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In “really hot IPOs,” 90 percent of the shares go to institutional investors and 10 percent to everyday investors, Sweet says. It’s a perk for the banks’ biggest clients, like Fidelity Investments or T. Rowe Price or hedge funds.

The funds pay big commissions to the banks for regularly trading large blocks of stocks or bonds. Those relationships are deep and long-lasting – and lucrative for the banks. The funds expect to be rewarded.

But Morgan Stanley and Goldman Sachs, the banks expected to guide the Facebook IPO, are in an awkward place: They don’t want to tick off 800 million Facebook users – but they don’t want to tick off Fidelity, either.

Most IPOs are underpriced, and the stock usually shoots up the first day. Lucky large investors get the basement price and usually a big payday if they sell on the first day. Smaller investors buy on the open market, after the price has spiked, and pay more.

And most early investors do sell. One university research paper found that about 70 percent of the new stock changes hands in the first two days. Groupon introduced 35 million shares, but on the first day its shares were traded almost 50 million times.

Ann Sherman, associate professor and IPO expert at DePaul University, raised the possibility that Facebook could set aside a portion of its shares for the small investor and use a lottery system if there is a lot of demand.

She says the U.S. is the only country without IPO rules that put traditional investors on an equal footing.

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Speaking to Raw Story recently, an active duty police officer who asked not to be named threw down the gauntlet over the part of his job he hates most: the drug war.

“I did not get in law enforcement to destroy a person’s future because that person had marijuana or a pill in their pocket,” the officer explained. “Why would you want to destroy that person’s future and cause them great harm because of that? It’s not worth it.”

Like many Americans, the reality of the drug war was was nothing like what he’d been taught to believe in his youth. But statistics like a citizen being arrested for drugs every 19 seconds in 2010, and 1.6 million people incarcerated over drugs in 2009, were nothing compared to what he actually experienced in the front lines of the drug war on America’s users.

 

But for those officers who put their lives on the line every day to protect the public from dangerous, violent criminals, the drug war isn’t always just another part of the job. For this officer in particular, it’s much more than that: “The war on drugs is a war on people,” he claimed.

“I just didn’t see problems from illegal drug users that I’d been led to believe,” the officer explained. “Most of the calls that we get on drug use, as police, are alcohol related. Alcohol is a serious drug that can be abused, but I just didn’t see the calls on other drugs like I had been led to believe. I didn’t see these drug-crazed people out there doing crazy things… Even growing up before entering law enforcement, I was always led to believe that the drug war was meant to stop all these people from doing crazy things. But on the street, that’s not what you see. That’s a lie.”

In his view, the officer said that the American public would be much better off if the government would “regulate drugs and keep the control out of the hands of the black market criminals.”

“The cartels have been running a serious drug operation in America for decades, and I don’t think most Americans are really aware of it,” he said. “The money comes from the prohibition of drugs. These criminals are making their money because of the prohibition. If you legalize and regulate it, their profits go to zero.”

For more than two decades in law enforcement, he said that he’s carried an immense guilt: his first drug arrest.

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This isn’t a huge surprise, but following the popularity of the petition asking the White House toinvestigate Chris Dodd (after Dodd’s own statements suggesting that he expects politicians who get Hollywood money to pass Hollywood’s preferred bills no questions asked), the White House has officially stated that it can’t comment on the matter. As per the terms of the White House’s “We the People” petition site, it can refuse to address issues that deal with law enforcement:

consistent with the We the People Terms of Participation and our responses to similar petitions in the past, the White House declines to comment on this petition because it requests a specific law enforcement action.

I’m sure the White House has no interest in getting involved in this in any way, and that if it was actually investigating any of this activity, it wouldn’t want to talk about it publicly until later. Still, I think the petition — and the publicity it got — did serve a key purpose: to highlight the public’s disgust with the MPAA’s form of crony capitalism, and the hubris of folks like Chris Dodd who think that as long as they donate enough money, politicians should be working for the MPAA, rather than the public.

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Rovio Mobile learned from the music industry’s mistakes when deciding how to deal with piracy of its Angry Birds games and merchandise, chief executive Mikael Hed told the Midem conference in Cannes this morning.

“We have some issues with piracy, not only in apps, but also especially in the consumer products. There is tons and tons of merchandise out there, especially in Asia, which is not officially licensed products,” said Hed.

“We could learn a lot from the music industry, and the rather terrible ways the music industry has tried to combat piracy.”

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After the court case against the founders of The Pirate Bay was concluded today, the operators of the site quickly moved to change their domain name from .ORG to the Swedish .SE. A Pirate Bay insider informed TorrentFreak that this move was made to prevent the US authorities from seizing the domain, which is a serious risk now the court case has completed.

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After drilling for two decades through more than two miles of antarctic ice, Russian scientists are on the verge of entering a vast, dark lake that hasn’t been touched by light for more than 20 million years.

