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.

Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founderEduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

In September 2011, Saverin relinquished his U.S. citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.

At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Tom Goodman, Saverin’s spokesman, told Bloomberg News in an email.

Last year 1,700 people renounced their U.S. citizenship.

Source: ABC 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.

Refuses to buy stock over privacy concerns.

In an interview with CNN, Reddit founder Alexis Ohanian said he would refuse to buy Facebook stock because of the company’s appalling attitude to privacy and its support for the CISPA bill.

“I’m not planning on it…I understand the business value to what Facebook is doing. We’ve never seen a company like this before–ever. And it knows things about our private lives that no one else does. And one of the big issues that a lot of us in the tech community have had of late has been their support for bills like CISPA that make it really easy for companies like Facebook to hand over private data about us without any due process. So that’s why I’ll be holding off,” said Ohanian.

Reddit joins Mozilla as the only other major tech company to decry CISPA, with firms like Facebook, Microsoft, IBM, Intel, Oracle, Symantec, AT&T and Verizon all backing the bill. Last week, Mozilla released a statement calling the legislation an “alarming” threat to privacy, adding, “The bill infringes on our privacy, includes vague definitions of cybersecurity, and grants immunities to companies and government that are too broad around information misuse.”

CISPA has been identified by many as a greater threat to privacy than SOPA, which was opposed by a deluge of major tech firms after a viral online opposition campaign, but because CISPA has received less attention, corporate giants have found it easier to stay mute.

Not only would CISPA mandate ISPs to share Internet data of users with government “notwithstanding any other provision of law,” it also empowers the Department of Homeland Securityto monitor the communications of the federal courts and Congress, and intercept tax returns sent to the IRS.

The bill “gives companies a free pass to monitor and collect communications and share that data with the government and other companies, so long as they do so for ‘cybersecurity purposes,’” the Electronic Frontier Foundation (EFF) has noted. “Just invoking ‘cybersecurity threats’ is enough to grant companies immunity from nearly all civil and criminal liability, effectively creating an exemption from all existing law.”

CONTINUED at Prison Planet. Written by Paul Joseph Watson. Video at link.

Mozilla is first Silicon Valley entity to denounce bill.

Tech giant Mozilla has publicly slammed the Cyber Intelligence Sharing and Protection Act (CISPA) which passed the House last week, labeling the legislation an “alarming” threat to privacy.

“While we wholeheartedly support a more secure Internet, CISPA has a broad and alarming reach that goes far beyond Internet security. The bill infringes on our privacy, includes vague definitions of cybersecurity, and grants immunities to companies and government that are too broad around information misuse. We hope the Senate takes the time to fully and openly consider these issues with stakeholder input before moving forward with this legislation,” Mozilla, which is best known for its Firefox browser, said in a statement.

The statement is important because it marks the first time any Silicon Valley entity has denounced CISPA, with an array of powerful companies lining up in support of the legislation which passed the US House of Representatives 248 to 168 and now heads to the Senate.

Facebook, Microsoft, IBM, Intel, Oracle, Symantec, AT&T and Verizon have all backed the bill, with Microsoft re-affirming its support yesterday after rumors the company was getting cold feet, while Google has refused to take either side.

CISPA has been identified by many as a greater threat to privacy than SOPA, which was opposed by a deluge of major tech firms after a viral online opposition campaign, but because CISPA has received less attention, corporate giants have found it easier to stay mute.

Not only would CISPA mandate ISPs to share Internet data of users with government “notwithstanding any other provision of law,” it also empowers the Department of Homeland Securityto monitor the communications of the federal courts and Congress, and intercept tax returns sent to the IRS.

The bill “gives companies a free pass to monitor and collect communications and share that data with the government and other companies, so long as they do so for ‘cybersecurity purposes,’” the Electronic Frontier Foundation (EFF) has noted. “Just invoking ‘cybersecurity threats’ is enough to grant companies immunity from nearly all civil and criminal liability, effectively creating an exemption from all existing law.”

“The government would be able to search information it collects under CISPA for the purposes of investigating American citizens with complete immunity from all privacy protections as long as they can claim someone committed a “cybersecurity crime”. Basically it says the 4th Amendment does not apply online, at all. Moreover, the government could do whatever it wants with the data as long as it can claim that someone was in danger of bodily harm, or that children were somehow threatened—again, notwithstanding absolutely any other law that would normally limit the government’s power,” writes TechDirt’s Leigh Beadon.

As we have documented, the Obama administration’s threat to veto the bill is little more than a crude stunt and carries no more weight than Obama’s promise to veto the National Defense Authorization Act, which he signed on New Year’s Eve after the White House itself lobbied for the NDAA’s most egregious provisions to be included.

