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FBN's Peter Barnes on Congressional staffers meeting with officials involved in Facebook's IPO.
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Take congressional committees are meeting with officials involved in Facebook's troubled IPO Peter Barnes is in Washington covering this story could formal hearings on FaceBook Peter be right on the.
-- they sure could big day again and wouldn't -- be something to see Mark Zuckerberg and doing in this and front of a congressional committee.
Two committees as you mentioned conferring their staffs have begun interviewing officials from FaceBook NASDAQ Morgan Stanley and others one concern.
Is those reports that an analyst for Morgan Stanley the lead underwriter.
Downgraded his projections for the company in the days before the IPO.
And shared his research with a handful of big clients but not retail customers.
There are certain rules about what analysts associated with the underwriters can say.
The quiet period silent periods and so forth -- whether those were obliged or not is something to be examined.
Now they senate banking committee led by Democrat Tim Johnson says he will wait to hear back from his staff before he decides on hearings.
One of his subcommittee chairman Sherrod Brown is concerned about the IPO and could hold a hearing on his own.
The house financial services committee led by Republican Spencer -- also has directed staff to start interviewing FaceBook officials and others they -- How did Democrats possibly have a different agenda on this FaceBook issue how second a play out.
Well we're already hearing some Democrats say that this shows that.
The financial markets need more regulation of but then Republicans might say well.
But a minute we already have a lot of regulation and many that was the cause of the problem so stay -- Incredible story unfolding Peter thank you sound much.
