Week of May 14th, 2012

The Dalian Wanda group, a major Chinese real estate developer, has purchased America's second-largest movie theater chain for $2.6 billion.

The spotlight once again falls on the “too big to fail” debate. JPMorgan Chase has now lost $3 billion and counting. Has the financial industry learned nothing since 2008? We talk to one lucky guy who won $51,000 in a gameshow. He’d better not forget Uncle Sam’s piece of the jackpot. And whatever you do, if you Yahoo, don’t do what the company’s CEO did. We learn why you don’t want to pad your resume. Plus, meet the latest breed of commuter: the supercommuter.

Facebook is going public today. We take a look at what a bunch of shareholders mean to the rest of us friending, picture-posting, regular Facebook users. Think lots of developments: new products, new services, enhancements, branded products. Plus, we look at the e-nose, an electronic sniffing device that’s small enough to fit on a smartphone.

Happy Facebook IPO Day! The company priced its IPO yesterday at $38 a share, for a market valuation of $104 billion. But just exactly how is Facebook going to live up to that market cap? On the table at the House of Representatives are big budget cuts for the military; one of the casualties of defense budget cutting is the $45 million Technology Innovation Program. The U.S. Commerce Department has announced steep tariffs on solar panels from China. And this year, the cost of going to prom is a bit higher than usual.

So what happened in the first day of trading of Facebook’s stocks? We cover the details in this week’s Weekly Wrap. Meanwhile, Hewlett-Packard is laying off 30,000 of its employees, and Walmart shares are on the rise. Kai Ryssdal talks to millionaire venture capitalist Nick Hanauer about his TED talk on wealth inequality. And reporter Krissy Clark looks into whether private companies are well-suited to providing public aid.

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Lulu DeCarrone was tired of laptoppers turning her New Haven coffee shop into a silent crypt, so she cut them off. And business has never been better.

What's the best way to hedge against the risk of higher inflation rates? The timing is murky, but it's a prudent bet to anticipate a resurgence in inflation.

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My wife and I recently refinanced our home. We paid off the home equity line and the existing mortgage, and now our monthly payments are $500 less than they were previously. What should we do with these savings? Thank you. Jeff, Amherst, MA

The Technology Innovation Program helped fund a lot of innovations, but now the program has been eliminated.

After opening later than expected, the first few hours of the Facebook IPO are suggesting that the company might have misjudged the value of its shares.

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The city of Stockton, Calif. has been hit hard by the financial crisis. With the city on the verge of bankruptcy, residents share what it's like when your town is teetering on the brink.

President Obama has enlisted the help of 45 private sector companies in a $3 billion food security drive to fight hunger and poverty in Africa. But not everyone is onboard.

Reviewing this week's headlines on Wall Street and beyond. This week: The first day of trading for the highly anticipated Facebook stock.

Going over listeners' responses to past broadcasts. This week: Defending the male work culture at tech companies, and wanting to know more about the older workers who are long-term unemployed.

Apple's new Apple Store self-checkout app has Wired.com columnist Lore Sjoberg worried.

Step inside the control room and see what it's like as an audio producer assembling our shows. Plus, highlights from our interview with President Obama and "Git To Know A Brit" — meet staff members hailing from the U.K.

Think your commute is long? Turns out a rapidly growing number of commuters are flying to get to work.

Conspicuous consumption is so last tech boom. The new rich are all about meaning and making a difference and getting in on the ground floor of the next Facebook.

The venture capitalist discusses his controversial TED talk, why income and inequality has become political and what happens next.

Walmart said it is looking beyond Mexico for possible bribery in its foreign operations. Will the widening probe affect Walmart’s business?

The U.S. believes China is dumping solar panels at below-market prices in America and has hit back with a penalty of 31 percent. That tariff is surprisingly steep and many in China are not reacting well. Could they backfire?

The yield — or interest rate — on 10-year government bonds has fallen down to 1.7 percent, which is close to the all-time low.

Facebook goes public. What'll that mean for Facebook users?

Almost 20 years ago, the storm devastated south Florida. The Annual Governor's Conference this week in Ft. Lauderdale is focusing on what business and government have learned.

