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Sketchy, Sketchy Facebook!

Filed under: Icky Icky PooBusiness Blitz

facebook sketchiness

It's complicated between The Securities and Exchange Commission (SEC) and Facebook.

According to reports, the SEC is reviewing whether or not Facebook is going against financial disclosure laws, following their sketchy $500 million investment deal with Goldman Sachs and Russian investor Digital Sky Technologies.

The SEC will make a decision as to whether they need to create new disclosure rules for private firms such as Facebook.

New Yorker investment writer John Cassidy is concerned because he believes that Goldman Sachs and Facebook are trying to avoid having to publicly report their financials by raising $1.5 billion from multiple investors, but treating them as one.

Given the fact that companies with more than 500 investors must publicly report their financials, Goldman and Facebook seem to have found a loophole, which will allow them to keep secrets from the public.

SO sketch!

Thoughts???

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Facebook Is Worth $50 Billion!

Filed under: Tech TalkBusiness Blitz

facebook valued at 50 billion dollars

We've gotta admit, this is pretty impressive given the fact that Facebook pages are completely free to create.

Facebook has raised $500 million from Goldman Sachs and Russian investor Digital Sky Technologies, in a deal which values Mark Zuckerberg's social networking site at $50 billion.

Congratulations, Facebook!

…Just don't start charging for membership. As long as U promise not to do that, we'll continue to be happy for you, bbs!

P.S. CLICK HERE to "like" us on Facebook!

And CLICK HERE to "follow" Perez on Twitter!

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Watch Out, Other PCs! Apple Is Taking Over!

Filed under: Tech TalkBusiness Blitz

ipads help apple dominate the pc market

Apple loves you, iPad. Oh yes they do!

According to Goldman Sachs' Bill Shope, impressive iPad sales could make Apple "one of the largest vendors in the global personal computing market."

Here's more from Shope on Apple's progress in the PC market:

“Apple’s share of the PC market has been below 5 percent for most of the past 15 years, and even with the much-hyped 'iPod halo effect,' this level hasn’t changed in recent years. With the iPad, however, Apple is now offering a unique computing device that is priced for the mass market.

In fact, our Apple forecast assumes that the iPad segment will surpass Apple’s Mac business in revenues and profits by the end of fiscal 2011–the first full year of iPad shipments….If we include tablets in our PC unit forecast, then our estimates suggest Apple’s combined iPad and Mac market share would reach 12 percent in 2011.

Based on the current market share breakdown in the PC market, this could presumably make Apple one of the largest vendors in the combined PC and tablet market.

Exciting times for Apple! Sounds like competitors better bring their A-Game in 2011 but we don't think it will help too much.

Team Apple!!!!

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Weinsteins Get Their Debt Wiped!

Filed under: Film FlickersBusiness Blitz

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Well good for them!

The Weinstein Company has reached a full restructuring agreement in which insurance company Ambac will pay off $115 million of their debt to Goldman Sachs and Assured Guaranty.

They had to give up 200 of their 350 films to do so, but at least the debt is gone!

Just like that!

[Image via WENN.]

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Hollywood Producer Suing Goldman Sachs!

Filed under: Film FlickersLegal Matters

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Wow!

Hollywood producer Joel Silver is suing Wall Street giant Goldman Sachs for breach of contract and fraud, claiming that the investment bank didn't pony up $30 million that was due from financial arrangements regarding his Dark Castle production company.

The lawsuit claims that Goldman Sachs agreed both orally and in print to pay Silver $30 million in exchange for revenue made from the Dark Castle films. Silver's complaint reads:

"Despite their vast wealth and resources they [the Goldman defendants] have repudiated and breached their contractual obligations to pay the Silver Parties at least $30 million, made fraudulent misrepresentations to benefit themselves by over $100 million, and refused to pay substantial amounts due for the valuable services of Silver."

Silver adds:

"Goldman was able to make profits in the billions and to pay its own executives bonuses in the billions, while claiming that it could not arrange for the $30 million owed to the Silver Parties."

Shady, shady!

[Image via WENN.]

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