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How much has Obama added to the debt, anyway?

There are two answers: more than $4 trillion, or about $983 billion. The first answer is simple and wrong. The second answer is more complicated but a lot closer to being right.

When Obama took office, the national debt was about $10.5 trillion. Today, it’s about $15.2 trillion. Simple subtraction gets you the answer preferred by most of Obama’s opponents: $4.7 trillion.

But ask yourself: Which of Obama’s policies added $4.7 trillion to the debt? The stimulus? That was just a bit more than $800 billion. TARP? That passed under George W. Bush, and most of it has been repaid.

There is a way to tally the effects Obama has had on the deficit. Look at every piece of legislation he has signed into law. Every time Congress passes a bill, either the Congressional Budget Office or the Joint Committee on Taxation estimates the effect it will have on the budget over the next 10 years. And then they continue to estimate changes to those bills. If you know how to read their numbers, you can come up with an estimate that zeros in on the laws Obama has had a hand in.

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A Massachusetts mother says the FBI used a chain saw blade to cut through her door and held her at gunpoint for at least 30 minutes before agents realized they were conducting a raid at the wrong home.

Judy Sanchez, of Fitchburg, says she awoke to heavy footsteps in the stairwell on Jan. 26 and walked into her kitchen in time to see a blade chop through her door.

She says she was held facedown on the floor at gunpoint while her 3-year-old daughter cried in another room.

It turns out agents were after the other tenant on the floor of the multiunit building who is suspected of dealing drugs.

Sanchez says she and her daughter now have trouble sleeping.

The FBI has apologized and is paying for the damage.

We are at war with drugs. We have always been at war with drugs.

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An official from the Roman Catholic Church says that it is “impossible” to undergo “de-baptism” as a growing number of people in Western Europe and the United States request such a process.

Jeannine Marino, program specialist for evangelization & catechesis at the United States Conference of Catholic Bishops, told CP that atheists who seek to be “de-baptized” or “un-baptized” cannot technically do so.

“From the Church’s perspective, it is impossible to ‘un-baptize’ or ‘de-baptize’ someone because we believe that baptism permanently seals the person to Christ and the Church,” said Marino.

“People can stop participating in the Church, but we believe the grace of the sacrament has marked them forever.”

Marino explains that with baptism, “no matter how long they have been away from the Church” an individual “can return to the faith.”

Why is it that these fucking morons know their own doctrine so badly?

Matthew 12:31-32

What a show.. Have each candidate spend a billion dollars to convince the voters they know best how to spend the country’s money.

Brilliant.

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Virginia state Sen. Janet D. Howell (D-Fairfax) doesn’t think much of a bill that would require women to have an ultrasound before undergoing an abortion.

When the proposed legislation came up for a preliminary vote in the Senate Monday, Howell offered a floor amendment that just about floored her colleagues.

“Prior to prescribing medication for erectile dysfunction, a physician shall perform a digital rectal examination and a cardiac stress test,” Howell said, reading the amendment aloud. “Informed consent for these procedures shall be given at least 24 hours before the procedures are performed.

“I just think we should have a little gender equity here,” Howell added.

A digital rectal exam is actually a medically beneficial procedure, and should probably be indicated in cases of erectile dysfunction; it fails. A sonogram before an abortion is just legislated emotional bullying; it passes.

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The storyline:

1. TSA screener finds two pipes in passenger’s bags.

2. Screener determines that they’re not a threat.

3. Screener confiscates them anyway, because of their “material and appearance.”

4. Because they’re not actually a threat, screener leaves them at the checkpoint.

5. Everyone forgets about them.

6. Six hours later, the next shift of TSA screeners notices the pipes and — not being able to explain how they got there and, presumably, because of their “material and appearance” — calls the police bomb squad to remove the pipes.

7. TSA does not evacuate the airport, or even close the checkpoint, because — well, we don’t know why.

I don’t even know where to begin.

Feel safer yet?

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Former Royal Bank of Scotland boss Fred Goodwin has had his knighthood removed.

Mr Goodwin, who was heavily criticised over his role in the bank’s near-collapse in 2008, was given the honour by the Labour government in 2004.

The Queen cancelled and annulled the title following Whitehall advice.

They should have a ceremony for that. Like instead of getting tapped on both shoulders the queen hacks them off.

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RICHMOND — A Richmond police officer is facing criticism and anger Monday for a Twitter comment he made about Internet hackers.

Angry posts on the Facebook pages of the Richmond Police Department and the Contra Costa Times are criticizing the officer for his Jan. 26 tweet about a hacker attack on the Ultimate Fighting Championship website.

“Get those hacking (expletive). I’m a cop in the bay area CA. (sic) I would go at them with both guns!” Richmond police Sgt. Mike Rood wrote via Twitter to UFC President Dana White.

