[CarlV]

Morgan Stanley, Goldman Sachs Sued Over Facebook IPO
By Don Jeffrey - May 23, 2012 8:04 AM PT
Morgan Stanley, Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. were sued along with other underwriters and Facebook Inc. (FB) by investors who claimed they were misled in the purchase of the social network firm’s stock.

The investors said the members of a proposed class action, or group lawsuit, have lost more than $2.5 billion since the initial public offering last week, in a complaint filed today in Manhattan federal court. They claimed Facebook and the banks didn’t disclose lower revenue estimates.
http://www.bloomberg.com/news/2012-0...ebook-ipo.html

Take that and this

On Monday, JPMorgan Chase & Co. (NYSE:JPM) announced that it cancelled its share buy backs while rumors circulated that its trading loss is growing. The figure may now hit $7 billion.
http://www.valuewalk.com/2012/05/jpm...-to-7-billion/

Ain't that great, and that was with depositors money too. I hears on the radio that indeed the gov would bail them out too because of deregulation.

And now Greece seriously looking to default.

Gonna be an interesting summer money wise.


Carl