Indeed, the White House’s primary beef with the legislation appears to be the fact that it doesn’t handenough power to the Department of Homeland Security.

CISPA now moves to the Senate where it will be amalgamated with one of two other bills before heading to Obama’s desk. Don’t hold your breath on that veto.

*********************

Paul Joseph Watson is the editor and writer for Prison Planet.com. He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show and Infowars Nightly News.

Source: Infowars.

Bankster giant Bank of America has joined the effort to take down the Second Amendment and deny Americans the right to own and use firearms.

Kelly McMillan, the CEO of McMillan Fiberglass Stocks, McMillan Group International, and McMillan Firearms Manufacturing, recently wrote on his Facebook page that Bank of America has refused to do business with his companies because they sell firearms. Bank of America admitted its decision was political. McMillan’s response was to immediately stop doing business with Bank of America.

Here is Mr. McMillan’s post:

McMillan Fiberglass Stocks, McMillan Firearms Manufacturing, McMillan Group International have been collectively banking with Bank of America for 12 years. Today Mr. Ray Fox, Senior Vice President, Market Manager, Business Banking, Global Commercial Banking came to my office. He scheduled the meeting as an “account analysis” meeting in order to evaluate the two lines of credit we have with them. He spent 5 minutes talking about how McMillan has changed in the last 5 years and have become more of a firearms manufacturer than a supplier of accessories.

At this point I interrupted him and asked “Can I possible save you some time so that you don’t waste your breath? What you are going to tell me is that because we are in the firearms manufacturing business you no longer what my business.”
“That is correct” he says.

I replied “That is okay, we will move our accounts as soon as possible. We can find a 2nd Amendment friendly bank that will be glad to have our business. You won’t mind if I tell the NRA, SCI and everyone one I know that BofA is not firearms industry friendly?”

“You have to do what you must” he said.

“So you are telling me this is a politically motivated decision, is that right?”

Mr Fox confirmed that it was. At which point I told him that the meeting was over and there was nothing let for him to say.

I think it is import for all Americans who believe in and support our 2nd amendment right to keep and bear arms should know when a business does not support these rights. What you do with that knowledge is up to you. When I don’t agree with a business’ political position I can not in good conscience support them. We will soon no longer be accepting Bank of America credit cards as payment for our products.

Kelly D McMillan
Director of Operations
McMillan Group International, LLC
623-582-9635
www.mcmillanusa.com

It is nice to see a company taking a stand against the banksters on principle, especially when that principle is one of the cornerstones of the Constitution.

Source: Prison Planet. Written by Kurt Nimmo.

This is an informational graphic from Intel showing some of the things that happen in a single minute of internet time. I was honestly surprised that some figures were as low as they were. Only 20 identities stolen? Those aren’t the Nigerian scammers I know! Not included on the list: 80,000 moms forward spam emails, 30 dudes sign into Chatroulette with the intention of showing their dongs, my roommate maxes out our bandwidth downloading porn and brings my internet connection to a crawl, enough Viagra to pop a 1,000-year boner is purchased, and like five million people read Geekologie. “Five-million, really?” You heard me, five-million — like a five with two zeros.

What Happens in an Internet Minute? [intel]

Thanks to Patty, who heard every four minutes on the internet a man signs up for a dating website as a woman with the sole purpose of seducing himself through his regular profile. Wow, that…sounds strangely erotic.

Source: Geekologie.

If any sacred cow whines to YouTube and Facebook, whatever that sacred cow is whining about is immediately taken down.
But a song that openly calls for the killing of Rush Limbaugh apparently doesn’t offend YouTube or Facebook, in the least.

Disgusted by Rush Limbaugh’s recent antics? Blast our song, ‘KILL RUSH’

Just don’t call anyone a “slut.”

When Justin Bassett interviewed for a new job, he expected the usual questions about experience and references. So he was astonished when the interviewer asked for something else: his Facebook username and password.

Bassett, a New York City statistician, had just finished answering a few character questions when the interviewer turned to her computer to search for his Facebook page. But she couldn’t see his private profile. She turned back and asked him to hand over his login information.

Bassett refused and withdrew his application, saying he didn’t want to work for a company that would seek such personal information. But as the job market steadily improves, other job candidates are confronting the same question from prospective employers, and some of them cannot afford to say no.

In their efforts to vet applicants, some companies and government agencies are going beyond merely glancing at a person’s social networking profiles and instead asking to log in as the user to have a look around.

“It’s akin to requiring someone’s house keys,” said Orin Kerr, a George Washington University law professor and former federal prosecutor who calls it “an egregious privacy violation.”

Questions have been raised about the legality of the practice, which is also the focus of proposed legislation in Illinois and Maryland that would forbid public agencies from asking for access to social networks.

CONTINUED at WTOP.