What's Up On Wall Street - Michael Regan, Bloomberg News

Right now though we are joined by Michael Regan from Bloomberg Michael good morning and welcome to the financial exchange. Opera expert veteran Mike idea I noticed that FaceBook shares. Down about 5%. This morning is this all function of the unlocking do you think is gonna get worse better we think. I think it's a safe bet that it is do video mocking of the shares from the IPO mean they freed up roughly 271 million shares. You know a lot of others are held by the -- you know original investors and Facebook's such is that DST global -- -- Elevation Partners. -- lot of the firms that really you know got -- spoke up and running. So it is this pretty decent -- stock today it's still sort of trading right around twenty dollars. And apple really job reached its its low which is under twenty hours so reassuring to see if it if this you know the -- and of these shares those tickets to the to a new low. The volume of shares trading is tremendous I don't know if you watch that are not but I was looking at the the volume it'd almost reached. It's let's actually now the market's been open for 37 minutes it's already we're exceeded its average daily volume of shares traded in thirty. That is up 47 million they're great so far I would. It's obviously there's a lot of action you know big going on early with with these shares unlocking. You know and -- it's very heavily shorted stock to sew it up and we'll be watching obviously to see you know who were most of their shorts they you know -- on that the this event happening today and causing a big spike in its. You know FaceBook is that it it's free float in other words that the shares available for trading. About a 41% of those -- -- sure leading up to this event and that that's about you know more than five times the average trillion to 500 so very heavily shorted stock. All right hey did you see the story today is in the Associated Press but it said that. They're 26. Companies in the United States is 26 of the fortune 500 companies. They've paid their chief executive officers more than what they paid in federal income tax. That's right yet -- from buying a think tank called the Institute for Policy Studies. -- -- similar report about every year for nineteen years. And what they've looked bad was the hundred highest paid CEOs in the country. Arms that's what they -- sample group is so that's that's point six -- -- hundred so. And I imagine there might even more out there -- of the of the lesser paid he has and you know basically what they looked -- was -- -- tallied up the the average. Salary and income preaching he he is sure this point that. It's about twenty million. Folks here on average up 23% increase over the last year so this group is sort of not mincing words as far as you know what their take away is for this they're saying. You know this for a quote from their record they're saying we're we're rewarding corporate executives for gaming the tax system. Attacks go to public to use of our nation's most prosperous corporations take uncle Sam's pocket. So it should be actually miscue with two reactions this is of course you know they've been doing it for nineteen years yeah that the -- seems -- -- Only be getting -- well the eight and it we should mention that it is a liberal a group right it's a liberal we're left leaning think tank in that that there. They've done this study but it does give you -- reason to pause when you hear that a company like Citibank. Getting huge tax refunds actually and -- and paying their CEO 1415 million bucks a year. Absolutely and you know the group sort of put -- perspective you know they they estimate that. He -- the fourth biggest sort of tax shelters for corporations are costing taxpayers about fourteen billion dollars a year. And they break that down into about you know 200000 elementary school teachers. And 241000. Clean energy jobs so that you know it it it does -- you. -- had just read on Bloomberg used it to wires that they're not gonna be charging Jon Corzine criminally data they're saying that nothing it MF global were on -- on money. Hundreds of millions of dollars were lost but no no criminal activities with the what they're suggesting you buy and then. And you can bet that. I don't know all the others say let them -- it -- not let you know certainly. That's the report that empathy thing I could put it -- absolutely all right well thank you very much for joining us Michael appreciate your time thanks -- Don't forget folks this is a day you're at the time of the show where you can win yourself a Dunkin' Donuts coffee card will be doing that at some point two. During the next 45 minutes -- Yell get -- do is listen for Will Ferrell when he jumps in to the show has little quote his coffee quote you call 88820522. X three will thank fifteen collar. All right and when we come back we're gonna take some of your text questions if you have a question forest. Feel free to -- it to us our text number 68680. Your tax questions are next on the financial exchange.