SEC head says Facebook IPO issues should be reviewed

WASHINGTON Tue May 22, 2012 4:29pm EDT

An investor holds prospectus explaining the Facebook stock after attending a show for Facebook Inc's initial public offering in Boston, Massachusetts, in this May 8, 2012 file photo. REUTERS/Jessica Rinaldi/Files

An investor holds prospectus explaining the Facebook stock after attending a show for Facebook Inc's initial public offering in Boston, Massachusetts, in this May 8, 2012 file photo.

Credit: Reuters/Jessica Rinaldi/Files

WASHINGTON (Reuters) - The top securities regulator said on Tuesday that the problems surrounding Facebook's initial public offering should be reviewed, but those issues should not shake investor confidence in the markets.

"I think there is a lot of reason to have confidence in our markets and in the integrity of how they operate, but there are issues that we need to look at specifically with respect to Facebook," Securities and Exchange Commission Chairman Mary Schapiro told reporters as she exited a Senate Banking Committee hearing.

Facebook's IPO got off to a rough start last week after it experienced trading glitches on the Nasdaq exchange. The company's shares continued to fall on Tuesday amid questions about its financial prospects.

(Reporting By Sarah N. Lynch; Editing by Maureen Bavdek)

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Comments (2)
Harry079 wrote:
As always the SEC is a few days late and millions of taxpayer dollars short.

May 22, 2012 12:54pm EDT  --  Report as abuse
BurnerJack wrote:
Harry079, I hear their getting ready to go after some guy named Madoff, but you didn’t hear it from me “Capiche”?

May 22, 2012 4:28pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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