The hacker group Anonymous and its supporters viewed the comment as a criminal threat, and called for the department to punish Rood.

“In his tweet, he expresses his desire to use firearms to deal with problematic people,” several posters wrote on the Contra Costa Times’ Facebook page, apparently copying a form letter. “I fear for the safety of the citizens of Richmond after seeing such irresponsible action displayed by one of its very own police officers.”

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If you’ve ever wondered whether mammalian evolution has a speed limit, here’s a number for you: 24 million.

That’s how many generations a new study estimates it would take to go from mouse- to elephant-sized while operating on land at the maximum velocity of change. The figure underscores just how special a trait sheer bigness can be.

(on a map, it’s here)

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It might also be noted that, since I am “publishing” the entire contents of an AT&T program I am in blatant violation of AT&T’s copyright claim. I’ve pointed this out publicly on numerous occations, in various technical forums, since the early 1980′s. So far I haven’t heard a word from any AT&T lawyers. Anyone have any idea why they are ignoring such a violation?

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TO date, no study has found any long-term benefit of attention-deficit medication on academic performance, peer relationships or behavior problems, the very things we would most want to improve. Until recently, most studies of these drugs had not been properly randomized, and some of them had other methodological flaws.

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A couple of Brits were unceremoniously ejected from the US last week after one of them ill-advisedly tweeted he was off to “destroy America”.

Leigh Van Bryan, 26, and pal Emily Bunting, 24, jetted into Los Angeles last Monday ahead of what they hoped would be a lively Stateside holiday. Their shorter-than-expected trip certainly delivered, although the pair weren’t expecting to be arrested, internally probed and thrown in a cell for 12 hours with hungry Mexican narcos.

The Department of Homeland Security had already earmarked Van Bryan and Bunting for a warm welcome before they even touched down at LAX. The agency had picked up on a couple of Van Bryan’s tweets, which suggested they intended to wipe out the US and disinter Marilyn Monroe.

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These people do not get it:

Under a new deal between the two companies, Netflix users won’t just have to wait 56 days to rent Warner Bros. movies on DVD. They’ll have to wait 28 days to add the movies to their queues.

Also under this new deal, pirated movies remain free of charge, free of non-skippable ads, free of five-minute load times, and are now nearly three months ahead of the competition.

iTunes changed the music industry because it was more convenient than stealing. Most people made the value judgment that ten bucks for a clean, legal digital album was worth the alternative of fishing around for files that may or may not be damaged or infected.

Hollywood continues to completely ignore that lesson. It continues to punish the people who play by the rules with an insufferable customer experience. This is the sole reason piracy is up and profits are down: because doing it right totally sucks. And that’s apparently how the studios want it.

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Bruised or not, she says she’ll marry her beloved building as planned come Sunday.

Babylonia Aivaz’s bride-to-be is a 107-year-old warehouse that sits at 10th and Union in the Capitol Hill neighborhood. She has been planning to enter into what she described as “a gay marriage” with the building.

“If corporations can have the rights as people, so can buildings,” said Aivaz, referencing a Supreme Court decision on political advertising. “I’m doing this to show the building how much I love it, how much I love community space and how much I love this neighborhood. And I want to stop it from gentrification.”

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At a behind-closed-doors meeting facilitated by the UK Department for Culture, Media and Sport, copyright holders have handed out a list of demands to Google, Bing and Yahoo. To curb the growing piracy problem, Hollywood and the major music labels want the search engines to de-list popular filesharing sites such as The Pirate Bay, and give higher ranking to authorized sites.

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Kader Arif, the “rapporteur” for ACTA, has quit that role in disgust over the process behind getting the EU to sign onto ACTA. A rapporteur is a person “appointed by a deliberative body to investigate an issue.” However, it appears his investigation of ACTA didn’t make him very pleased:

I want to denounce in the strongest possible manner the entire process that led to the signature of this agreement: no inclusion of civil society organisations, a lack of transparency from the start of the negotiations, repeated postponing of the signature of the text without an explanation being ever given, exclusion of the EU Parliament’s demands that were expressed on several occasions in our assembly.

As rapporteur of this text, I have faced never-before-seen manoeuvres from the right wing of this Parliament to impose a rushed calendar before public opinion could be alerted, thus depriving the Parliament of its right to expression and of the tools at its disposal to convey citizens’ legitimate demands.”

Everyone knows the ACTA agreement is problematic, whether it is its impact on civil liberties, the way it makes Internet access providers liable, its consequences on generic drugs manufacturing, or how little protection it gives to our geographical indications.

This agreement might have major consequences on citizens’ lives, and still, everything is being done to prevent the European Parliament from having its say in this matter. That is why today, as I release this report for which I was in charge, I want to send a strong signal and alert the public opinion about this unacceptable situation. I will not take part in this masquerade.

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