Jumat, 04 Mei 2012
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Wall Street revved into high gear Friday preparing to sell Facebook Inc. But while riches await the company's biggest holders, the deal won't prove nearly as lucrative for banks.
Facebook executives including finance chief David Ebersman began a tour of Wall Street banks Friday morning, starting with a visit to Morgan Stanley's midtown headquarters in Manhattan at 8 a.m. EDT, people familiar with the matter said. More...
I posted an article last week about this case - a FINRA Director entered into an AWC with FINRA over the operation of his brokerage firm, paid a fine and received a 90 day suspension. That in and of itself is not terribly notable - but he remained on FINRA's Board of Directors. THAT was notable. My article, FINRA Board Member Fined - Wrist Slap for a Prominent Member? analyzed the case, the fine and the penalty, and posed the question, What was FINRA thinking when they let him stay on the Board?
Well, he stepped down this week. At least he had more sense than his organization did. The Wall Street Article is here - Finra Director to Step Down- complete with a quote from me.
The Google Anita Borg Memorial Scholarship honors the memory of Dr. Anita Borg, who devoted her life to encouraging the presence of women in computing and founded the Institute for Women in Technology in 1997. Anita passed away in 2003, and we created the Anita Borg Memorial Scholarship in 2004 to honor her memory. Anita’s legacy lives on today through this scholarship and the organization she created, which has since been re-named the Anita Borg Institute for Women in Technology.
This year we’d like to recognize and congratulate the 70 Google Anita Borg Memorial scholars and the 79 Google Anita Borg Memorial finalists, all of whom attend universities in the United States, Canada, Europe, the Middle East or Africa. These students will attend the annual Google Scholars Retreat this summer, where they will have the opportunity to attend tech talks on Google products, network with other scholars and participate in social activities. Students from the U.S. and Canada will attend the retreat in Mountain View, Calif., and students from Europe, the Middle East and Africa will attend the retreat in Zurich, Switzerland.
Here’s a full list of this year’s scholars and finalists along with the institutions they attend. In the coming months, we’ll also announce the recipients of the Google Anita Borg Memorial Scholarship in Asia, Australia and New Zealand.
You probably hear terms like “the cloud” or “cloud computing” being used a lot these days. While the idea of the cloud may seem abstract, many things you already do on your computer and smartphone today, such as email, photo sharing and video streaming, are made possible by the cloud.
At the heart of it, Google is about cloud computing—helping people live online and get things done in the cloud. Whether you need to add “milk” to a shared shopping list from the train, collaborate with your teammate back in the office to finish your presentation from a hotel lobby, or chat face-to-face with your mom from halfway around the world, we believe that getting stuff done in the cloud is a better way. We like to call it “going Google.”
We’ve built cloud-based tools like Gmail, Google Calendar and Google Docs to help you connect and collaborate online with others more quickly and easily, without having to deal with the hassles and frustrations of installing and managing traditional software. Last week’s launch of Google Drive is the next step: Google Drive brings together many Google services—documents, spreadsheets, images and more—all in one place so you can easily create, collaborate, and share in real-time. Files are saved automatically, and friends, teammates, roommates, families and co-workers can do things together—even when they’re not. If you haven’t already tried it, Google Drive is a great place to start going Google.
Today, hundreds of millions of people, including 16 million students and teachers at 66 of the top 100 U.S. universities, employees at more than 4 million businesses worldwide including Burberry, Costco and National Geographic (and maybe even your 13-year-old daughter and her entire soccer team) have all already gone Google.
If you’re going Google to build a company, great. If you write your grand opus poem, even better. If you have to turn a project around from different time zones overnight, awesome. And if you video-chat with grandma while you do—well, that’s just showing off.
So go on. See what it’s like to get stuff done and go Google.
FINRA announced that it has fined Citigroup Global Markets, Inc; Morgan Stanley & Co., LLC; UBS Financial Services; and Wells Fargo Advisors, LLC a total of more than $9.1 million for selling leveraged and inverse exchange-traded funds (ETFs) without reasonable supervision and for not having a reasonable basis for recommending the securities. The firms were fined more than $7.3 million and are required to pay a total of $1.8 million in restitution to certain customers who made unsuitable leveraged and inverse ETF purchases.
Brad Bennett, FINRA Executive Vice President and Chief of Enforcement, said, "The added complexity of leveraged and inverse exchange-traded products makes it essential that brokerage firms have an adequate understanding of the products and sufficiently train their sales force before the products are offered to retail customers. Firms must conduct reasonable due diligence and ensure that their representatives have an understanding of these products."
We have represented investors who lost significant sums of money in leveraged ETFs, which are securities which seek to deliver multiples of the performance of the index or benchmark they track. Inverse ETFs seek to deliver the opposite of the performance of the index or benchmark they track, profiting from short positions in derivatives in a falling market.
FINRA found that from January 2008 through June 2009, the firms did not have adequate supervisory systems in place to monitor the sale of leveraged and inverse ETFs, and failed to conduct adequate due diligence regarding the risks and features of the ETFs. As a result, the firms did not have a reasonable basis to recommend the ETFs to their retail customers. The firms' registered representatives also made unsuitable recommendations of leveraged and inverse ETFs to some customers with conservative investment objectives and/or risk profiles. Each of the four firms sold billions of dollars of these ETFs to customers, some of whom held them for extended periods when the markets were volatile.
Today we’re excited to announce the 50 State Winners of the 2012 U.S. Doodle 4 Google competition. We received a record-breaking 114,000 submissions from all corners of the country—from North Pole, Alaska, to Suwanee, Ga. Young artists doodled their way from the prehistoric to the futuristic and everywhere in between with this year’s theme, “If I could travel in time, I’d visit...”.
To recognize the amazing level of talent, Googlers are celebrating the young artists at school events in their communities along with thousands of their teachers, parents, friends and classmates.
Now it’s time for your voice to be heard. From today until May 10, we invite the public to vote and help us select the five National Finalists. On May 17 at our national award ceremony in New York City, we’ll announce the National Winner. You’ll be able to see the winning doodle on the Google homepage on May 18.
We also hope everyone gets a chance to see these State Winners’ masterpieces, so at the end of the contest, all of the 50 State Winners will have their doodles displayed in an exhibit at the New York Public Library. And, for the first time this year, the artwork of all 250 State Finalists (including the 50 State Winners) will be displayed in local exhibitions in their respective states.
We’d like to thank the countless teachers, parents and administrators for supporting their young artists as they doodled their way through time for this year’s contest. Please join us in congratulating all participants—they did a fantastic job of inspiring us with their creativity.
Posted by Marissa Mayer, Vice President of Product Management
Selasa, 01 Mei 2012
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Readers will remember back in 2008 when Bank of America damaged its own shareholders by refusing to disclose the nature and scope of Merrill Lynch's losses. Those losses, of 15 billion dollars, and the hiding of them by BofA, were made worse by the fact that Merrill was paying nearly 4 billion in bonuses at the same time. Bank of America did not disclose the Merrill Lynch losses until after the shareholders approved the merger.
Typical of Bank of America, and the shareholders sued. As we all know, Bank of America's stock is in the trash, at 8 dollars and falling, and down over 30% in the last 12 months alone.
Shareholders sued, and now some are objecting to a proposed $20 million settlement of the litigation, accusing the Board of collusion with the lead plaintiffs in the suit.
Judge Castel in the Southern District of New York will decide the issue this month.
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