Given Facebook's strong network effect and high switching costs, its direct rivals are a smaller concern than something completely different that might divert users' attention away from social networks, say Morgan Stanley manager Dennis Lynch. Plus: Why Lynch lowered his Apple stake.
One of the leading contenders to be the next chairman of the Federal Reserve, Lawrence Summers, has been a paid consultant to Citigroup and other financial institutions. Opponents of his nomination are sure to seize upon this.
Among Vikram Pandit's last jobs as Citigroup Inc.'s chief executive officer was to decide the fate of the bank's hedge-fund unit, which employs some of his oldest colleagues. He agreed to give them most of it for free.