Facebook shares fell more than 13 percent, falling below its $38 price of itsinitial public offering, in the social network’s second day of trading as a public company.

Meanwhile, the NASDAQ exchange continued to defend itself regarding the IPO’s delay on Friday.

The company’s shares [FB  34.03    -4.2018  (-10.99%)   ] last traded down more than 13 percent. The stock had previously closed 0.6 percent higher on Friday.

Investors and technology industry watchers are closely tracking the Menlo Park, Calif., company’s shares. The world’s largest social network was one of the most anticipated initial public stock offerings ever, and now serves as a bellwether for other social media companies.

Facebook’s market debut Friday suffered some hiccups, with trading on the Nasdaq delayed for a half hour and issues with traders’ orders. The stock closed Friday just 23 cents above where it priced Thursday night, when many investors had hoped for a big first-day pop.

Facebook shares fell below the offer price Monday before the market’s open. It was unclear at that time whether underwriters such as Morgan Stanley [MS 13.25    -0.10  (-0.75%)   ] would step in to help stabilize the stock.

Facebook Inc. (FB) is set to start trading today after a record initial public offering that made the social network more costly than almost every company in the Standard & Poor’s 500 Index. (SPX)

Facebook sold 421.2 million shares at $38 each to raise $16 billion, a statement yesterday shows. That values the Menlo Park, California-based company at $104.2 billion, or 107 times trailing 12-month earnings, more than every S&P 500 member except Amazon.com Inc. and Equity Residential.

CONTINUED at Bloomberg.

STORY 1: Obama worth as much as $10 million

Three things are apparent from President Obama’s annual financial disclosure statement, released today:

He is a wealthy man, with assets of as much as $10 million.

He has a hefty stake in JPMorgan Chase, the megabank that just made a bad $2 billion bet. Obama has an account worth between $500,000 and $1 million.

Despite the nation’s $15.6 trillion debt, he is a believer in government paper. More than half of his assets are in Treasury bills and notes.

The disclosure statement lists assets and liabilities in dollar ranges, so pinpointing the president’s net worth is difficult. His assets appear to tally between $2.6 million and $9.9 million. He holds a mortgage on his Chicago home of $500,000 to $1 million.

As was clear from Obama’s income tax filing, much of his income continues to roll in from book royalties. The disclosure form lists $100,000 to $1 million in royalties from Dreams From My Father, $100,000 to $1 million from Of Thee I Sing: A Letter to My Daughters, and $50,000 to $100,000 from The Audacity of Hope.

Vice President Biden, on the other hand, isn’t all that wealthy. His financial disclosure statement includes less than $1 million in assets — and as much as $1.5 million in liabilities, including between $500,000 and $1 million on his Wilmington home.

Source: USA Today.

STORY 2: Obama has up to $1 million with JPMorgan Chase

US President Barack Obama has up to $1 million in a JPMorgan Chase checking account, the White House said Tuesday as a controversy deepened over the bank’s $2 billion dollar losses.

Public figures in the United States are required by law to publish their assets and investments to avoid conflicts of interest, and the White House releases disclosures for Obama and Vice President Joe Biden each year.

As well as the between $500,000 and $1 million in the JPMorgan Chase Private Client Asset Management checking account, Obama also has millions of dollars in a variety of other accounts and funds, bonds and treasuries.

The largest holding, according to the disclosures, is between one and five million dollars in US Treasury notes.

Most of Obama’s wealth comes from book royalties, including from his best selling autobiography “Dreams From My Father.”

Obama said during a television interview with ABC’s “The View” broadcast Tuesday that the $2 billion in derivatives losses suffered by JPMorgan proved the need for tighter banking regulation.

He also said that JPMorgan chief Jamie Dimon was “one of the smartest bankers we got and they still lost money.”

“They still lost $2 billion dollars and counting precisely because they were making bets in these derivative markets. This is why we passed Wall Street reform.”

The US Justice Department has opened an FBI probe into JPMorgan Chase’s more than $2 billion trading loss, a person familiar with the matter told AFP Tuesday.

News of the investigation came as Dimon, JPMorgan’s embattled chief executive, faced criticism at the company’s annual shareholders meeting in Tampa, Florida, over the shock loss.

Source: Yahoo News.

Deal of the Day: Companies will offer big savings to customers willing to be pitchmen on Facebook and Twitter.

Customers seeking the best deals may have to pester their friends.

Some of the latest coupons from retailers and other businesses can only be activated by sharing them with Facebook friends or Twitter followers. And the deals grow even more valuable when customers convince members of their network to buy in, too. Think of it as a new twist on the old-school referral discounts that businesses offer clients for bringing in new customers, says Deborah Mitchell, a clinical associate professor of marketing at Ohio State University.

CONTINUED at Smart Money.

President Barack Obama has compiled a handy to-do list for Congress that, “if acted upon quickly, will create jobs and help restore middle class security,” according to the White House’s blog. And it’s about time. This is most certainly not, as cynics might suggest, another transparent political scheme. After all, these initiatives, the White House claims, enjoy bipartisan support—which, I gather, is meant to impress you, even if it’s not exactly true.

Regrettably, the sentiment of the to-do list does garner bipartisan support and illustrates how cheap populism leads to bad policy and why Washington shouldn’t be in the business of “creating jobs” in the first place.

