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Showing posts with the label DealBook | DealB%K Top Stories - August 23

DealBook | DealB%K Top Stories - August 23, 2012 -

Thursday, August 23, 2012 TODAY'S TOP HEADLINES TOP STORIES Citigroup Blasts Nasdaq Over Facebook I.P.O. Citigroup is not happy with Nasdaq's response to Facebook's ill-fated initial public offering. In a 17-page letter sent to the Securities and Exchange Commission on Wednesday, the bank slammed Nasdaq for its "mishandling" of the I.P.O. and its compensation offer. Citigroup said that Nasdaq's $62 million proposal would only cover "fraction of its total losses." "Nasdaq was grossly negligent in its handling of the Facebook I.P.O., and as such, Citi should be entitled to recover all of its losses attributable to Nasdaq's gross negligence, not just a very small fraction as is currently the case," the firm said in its letter. Citigroup and other big investors have been increasingly critical of Nasdaq since Facebook went public in May. Citigroup has lost about $20 million related to the I.P.O., according to