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lead analysts at morgan stanley, the main underwriter for the facebook ipo, received privileged information about the company, information that they didn t share with retail investors. finra, the financial industry regulation authority, regulatory authority, the u.s. senate banking committee, and the commonwealth of massachusetts have all announced probes into the matter, and that was quickly followed by a lawsuit filed by some investors against facebook and its ceo, mark zuckerberg, alleging that both withheld material information from investors during the ipo process. now, specifically, they re talking about forecasts that revenue would be lower in 2012. facebook tells cnn, by the way, that the lawsuit is without merit. ron gefner is a former s.e.c. investment attorney. henry blodgett is the ceo of business insider, a website. back in 2003, henry handled a civil charge with the s.e.c., banned from the securities industry. he s a good friend of our show. and i say this ....
plus, disturbing video of a deadly police beating. the victim, a meanta willy ill homeless man who can be heard calling out to his father they re killing me. i m wolf blitzer. you re in the situation room. captions by vitac www.vitac.com while we begin this hour with the romney campaign, having some trouble staying on message. let s go straight to our national political correspondent jim acosta. he s on the campaign trail with the presumptive republican nominee. you re in lansing, michigan, right now. tell us what s going on, jim. reporter: wolf, earlier today mitt romney accused president obama of governing to the left of bill clinton and bringing big government back with a vengeance. it is a new message for a campaign that is sometimes straight off script in recent days. in michigan, mitt romney tried to steer his campaign back on message. america is going in the wrong direction. not forward, but sideways, or worse. reporter: he not only hit the presid ....
Back into the united states? that would be a cheaper form of stimulus to get that money back into create jobs. the other issue too about the new york times story, the debate is, the times story did not report, did not mention rather the tax breaks the u.s. government gave to bailout aig and city group and bank of america. those tax breaks were not noted. those tax breaks were given by the treasury department. back to you, jamie. jamie: i want to look at the dow. down moderately mostly due to spain that they are officially in a recession and some earnings. any impact from this story? reporter: no impact from this story. we re in the middle of earnings season, jamie in. actually earnings are coming in stronger than analysts predicted for s&p 500. back to you, jamie. jamie: also barnes & noble having a big shift. keep an eye for us liz. reporter: sure. thank you. jon: some developments in the dui manslaughter ....
it is analogous o to t.o. what happened in the united states why the taxpayers today bailout institutions that run up absolutely enormous debts. in a much smaller economy like ireland s, it did much greater damage. but that s why the government was told if they didn t cover the debts they might look at total and complete economic collapse. the same way weigh in u.s. that if you did not bailout aig, there could be total collapse. so there a anger the same as in the u.s., the same as uk. if they were told if they didn t cover the losses it would be far worse. thanks to sarah smith an congressman joseph crowley. we will talk later m the program about public debt, a problem that we see as a trance national in nature. thanks for taking the time today. thank you, matt. ....
In fact the federal reserve has used power under section 133. it s what it s what ben bernanke used to bailout aig. the bill that passed the house rescinds that. it repeals it. it no longer exists so yes you had senator shelby the senior republican go to senate bankers. john boehner the republican leader went and talked about the little punk staffers don t pay any attention to them, we ll stop, perform. this is the most cynical to the truth imagineak. let me stress again, under the bill that we passed in the first place, no taxpayer funds would be involved. in the second place, as secretary paulson from george bush s administration asked, in some cases if there s a crisis you may need some funds to stop things from getting worse. there will be funds that will come from the financial institutions and only used, quite flatly in the bill after the institution who may have caused the problem is put out of business,s shareholders are wiped out, the executives are ....