Friday, December 3, 2010

Interesting 60 Minutes this Weekend - Ben Bernanke and Mark Zuckerberg

Looks like a doozy of a 60 Minutes show coming this weekend if you are involved in markets or economics.  Ben will go to the nation to explain how he has everything under control and $600B to inflate "assets above where they otherwise would be" speaks to free market capitalism, and Zuckerberg will probably just jump into a pile of $100 bills ala a pile of leaves in fall.... while mumbling $35B, $50B, by IPO time Facebook will be worth $150B in this market where no one loses!  "If GroupOn is worth $6B, we're worth $600B!"

No preview of the Bernanke piece (expect a huge dip in ratings for this time segment, as the average American goes "economics? can't be bothered!") but the last time he was on, he uttered green shoots and the market is up 80%? since.  However let's see if his deity like utterings can cause the traditional Monday premarket markup as our 'confidence is increased as we see the man behind the curtain in the round.'  (and if that is not a good enough reason to mark up stocks Monday premarket, we'll find another)  [Edit 3:50 PM - looks like we are getting the Bernanke walks on water ramp already in the closing 30 minutes]

[Random blast from the past from my 2nd month of life at FMMF - [Sep 19, 2007: Great Bernanke Photos]


As for Mark:

In 2006 at the age of 22, he turned down a billion dollars - a move many thought unwise, maybe even foolish, at the time. But Facebook founder and CEO Mark Zuckerberg refused to sell his company. Now, with his social networking site worth an estimated $35 billion, Zuckerberg tells "60 Minutes" correspondent Lesley Stahl in a rare interview it was one of his best decisions.

The interview with Zuckerberg, in which he talks about his life and his business will be broadcast this Sunday, Dec. 5, at 7 p.m. ET/PT.

At the time Yahoo offered $1 billion for Facebook, Zuckerberg was often referred to as the "toddler CEO." Young as he was and inexperienced, he ignored the conventional wisdom.

"We had this opportunity to sell the company to Yahoo for a billion dollars and we turned that down. I think a lot of people at the time thought we should sell the company," says Zuckerberg.

"But you know, I felt really strongly and I think, like, now, people generally think that that was a good decision," he tells Stahl. Users of Facebook have increased fifty fold from less than 10 million in 2006 to over 500 million today.

In October, "The Social Network," a film based on Zuckerberg and his creation of Facebook, hit theaters to much fanfare and Zuckerberg joined in on the fun. "We took the whole company to go see the movie," he tells Stahl.

He found it interesting to see which parts of the film were true to the facts and what was Hollywood invention. They had his character wearing the right tee shirts, he says, shoes too. "They got sandals right and all that. But I mean, there are hugely basic things that they got wrong, too," says Zuckerberg. "They made it seem like my whole motivation for building Facebook was so I could get girls, right? And they completely left out the fact that my girlfriend, I've been dating since before I started Facebook."

The interview includes Zuckerberg discussing the privacy issues swirling around his company, the direction he wants to take it in and what it's like to be one of the most influential CEOs in America. He also takes Stahl and "60 Minutes" cameras on a tour of the company's offices in Palo Alto, Calif.


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