Welcome back to our Friday re-cap of this week’s news on the money side of life.
Facebook IPO fallout. After last week’s IPO sales boom turned into a disappointing slip in share price all in a matter of 24 hours, the Facebook IPO drama continues. This week, investors filed a class action lawsuit against Facebook and Morgan Stanley, claiming that the companies withheld Facebook’s diminished earnings forecasts from all but high-profile investors.
CEO pay at new high. A study from the Associated Press found that in 2011, median CEO pay reached $9.6 million, the highest since the AP began tracking it in 2006. In contrast, the median U.S. American worker salary last year was $39,300. If that’s you, don’t feel bad–you can catch up and eventually earn $9.6 million too. It’ll just take you 244 years.
Guy finds mystery money, spends it. Joseph Bucci of Pennsylvania had $35.46 in his bank account one week. The next week, the account contained a mysterious $69,300. Instead of bringing it to the attention of Wells Fargo Bank (where a teller had accidentally entered the wrong pin number for a deposit), he went on a full out spending spree, which included a Florida vacation and a new puppy. This week he turned himself into the police and is now facing a 7- to 14-year jail sentence. Yeah, you can’t do that.
Not just women’s work. According to a New York Times story out this week, more men are now pursuing careers traditionally held by women–like teaching, nursing, and dental hygiene.
$2,000 for a kidney? Though it’s currently illegal, a recent NPR poll found that 41% of people think monetary compensation for organ donations would be a-okay. 60% would support health care credits for living donors of kidneys, bone marrow, and parts of their liver. This week the conversation continued. What do you think?
Happy Memorial Day weekend!