Martin Lewis, the owner of moneysavingexpert.com, has sold the website to Moneysupermarket.com for £87M.
A deal that one suspects will be less fraught with controversy and bitterness than the recent Faecesbook IPO.
Showing posts with label facebook. Show all posts
Showing posts with label facebook. Show all posts
Friday, June 1, 2012
Thursday, May 31, 2012
Facebook Shares Continue To Fall
Shares in Faecesbook, the IPO that just keeps giving, are now under $28 each.
Wednesday, May 23, 2012
Facebook Sued - The Faecesbook Clusterfuck
As I have noted twice today, the Faecesbook IPO is the IPO, for people who didn't touch the shares with a bargepole, that just keeps giving.
Reuters reports that Facebook Ince, Facebook Chief Executive Officer Mark Zuckerberg, and various banks including Morgan Stanley are now being sued by disgruntled investors. They are accused of concealing from the investors, during the IPO marketing process, "a severe and pronounced reduction" in revenue growth forecasts.
Reuters reports that Facebook Ince, Facebook Chief Executive Officer Mark Zuckerberg, and various banks including Morgan Stanley are now being sued by disgruntled investors. They are accused of concealing from the investors, during the IPO marketing process, "a severe and pronounced reduction" in revenue growth forecasts.
The Faecesbook IPO - Morgan Stanely Subpoenaed
Morgan Stanley have been subpoenaedas part of an investigation into whether its analysts communicated revisions of Faecesbook’s revenue forecasts broadly to all clients ahead of last week’s initial public offering.
As I said less than an hour ago, the Faecesbook IPO is the IPO that, for those who haven't touched these shares with a bargepole, that just keeps giving!
As I said less than an hour ago, the Faecesbook IPO is the IPO that, for those who haven't touched these shares with a bargepole, that just keeps giving!
The Faecesbook Clusterfuck - The IPO That Just Keeps Giving
The clusterfuck IPO of Facebook last week is an IPO that, for those who haven't touched these shares with a bargepole, that just keeps giving.
Unsurprisingly these massively overvalued shares fell again yesterday, by 9%. However, Faecesbook mission to "find bottom" in the market is far from over.
The BBC reports that the SEC and Financial Industry Regulatory Authority (FINRA) are concerned about the way advisers disclosed information to investors, and may review the disclosure process to see if some investors got favourable access.
Reuters and the Wall Street Journal reported that Faecesbook's advisers may have revised their financial forecasts, but that only selected investors were told.
Oops, how very remiss of them!
Morgan Stanley said that the bank had:
Rest assured, the Faecesbook clusterfuck will run and run!
Unsurprisingly these massively overvalued shares fell again yesterday, by 9%. However, Faecesbook mission to "find bottom" in the market is far from over.
The BBC reports that the SEC and Financial Industry Regulatory Authority (FINRA) are concerned about the way advisers disclosed information to investors, and may review the disclosure process to see if some investors got favourable access.
Reuters and the Wall Street Journal reported that Faecesbook's advisers may have revised their financial forecasts, but that only selected investors were told.
Oops, how very remiss of them!
Morgan Stanley said that the bank had:
"followed the same procedures for the Facebook offering that it follows for all initial public offerings".In other news, Philip Goldberg (a private investor) has issued a writ against Nasdaq over technical problems on Friday that made a shambles of disrupted Faecesbook's first trading day.
Rest assured, the Faecesbook clusterfuck will run and run!
Monday, May 21, 2012
Faecesbook Shares Tanking
In the event that anyone is interested, shares in Facebook are tanking; they are currently trading at around $33 compared to its offer price of $38 and Friday high of $45.
Friday's IPO was severely marred by the failure of Nasdaq to do what it was meant to do, ie provide up to date price and trade information, instead it wallowed in 2 hour trade confirmation delays.
Now that the technical "snafu" has been sorted, and Morgan Stanley have stopped supporting the price, people have woken up to the fact that Faecesbook was massively overpriced.
No surprises there then!
Friday's IPO was severely marred by the failure of Nasdaq to do what it was meant to do, ie provide up to date price and trade information, instead it wallowed in 2 hour trade confirmation delays.
Now that the technical "snafu" has been sorted, and Morgan Stanley have stopped supporting the price, people have woken up to the fact that Faecesbook was massively overpriced.
No surprises there then!
Wednesday, March 14, 2012
Why I Am Leaving Goldman Sachs
There is a remarkable letter in the New York Times from Greg Smith (executive director and head of the Goldman Sachs United States equity derivatives business in Europe, the Middle East and Africa) who, after 12 years, is leaving Goldman Sachs and has penned his reasons why.
Seemingly the motive of making money at the client's expense (apparently this was not the culture of the firm 12 years ago, or at least Smith claims not to have seen it then) has turned him against Goldman Sachs.
Additionally, he was irked by the fact that Goldman employees allegedly would refer to their clients as "muppets" (I understand that Kermit, Miss Piggy et al are considering legal action against Goldman's for this alleged slur).
