The Week Unpeeled
Media focus remained fixed on Facebook’s IPO debacle last week, amid reports of poor information flow, especially to the retail investor, lawsuits, botched technology, poor pricing and how this event will play into the competition between Nasdaq and NUYXe/Euronext. Believe it or not, the Dow gained 0.7 percent on the week to end Friday at 12,454. Elsewhere:
- JP Morgan’s $3-billion trading loss continued to put pressure on the bank, its CEO and regulators on proprietary trading and oversight, a story not going away anytime soon;
- Euro tensions mounted, with Spain pouring approximately $24 billion into Bankia, the country’s third largest bank hit hard by bad real-estate loans;
- The 175-year-old Times Picayune in New Orleans said it was scaling back to only three print issues a week amid a mini protest on Twitter and among hard-core print advocates in columns both in ink and online;
- Eurozone leaders continued to bicker about what to do with Greece, while a bank analyst came up with the monetary term geuro, for a Greek parallel currency to the euro.
- Britain’s recession is worse than initially thought, figures showed that GDP declined by 0.3 percent in the first three months of 2012;
- Barclays sold 20 percent of its shares in BlackRock, the US fund manager, for $6.1 billion; and
- “Amour” wins the Palme d’Or at Canne; Dario Franchitti wins the Indy 500 and French Open got underway with American women making a good showing first round.