Obama says passing his to-do list would help create “an economy built to last—one that creates the jobs of the future and makes things the rest of the world buys—not one built on outsourcing, loopholes, and risky financial deals.” History tells us that when government “creates” an economy, it won’t be much of an economy to speak of—but here’s the new plan:

“Reward American Jobs, Not Outsourcing.” Hey, let’s play on the genuine frustration of struggling Americans. Most politicians will latch on to this protectionist notion to some extent. But need it really be repeated that outsourcing, by generating more productivity, creates more wealth and more jobs? On this point, most economists actually agree.

CONTINUED at Reason. Written by David Harsanyi.

European Union trade chief Karel De Gucht said Monday the bloc will shortly take action against Argentina’s government, after its decision to seize control of oil giant Repsol’s YPF subsidiary.

“We will soon be moving forward with a response to Argentina’s action in the Repsol case, in particular,” De Gucht said in a speech during which he complained of a “growing tendency towards protectionism across Latin America.”

Argentine President Cristina Kirchner on Friday signed a bill expropriating 51 percent of YPF’s stock from Repsol, its majority shareholder, sealing a measure that has roiled the country’s trade ties with Europe.

“Argentina has also continued other trade restrictive policies, like its import-licensing regime,” De Gucht added.

“And just last week we saw Bolivia take another step towards nationalising utility companies at the expense of a Spanish firm.

“These types of moves are of course a problem for Argentina and Bolivia — which will find it harder to secure the international investment they need,” he underlined.

CONTINUED at Yahoo News.

Secretary of State Hillary Rodham Clinton toldChina on Thursday that it must protect human rights, in remarks that rejected Beijing’s criticism of the U.S. for getting involved in the case of a blind dissident whose fate overshadowed the opening of annual talks between the powerful countries.

Clinton said at the opening of the talks on foreign policy and economic issues that the U.S. believes “all governments have to answer our citizens’ aspirations for dignity and the rule of law and that no nation can or should deny those rights.”

Her comments came as the dissident, Chen Guangcheng, pleaded for more help from Washington. The blind, self-taught lawyer took refuge in the U.S. Embassy after escaping house arrest, but left Wednesday to get treatment for a leg injury at a Beijing hospital. He initially said he had been assured that he would be safe in China, but hours later he said he fears for his family’s safety unless they are all spirited abroad.

China already demanded an apology from the U.S. even before Chen balked at a deal in which he would remain in his homeland. Now that he wants to leave, the case is looming over talks in which Clinton and Treasury Secretary Timothy Geithner are to discuss foreign policy and economic issues with their Chinese counterparts.

China’s President Hu Jintao said at the opening of the talks that China and the United States “must know how to respect each other” even if they disagree.

CONTINUED at Yahoo News.

A New York woman who donated a kidney so her ailing boss would move up the transplant waiting list says she was fired shortly after the operation, according to a complaint she filed with the New York State Division of Human Rights.

Deborah Stevens said her former employer, Atlantic Automotive Group, discriminated against her over disabilities brought about by complications from the surgery, and she plans to sue the company for lost earnings and damages.

The company, which runs car dealerships on Long Island, said Stevens’s complaint is groundless.

“My gal is just a good-natured woman who’s trying to save a life and as soon as she did it, everything changed,” said Stevens’ attorney Lenard Leeds on Tuesday.

“When she wanted to take time off, she was scolded, she was yelled at,” he said. “Instead of being sympathetic, they were very hostile towards her.”

Stevens, of Hicksville, New York, said she learned that Jacqueline Brucia, who worked at Atlantic Automotive, was in need of a kidney in November 2010. Stevens had worked there as well but at the time had temporarily moved to Florida.

Stevens said she told Brucia she would donate a kidney.

“Brucia declined, but told her, ‘You never know, I may have to take you up on that offer one day,’” the complaint said.

Stevens learned the company would rehire her following her return to New York and not long afterward, Brucia told her a potential donor had not been approved by the hospital and asked if she was still willing to donate.

Stevens now believes Brucia was “grooming (Stevens) to be her ‘back-up plan,’” the complaint said.

Stevens’s kidney was not a good match for Brucia, but she agreed to donate it to a stranger in St. Louis, Missouri, setting up a transplant chain that enabled Brucia to receive a better-matched kidney from a donor in San Francisco.

Surgeons removed Stevens’s left kidney in August, and she returned to work about a month later. The surgery left her with damaged nerves in her leg, digestive problems and mental health issues, her lawyer said.

At work, Brucia became “curt and dismissive,” the complaint said. Stevens said she was berated for taking sick days and forced to relocate to a less desirable office after she complained to human resources about Brucia’s behavior.

On April 11, the company fired her, citing performance reasons.

Stevens’s lawyer said the complaint filed with the Division of Human Rights last week was a necessary step before a federal lawsuit is filed against Brucia and the company.

Telephone calls to Brucia’s home were not answered on Tuesday.

Atlantic Automotive released a statement saying: “It is unfortunate that one employee has used her own generous act to make up a groundless claim.

“Atlantic Auto treated her appropriately and acted honorably and fairly, at every turn,” it said. …

Source: Reuters.

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