Facebook's IPO bombs & "hot" tech co.s cook the books

All eyes seemed to be on Facebook's IPO today. But we look at some of these hyped up social media and gaming companies that have gone public and ask if they can get away with some choose-your-own-adventure accounting methods to boost profits. And back in March, our futures veteran Mark Melin told us MF Global was worth more to some entities dead than alive. Well now we know how much its carcass is worth to the legal team winding down the estate
-- the team led by the trustee and former FBI director Louis Freeh. They've reportedly racked up $25 million in fees! Customers are reportedly upset, as their money is still missing. We'll talk about some possible MF Global enablers that seem to be getting a free pass from regulators and investigators: the auditors. Plus, the Financial Times reports JP Morgan's chief investment office has built up positions totaling more than $100 billion in complex risky bonds - the types at the center of the 2008 crisis. This is in addition to the positions in credit derivatives that led to the $2 billion dollar trading loss we learned about last week. Has the bank's reputation until now as an "excellent risk manager" allowed it to escape scrutiny when taking these risks? We discuss all of this with Francine McKenna on this episode of Capital Account. McKenna is author of the blog re: The Auditors, and a columnist for Forbes and American Banker. We wrap up with responses to your viewer feedback. Source