As regards Smith's career in Goldman's, his CV (or Resume as it is called in the USA) is proving to be a little hard to track down on the web (here is his Facebook page) aside from this entry on Find The Best:
It is possible that he had something to do with Goldman's debacle in Libya (given that he had responsibility for the Middle East):
"In early 2008, according to interviews and an internal document review conducted by The Wall Street Journal, Libya's sovereign wealth fund invested $1.3 billion in stock and currency options with Goldman, only to watch as the investments shrunk to a measly $25.1 million--that's two percent of the initial value, for those keeping score--as the credit crisis hit.
A Libyan official was so furious with the bank during one meeting in Tripoli that Goldman officials hired a security guard to protect them before they left Libya, consulted Goldman chief Lloyd Blankfein (above, on right) about how to mend the relationship, and offered Libya the opportunity to become one of Goldman's biggest shareholders by investing $3.7 billion in preferred shares or corporate debt.
The negotiations eventually collapsed, the Journal adds, but the episode is emblematic of a period of several years when Goldman and other Western banks rushed to do business with Libya after the U.S. decided to lift its sanctions against the country in 2004. That period, of course, is now history."
Maybe not, for the Wall Street Journal notes the following:
"Mr. Smith described himself as an executive director and head of Goldman’s U.S. equity derivatives business in Europe, the Middle East and Africa.
A person familiar with the matter said Mr. Smith’s role is actually vice president, a relatively junior position held by thousands of Goldman employees around the world. And Mr. Smith is the only employee in the derivatives business that he heads, this person said."
Whatever Smith's actual role in Goldman's, and as to whether he finds himself sued by Goldman Sachs for this extraordinary public outburst remains to be seen. In the meantime Goldman are now including 3 year non-disparagement clauses in all termination agreements (if they can get this by the lawyers, these will be retrospective).
Seemingly the motive of making money at the client's expense (apparently this was not the culture of the firm 12 years ago, or at least Smith claims not to have seen it then) has turned him against Goldman Sachs.
Additionally, he was irked by the fact that Goldman employees allegedly would refer to their clients as "muppets" (I understand that Kermit, Miss Piggy et al are considering legal action against Goldman's for this alleged slur).
As regards Smith's career in Goldman's, his CV (or Resume as it is called in the USA) is proving to be a little hard to track down on the web (here is his Facebook page) aside from this entry on Find The Best:
Professional Bio | |||||||||||||||||||||
| Advisor Name | Gregory Smith | ||||||||||||||||||||
| Individual CRD # | 4438607 | ||||||||||||||||||||
| Registered Titles |
| ||||||||||||||||||||
| Firm | Goldman, Sachs & Co. Compare Goldman, Sachs & Co. Financial Advisors | ||||||||||||||||||||
| Current Office Employment Dates | 1/1/11 - Present | ||||||||||||||||||||
| Firm CRD # | 361 | ||||||||||||||||||||
| State Registrations |
| ||||||||||||||||||||
| Independent Contractor | No | ||||||||||||||||||||
Work History | |||||||||||||||||||||
| |||||||||||||||||||||
*Please note that the IAR is required to provide this information only while registered with an investment advisor firm and the information is not updated through Form U4 after the IAR ceases to be registered. Therefore, an employment end date of | |||||||||||||||||||||
Financial Exams | |||||||||||||||||||||
| |||||||||||||||||||||
It is possible that he had something to do with Goldman's debacle in Libya (given that he had responsibility for the Middle East):
"In early 2008, according to interviews and an internal document review conducted by The Wall Street Journal, Libya's sovereign wealth fund invested $1.3 billion in stock and currency options with Goldman, only to watch as the investments shrunk to a measly $25.1 million--that's two percent of the initial value, for those keeping score--as the credit crisis hit.
A Libyan official was so furious with the bank during one meeting in Tripoli that Goldman officials hired a security guard to protect them before they left Libya, consulted Goldman chief Lloyd Blankfein (above, on right) about how to mend the relationship, and offered Libya the opportunity to become one of Goldman's biggest shareholders by investing $3.7 billion in preferred shares or corporate debt.
The negotiations eventually collapsed, the Journal adds, but the episode is emblematic of a period of several years when Goldman and other Western banks rushed to do business with Libya after the U.S. decided to lift its sanctions against the country in 2004. That period, of course, is now history."
Maybe not, for the Wall Street Journal notes the following:
"Mr. Smith described himself as an executive director and head of Goldman’s U.S. equity derivatives business in Europe, the Middle East and Africa.
A person familiar with the matter said Mr. Smith’s role is actually vice president, a relatively junior position held by thousands of Goldman employees around the world. And Mr. Smith is the only employee in the derivatives business that he heads, this person said."
Whatever Smith's actual role in Goldman's, and as to whether he finds himself sued by Goldman Sachs for this extraordinary public outburst remains to be seen. In the meantime Goldman are now including 3 year non-disparagement clauses in all termination agreements (if they can get this by the lawyers, these will be retrospective).
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