Facebook leaves investors wondering about its true worth, but it's still leaving Google in the IPO dust.

Facebook finally goes public today in the biggest IPO in Silicon Valley history. The market valuation will surpass $100 billion; that's more than well-established companies like Disney and Kraft.

The G8 summit of the world's richest industrialized nation's gets underway this evening at Camp David in Maryland. German Chancellor Angela Merkel could be the center of attention. She's under pressure to get behind stimulus programs for Europe.

General Motors recently announced it was going to stop advertising on Facebook, and now it's bowing out of doing an expensive ad during the Super Bowl next year.

In what's seen as the most intense student demonstrations in the history of Canada, students in Quebec have been protesting hikes in tuition since the winter. Now the government there is debating emergency legislation to temporarily close some universities and to levy penalties for protesting of as much as $35,000 for individuals, $125,000 for student organizations.

An old investing maxim is taken to task.

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According to the latest Gallup polls, one presidential candidate has a nine-point edge in American opinion of who would best fix the U.S. economy. Meanwhile, it looks like JPMorgan’s recent bad bet could be costing the company more than just $2 billion. Pinterest has become the latest social company to get a billion-dollar valuation. The U.S. Census made it official today: minority families are having more children than whites — and businesses are getting ready. We also hear about the booming economy in Mongolia, how a band is fighting back against Ticketmaster’s steep fees and the Euro Challenge competition.

Shareholders of Chesapeake Energy are asking a judge to delay the company’s annual meeting so they can get more information about their CEO’s compensation and his personal financial interest in drilling natural gas wells. Chicago is getting ready for all the world leaders who will be in town for the big NATO meeting that starts today — and for the busloads of people who will be coming into town to protest. What is a joint venture, and why is it worthwhile for companies? And Los Angeles sports fans — and the Staples Center — are flying high as three of the city’s pro teams are in the playoffs.

You might be driving in a car right now with a black box recorder, like the black boxes airplanes have. Congress could make every car have one of these in the next couple of years. They typically record events related to actual collisions, things like how long you pressed the brake before the accident and if you were wearing a seatbelt — but there’s not much clarity about how and when and who can see the data they collect. Should my car be able to tell on me for driving too fast?

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The Federal Reserve and lawmakers in Washington are warning of a fiscal cliff coming at the end of the year.

The Lakers, the Clippers and the Kings all in the playoffs at the same time this year. That spells big money for the Staples Center and busy times for the people who transform the sports arena from a basketball court to hockey rink.

Each year, high school freshmen and sophomores take part in the Euro Challenge, a competition to solve the eurozone's economic woes.

I am getting married next year and would love a good book idea about combining finances with a spouse. Nate, Cincinnati, OH

Problems continue to swell for the banking giant, whose reported $2 billion loss could actually now be something more like $3 billion.

German Chancellor Angela Merkel has sent a message that she is committed to keeping Greece in the eurozone. At the same time, the European Central Bank is keeping Greek banks on a tight leash, cutting off funding for some.

According to Gallup, Mitt Romney currently has the edge on Barack Obama on who Americans think will do a better job on the U.S. economy. Obama also has to worry about the perceptions of his own wealth.

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As more details emerge about JP Morgan's money-losing "London Whale" trade, the goalposts are moving fast and it's harder than ever to explain what's going on.

In a development that is changing society as well as marketing, the Census Bureau says that for the first time, most babies born in the U.S. were not white. That's babies born last year. The general population is not expected to become mostly "minority" for about another 33 years.

Congress is considering a law that would require all new cars to have "black box" devices.

The social media scrapbooking site is the latest startup to be valued at over a $1 billion. Big money for a company with no profits or business model.

Gallup's latest polls reveal which presidential candidate Americans believe can best fix the U.S. economy.

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The best laid advertising plans could be thwarted by a new service from Dish Network — the satellite TV operator — that lets users skip commercials all together.

As a way to deal with tighter credit and expand in a global economy, more and more companies are getting into joint ventures. We explore the pros and cons.

