Fred Hiatt in The Washington Post on presidential leadership and the deficit Whoever wins the presidential election will have to make tough concessions to the other side on entitlement spending and tax hikes to address the long-term deficit. Hiatt wonders whether either Romney or Obama will have the spine. "The reason to doubt Obama can be summed up simply: He's had his chance," Hiatt writes. "But good luck finding evidence of spine in Romney's political career." Both leaders will have incentive to take on the issue, Hiatt writes. Many factors, like the makeup of Congress, will affect the success, but so will the president's political leadership.
William D. Cohan in Bloomberg View on Facebook's small investors Several shareholder lawsuits allege that Facebook and its underwriters withheld information from small investors causing them to rack up losses as the stock value declined post-IPO. "OK, once and for all: When will small investors finally get the message that investing in IPOs is a fool's game and that yet again they served as mere grist for Wall Street’s IPO selling machine?" Cohan asks. He argues that small investors should understand by now that banks organize IPOs to reward themselves, their institutional investors, and the company itself. "The truth is that if small investors simply remembered they are nowhere to be found on the list of important constituents for an IPO such as Facebook's, and simply stayed away, the traditional Wall Street IPO machinery would break down."