The Buck Stops at Facebook, The Path to Nowhere and Flash Angry Mob Boys

You do realize that’s way below minimum wage…

Image courtesy of Master isolated images/FreeDigitalPhotos.net

Image courtesy of Master isolated images/FreeDigitalPhotos.net

In some countries paying an employee a yearly salary of $1 is nothing short of slavery. But here in the United States that’s the salary earned by 29 year old Facebook founder and CEO Mark Zuckerberg. Sure he took a took a 67% hit in his salary from the previous year but he made up for it when he exercised some stock options that scored him $3.3 billion. He still owns 426.3 million Facebook shares. Zuckerberg is currently worth about $27 billion and is ranked the world’s 22nd richest person.

Here we go again to nowhere…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

“We can’t keep spending money we don’t have,” said House Budget Chairman Paul Ryan. But why should that stop Washington. Ryan, R-Wis., released a plan that would raise NO taxes, REPEAL Obama’s healthcare laws and do all sorts of other nifty things with which you may or may not agree. The plan would cut $5.1 trillion (Note the “t”) of budget spending over the next ten years. Dubbed “The Path to Prosperity” the plan isn’t actually expected to go far…well actually anywhere, especially in a Democratic controlled house. But that’s not going to stop them from debating it for the next two weeks. So sit tight.

Don’t be such a trader-hater…

Image courtesy of David Castillo Dominici/FreeDigitalPhotos.net

Image courtesy of David Castillo Dominici/FreeDigitalPhotos.net

Michael Lewis’s controversial new book “Flash Boys” about how high speed traders and high-frequency traders manipulate the stock market hit a lot of Wall Street nerves today with many high-speed traders fighting back that they are nothing short of upstanding businessman (I added that last part). The Modern Markets Initiative was particularly ticked off by Lewis’s comments on 60 Minutes Sunday night when he said “Stock market’s rigged.” The Modern Markets Initiative fired back saying,  “The markets are not rigged. Saying otherwise is a broad generalization that lumps the vast amount of good market behavior in with a few bad actors.” BTW, members of the Modern Markets Initiative are high-frequency trading firms. Meanwhile the FBI has launched an investigation into high-speed and high-frequency trading.

 

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