Mongolia saw its economy grow faster than any other country's last year. China has invested heavily in its vast coal reserves, but Mongolia is wary.

The nation's second largest natural gas company, Chesapeake Energy, has seen its stock plummet almost 40 percent this year. And this week it's been borrowing billions of dollars at high interest rates just to make ends meet.

Chicago is getting ready for all the world leaders who will be in town for the big NATO meeting that starts today — and for the busloads of people who will be coming into town to protest. Some will be associated with the Occupy Movement, which is hoping to re-ignite after a quiet winter.

German Chancellor Angela Merkel is sending the message that she is committed to keeping Greece in the eurozone. In an interview with CNBC, Merkel says that she is open to stimulus programs. Now, that could be seen as a shift at at a time Greeks are blaming austerity imposed by Europe for their woes.

Latinos represent a large and growing consumer market. But reaching them poses big challenges.

Commentator Ian Bremmer says no group of countries can control the global economy.

Ancestry.com, the genealogy site, is going to offer more advanced DNA testing for its members, helping people find ancestors all the way back to the 18th century. All you have to do is take a home DNA test. These days, home DNA tests are being used for far more than finding clues about Grandpa Joe or Great-Great Grandpa Isadore. There are groups that offer to find your perfect dating match based on DNA, and kits you can use to test for potential future health issues, like cancer, heart disease or obesity.

There are new concerns this morning of a banking crisis in Greece, after the country’s political parties failed to come together and form a coalition government. Vice President Biden will be in Youngstown, Ohio today touting the bailout of the auto industry —  which he and his ticket mate Obama are hoping will help in their re-election campaign. This week’s Facebook IPO could mean big things for the California state budget. And in Atlanta this morning, the world’s busiest airport welcomes its first passengers to a brand-new, $1.4 billion international terminal.

Hundreds of millions of dollars in the housing settlement meant to provide relief to struggling homeowners is being used to plug state budget gaps. Commentator Robert Reich says forget the Volcker rule — let’s bring back Glass-Steagall instead. The number of older Americans who are long-term unemployed has more than doubled since the recession. And in the U.S. economy recovery, it looks that the wealthy are recovering more of their money than the poor. Kai Ryssdal talks to a Greek resident about the reported ‘bank runs’ happening there today. And in the latest installment of Freakonomics, Stephen Dubner talks about the unintended consequences of retirement.

I just graduated from law school and found the perfect job for me. Unfortunately, it does not offer a 401(k). I have a number of old 401(k)s from previous jobs, including a few that have been rolled over into Roth IRAs. Because I was in school for 3 years, I haven't been adding to my retirement saving for that period, thinking I could "make it up." To top it all off, my husband and I now make in excess of the maximum for IRA contributions. How should I be saving for retirement at this point? Jane, Los Angeles, CA

Major banks forked over billions of dollars in a mortgage settlement. Some states are using that money to fix any kind of budget gap.

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The middle-class has lost significant wealth for the long term. The wealthy — not so much.

We check in with one Athens resident about whether Greeks are really withdrawing their cash from local banks in droves and what the mood is like on the streets.

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Housing starts, as they're called, were up 2.6 percent last month, and compared with last April, home construction was up almost 30 percent.

Ancestry.com unveils new, more advanced DNA testing.

Just days before Facebook stock trades publicly for the first time, General Motors is giving no official reason for the decision but published reports suggest the ads aren't having the impact GM hoped.

Freakonomics Radio explores the hidden side of early retirement.

Vice President Biden is in Ohio to tell voters the bailouts brought back jobs to the state.

New elections are scheduled for June 17th in Greece, but that may not be soon enough to calm fears at Greek banks. Almost a billion dollars worth of deposits was withdrawn on Monday alone.

The FBI is investigating possible criminal behavior at JPMorgan Chase after that $2 billion trading loss disclosed by the bank the other day.

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JC Penney stock is currency down percent after the company reported that customer traffic is down, sales are down, and the quarterly loss was bigger than expected. The company had hired Ron Johnson, the man behind Apple Stores, to make JC Penney more fashionable.