Daily Blog 06/07/2012

  • From founders to employees, venture capitalists and angel investors, Facebook’s initial public offering has turned thousands of the company’s private stakeholders into very wealthy people. But as you wait to emerge from underwater on your own FB stake, here is something to take solace in: Until all those newly-minted millionaires have sold their stake and the cash clears, they’re only millionaires on paper (small solace maybe).

    Owning a piece of a company doesn’t mean you can buy a yacht tomorrow. Nobody cashes out of Facebook–or any newly public company–until bankers, the SEC, and the IRS say so. So how does a guy like David Choe, the graffiti artist who took stock for payment when he painted Facebook’s first office actually sell his Facebook stock now worth about $140 million?

    tags: business

  • Manchester has declared its ambition to be Britain’s No 1 city for cycling by 2017, with plans to launch a bike-hire scheme, increase training for cyclists and expand cycle path networks.

    tags: manchester cycling

  • Today, Occupy Wall Street activists and members of New York’s 99% will deliver giant bags of cash to Governor Cuomo, hoping that a two million-dollar bribe will secure a long-awaited increase in New York State’s minimum wage. Following the successful example set by the gambling industry, OWS and members of local community organizations have decided to try bribery, since overwhelming public support and peaceful protest have thus far failed to work. Scores of protesters will gather at the Governor’s Manhattan office to deliver the bags of cash, with the hope that this bribe will buy the Governor’s support for a living wage, in the same way that he became a staunch advocate for gambling interests after outlays of cash by the industry.

    tags: minimumwage NewYork OccupyWallStreet

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