obviously, no price there. we have not seen the trades cross yet. we are watching the matching buyers and sellers. we are trying to figure out what it will open at. there is a lot of hype about it. it can take a while to get the real sense of the price discovery of what it will look like. $38 clearly is what the current price on the board. that is what the ipo price is, fr is what we have been told. who is this being offered? reporter: if you have a brokerage account with morgan stanley or other big firms, many have a lot of shares available at the $38 price. people have already placed those orders. they are waiting to see how much the investment will net them. if you are like you or me or an average investor, you put an order on td trade, you can see what price you will get. you will not get $38 a share. you will get a price that the market decides at the market today. $38. it is overpriced by certain standards? reporter: this is a very unique company. overpriced? so
the most hyped stock offering of the year got off kind of to a bumpy start. shares of facebook jumped more than 10% in the first minutes of trading, but then they started to go the other way. at one point the stock was hovering around an initial point of $38 before rising again. alison kosik has been watching all this at the nasdaq market site. alison, give us a sense, i imagine people were pretty surprised that the stock didn t take off. that s what you saw happen with the numbers. you saw that play out in the numbers. the expectations were really high to see facebook shares jump even as much as 30%. when out of the gate they didn t jump that much, i mean, 12.5%, it s a good day to start, but the expectations were beyond that. what you saw at least according to one analyst i talked to said when they didn t when a lot of traders and a lot of investors didn t see that pop materialize, they went ahead and sold. right now though facebook shares are doing pretty well. they re
moved to singapore, a country with no taxes on capital gains. this move estimated to reduce his tax bill by a cool $67 million and that has two senators so, so peeved, so upset they want legislation to make people like severin pay. sarerin turned his back on the country that welcomed him and kept him safe, educated and helped him become a billionaire. this is a great american success story gone horribly wrong. eduardo saverin wants to defriend the united states of america, just to avoid paying taxes, and we aren t going to let him get away with it. democratic senator bob casey of pennsylvania is one of two senators who introduced the ex-patriot act. senator, good morning. good morning. i know we re talking a lot about eduardo saverin in particular but if there was one catalyst for you all to draft this legislation, this ex-patriot act, what was it? well, certainly, this is the most egregious example that we know of, but there are more than 1,700 other people who hav
create. they do this periodically, an interesting public relations move as we re about to begin the trading of the stock. what they want to do is send a message to the world that they built this company on building stuff. so that s what they re doing. they posted pictures to the website showing what s going on inside some of these rooms. in terms of the fundamental challenge facing facebook in the future, it s exactly that. continuing to build services that people like. i want you to listen to silicon valley venture capitalist greg gretsch. what they re going to run into the next year, two years as they go public is the quarterly focus that wall street s going to put on them. the question will be in the coming years whether or not that quarterly focus, that quarterly drive to make the numbers, takes them off their focus on the product and the user experience. reporter: so the user experience is what made facebook, that $104 billion company, along with the advertising reve
and video games and making the government bigger. the vast majority of money spent for job training, it goes to employ people in job training programs. juan williams, good morning to you. he s making a point that coburn says we can t tolerate this. we shouldn t. this is an outrage. tom coburn has become the new bill coxmire. spending out of control, no results, no benefit to the public. the counter argument would be we have to allow these folks to have jobs. we should be promoting jobs for low-income people who don t have education. but as fall coburn says these folks don t get jobs out of the program. the big jobs is the federal government hiring people for the job training. bill: this is what the study found. job training participants spent their days sitting on a bus. they were trained for jobs that do not exist. others were paid to sit through sessions for jobs they already had. none of this makes sense. this is part of the larger argument in washington about where