now, the shuttle program is gone. Property values and many of those small locally-owned businesses have tanked. It's a huge bummer. There are big-picture ways to tell this story, but sometimes, smaller stories tell it best.
So here's one: the owner of a garish, hot pink motel along the Cocoa Beach strip called Fawlty Towers (after the excellent British comedy series starring John Cleese) is relaunching the joint as a nudist resort.
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At the Billfold
today, a wonderful and mathematically precise post that explains
exactly “how much money do I need to create giant floes of gold in a private vault and dive into it like Scrooge McDuck?” (thanks, Dean Putney!) Read the rest
An epic four-part documentary on the global financial crisis from PBS Frontline is now available to view in entirety online
. Read the rest
A protester holds a Guy Fawkes masked teddy bear during May Day demonstrations in Los Angeles. Below, more photos from demonstrations around the world today (Canada, Germany, Spain, Colombia, Costa Rica, Honduras, and more) in support of workers' rights and economic justice.
Above, Boing Boing pal Joe Sabia took these iPad snapshots of taxi drivers and workers protesting in NYC's Greenwich Village. "These photos are on the mid to tail-end of the march," Joe tells Boing Boing, "They're on Tenth and Broadway, heading south from Union Square."
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Atlanta Magazine has an interview with Otis Webb Brawley, M.D., and an excerpt from his new book "How We Do Harm: A Doctor Breaks Ranks About Being Sick in America."
The excerpt tells the story of 53-year-old Edna Riggs, of Atlanta, Georgia. Fear of cancer, medical debt, and losing her job caused her to not seek treatment for her breast cancer until it reached a very advanced state.
(Graphic content, may be upsetting; via @rogersmatthew)
My Dinner with Marijuana: chemo, cannabis, and haute cuisine ...
On Cost and Cancer in America
When life hands you cancer, make cancer-ade: via lemonade stand ... Read the rest
(video: Jenna Chandler, Santa Monica Patch)
Last night at Santa Monica College (about 20 blocks from the beach here in Los Angeles, CA), police pepper-sprayed some 30 students in a crowd of about 150 protesters. The students want affordable education. They gathered during a meeting of the college's board of trustees to voice opposition to planned tuition hikes that would raise the cost of bread-and-butter courses during the summer session by as much as 400%. I was close enough to the location last night to hear helicopters and sirens as it happened.
The LA Times reports that Santa Monica police are today "trying to sort out" who used pepper-spray on the peacefully assembled students. Reports I heard last night indicated that the person or persons responsible were campus police, not Santa Monica police, who were called in later to secure the site. Among the injured: a child, who looks to be about 4 or 5 years old from these photos.
One student eyewitness tweeted:
More eyewitness video plus photos of two of the victims follow, at the end of this Boing Boing post.
Student blogger zunguzungu in Berkeley, who has been covering student protests and campus police brutality throughout California, rounds up news link and posts about the incident this morning. Read the rest
An interesting piece in the Guardian this week about cashless commerce in Greece, where the currency crisis has prompted citizens to take unusual measures to obtain essential goods. One exchange website in particular is cited, and a unit of barter known as "tems." The network has been online for about a year and a half. Snip from a portion of Jon Henley's report about the open-air markets where tems are exchanged for daily neccessities:
Read the rest
“They’re quite joyous occasions,” she said. “It’s very liberating, not using money.” At one market, she said, she approached a woman who had come along with three large trays of homemade cakes and was selling them for a unit a cake. “I asked her: ‘Do you think that’s enough? After all, you had the cost of the ingredients, the electricity to cook …’
“She replied: ‘Wait until the market is over’, and at the end she had three different kinds of fruit, two one-litre bottles of olive oil, soaps, beans, a dozen eggs and a whole lot of yoghurt. ‘If I had bought all this at the supermarket,’ she said, ‘it would have cost me a great deal more than what it cost to make these cakes.’”
What rules the system has are designed to ensure the tems continue “to circulate, and work hard as a currency”, said Christos Pappionannou, a mechanical engineer who runs the network’s website using open-source software. No one may hold more than 1,200 tems in the account “so people don’t start hoarding; once you reach the top limit you have to start using them.” And no one may owe more than 300, so people “can’t get into debt, and have to start offering something.
RECOMMEND: Follow RUBEN BOLLING on the twitters. Read the rest
Rainforest Action Network claims responsibility for the art-prank intervention.
