This person said the firm is reviewing orders its retail clients placed for Facebook stock, and will make price adjustments if the clients paid too much. The person spoke on condition of anonymity because they were not authorized to discuss the matter publicly. The person did not say what amount constituted overpaying for Facebook's stock.
The world's largest social network's IPO was highly anticipated. But technical problems with the Nasdaq Stock Market delayed its open on Friday, and the stock closed nearly flat on its first trading day at $38.23.
It's down 14 percent as of Thursday.
___Food stamp fraud raising concerns in government offices WASHINGTON (AP) â¿¿ Food stamp recipients are ripping off the government for millions of dollars by illegally selling their benefit cards for cash â¿¿ sometimes even in the open, on eBay or Craigslist â¿¿ and then asking the government for replacement cards. The Agriculture Department wants to curb the practice by giving states more power to investigate people who repeatedly claim to lose their benefit cards. It is proposing new rules Thursday that would allow states to demand formal explanations from people who seek replacement cards more than three times a year. Those who don't comply can be denied further cards. ___ US bank earnings rose this winter to 5-year high WASHINGTON (AP) â¿¿ U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years and the number of troubled banks fell for the fourth straight quarter. The mostly positive first-quarter earnings released Thursday illustrate how far the banking industry has come since the 2008 financial crisis. Still, the report noted that many banks remain cautious about lending, a necessary driver of economic growth. The Federal Deposit Insurance Corp. said the banking industry earned $35.3 billion in the January-March period. That's up from $28.7 billion in the first quarter of 2011 and the highest level since the second quarter of 2007.