Facebook Screwed the Start-Up Market – and Other News Told In Charts
Thanks to Facebook’s (FB) crash-and-still-burning IPO, investors may be wary of investing in newer tech start-ups, says an influential voice in Silicon Valley. Paul Graham, founder of start-up incubator Y Combinator, advised entrepreneurs in an e-mail to “lower your expectations” for fundraising in the wake of Facebook’s offering. Graham’s partner backtracked some, telling the Wall Street Journal that investors are most spooked by Europe’s debt crisis right now. But they seem pretty sick of Facebook, too:
Dock Jamie Dimon’s Pay, And Other Bright Ideas
JPMorgan Chase (JPM) lost $2 billion-plus in some bad derivatives bets – and its executives could have to pay some of that back. The Treasury Department is looking into whether the bank’s executives should have money clawed back from their compensation. In written testimony prepared for a Senate hearing and obtained by Reuters, Thomas Curry of the Office of the Comptroller of the Currency says his agency is evaluating the compensation of the bank’s Chief Investment Office. But hey, why stop with that office? Doesn't Dimon run the joint?
Nasdaq Prepares To Dock Its Own Pay
Speaking of both Facebook and repayments, Nasdaq OMX Group (NDAQ) has been trying to figure out how to compensate investors who lost money in the glitches and hangups that plagued Facebook’s IPO on May 18. The exchange group may offer discounted trading fees to affected firms, reports the Wall Street Journal. Nasdaq will file the first details of its compensation plan today.
Chesapeake’s CEO Hires a Fancy Attorney
Chesapeake Energy (CHK) chief Aubrey McClendon, whose antics at the natural gas company sparked a shareholder revolt, has hired a top defense lawyer to represent him, says Reuters. Securities regulators have some questions about the $1.3 billion (that’s billion with a b) in personal loans McClendon obtained from an investment firm that did business with Chesapeake. He also ran a $200 million hedge fund from his office. Lawyer Marvin Pickholz will have his hands full.