RAN activists took to the streets of San Francisco last night and turned every Bank of America ATM in the city into an Automated Truth Machine.
The activists used special non-adhesive stickers designed to look exactly like BoA’s ATM interface. But instead of checking and savings accounts, these new menus offered a list of everything BoA customers’ money is being used for, including investment in coal-fired power plants, foreclosure on Americans’ homes, bankrolling of climate change, and paying for fat executive bonuses.
(Via Mother Jones)
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The economy's recovered! For CEOs, that is. Exec pay is way, way, way
up in America. 40%
up. One CEO, John Hammergren at McKesson, took home $145M. The money-quote: "Bosses won in every area, with dramatic increases in pensions, payoffs and perks – as well as salary." Even for fired CEOs, it was a good year, with huge parachutes spun from finest gold. Read the rest
Patrick Meighan, a writer on Family Guy, describes his arrest at Occupy LA, part of a brutal crackdown on 292 protesters whose belongings were destroyed and who were then subject to cruel (and in Mieghan's case, possibly crippling) detention. Meighan explains why he did it:
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So that’s what happened to the 292 women and men were arrested last Wednesday. Now let’s talk about a man who was not arrested last Wednesday. He is former Citigroup CEO Charles Prince. Under Charles Prince, Citigroup was guilty of massive, coordinated securities fraud.
Citigroup spent years intentionally buying up every bad mortgage loan it could find, creating bad securities out of those bad loans and then selling shares in those bad securities to duped investors. And then they sometimes secretly bet *against* their *own* bad securities to make even more money. For one such bad Citigroup security, Citigroup executives were internally calling it, quote, “a collection of dogshit”. To investors, however, they called it, quote, “an attractive investment rigorously selected by an independent investment adviser”.
This is fraud, and it’s a felony, and the Charles Princes of the world spent several years doing it again and again: knowingly writing bad mortgages, and then packaging them into fraudulent securities which they then sold to suckers and then repeating the process. This is a big part of why your property values went up so fast. But then the bubble burst, and that’s why our economy is now shattered for a generation, and it’s also why your home is now underwater.
: "British embassies in the eurozone have been told to draw up plans to help British expatriates through the collapse of the single currency, amid renewed fears for Italy and Spain." Read the rest
I have no idea who shot these, or who is responsible. Update: here are some daytime shots, from the San Francisco Mission district.
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This weekend, Silicon Valley's premier convention venue is hosting a job fair -- for people who want to work in India:
A job fair at the San Jose Convention Center this weekend is focused on helping companies recruit Indian workers who may in the U.S. on a visa by informing them about the professional and economic opportunities back home.
Organizers also stressed that the job fair is also open to anyone who is interested in working in India.
Among the companies involved in the job fair are: Flipkart, an Indian online shopping company; consulting firm Accenture; and Amazon.com, which runs development centers in Indian cities.
Others include: McAfee, which is now part of Intel; SmartPlay Technologies, an Indian semiconductor firm; InfoTech Enterprises, an Indian engineering design firm; Indian manufacturing firm Jindal Steel & Power; Tata Motors; San Jose-based Synapse Design; and UST Global, an IT services firm.
Looking for work? Here's a job fair touting tech openings in India
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Bank of America may have ditched its controversial debit-card fees for voluntary customers, but people on unemployment benefits who are forced to use the bank because it has to contract to administer their payments, there are plenty of fees in store. But hey, they can afford it -- a $264 unemployment check has lots of stretch in it, right?
To withdraw her benefits, Busby, 33, uses a Bank of America prepaid debit card on which the state deposits her funds. She could visit a Bank of America ATM free of charge. But this small community in the state's rural center, her hometown, does not have a Bank of America branch. Neither do the surrounding towns where she drops off her kids at school and attends church.
She could drive north to Columbia, the state capital, and use a Bank of America ATM there. But that entails a 50 mile drive, cutting into her gas budget. So Busby visits the ATMs in her area and begrudgingly accepts the fees, which reach as high as five dollars per transaction. She estimates that she has paid at least $350 in fees to tap her unemployment benefits.
"It really boggles my mind," she said. "This bank is taking little bits of money out of thousands of pockets, including mine."
Who needs predatory payday lenders when you've got enormous, fantastically profitable banks?
For Bank Of America, Debit Fees Extend To Unemployment Benefits
(Image: Bank of America building, Downtown Los Angeles, a Creative Commons Attribution (2.0) image from 8047705@N02's photostream)
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