The first of the social networking sites, LinkedIn , began publicly trading today. As of Tuesday, LinkedIn, a professional networking site, had set a target range of $42-$45 a share. At opening this morning, the stock was selling at $80 a share, and has continued to explode to the high of $122.69. The frenzy feels like 1999 to some, the first day opening is the largest the Stock Exchange has seen since the Dot Com Bubble burst in 2000. It is also a sign of what's to come, other social networking sites and internet based companies will begin trading later this year-- including Facebook , Twitter , and Groupon . Above, co-founder of LinkedIn Reid Hoffman gives a presentation earlier this week at South By Southwest. (Flickr/inUse Consulting)
While reported front runners have bowed out of the Republican race, Obama's campaign for reelection in 2012 has a new marketing strategy-- capitalize on controversy. In an email sent today, deputy campaign director Julianna Smoot invited supporters to buy their very own birth certificate t-shirt and mug, above. While the President said that he did not have time for the "silliness" revolving around the question of where he was born, he released his birth certificate on April 27. While the release did stymie the rise of birtherism, 17 percent of Americans still do not believe he was born in the United States. Smoot says in the email, "If the facts can't make these ridiculous smears go away, we can at least have a little fun with it." (barackobama.com)
Rahm Emanuel was sworn in as the 55th Mayor of Chicago today. His speech highlighted his focus on fixing the problems that plague the city. "New times demand new answers; old problems cry out for better results. This morning, we leave behind the old ways and old divisions and begin a new day for Chicago. I am proud to lead a city united in common purpose and driven by a common thirst for change." The inauguration also marked the end of Richard Daley's term. In office for 22 years, Daley is the longest serving mayor of Chicago. Above, Emanuel and son on election night. (Flickr/juggernautco)
Senate Democrats continued debate today on legislation that would end the $21 billion in subsidies paid to oil companies each year. The amount saved would go toward the federal debt. The Close Big Oil Tax Loopholes Act targets the five largest oil companies: ExxonMobil, Shell, ConocoPhillips, BP and Chevron. Leading the charge are Senators Menendez , Brown , and McCaskill . Harry Reid stated "Why are taxpayers on the hook for oil companies that are doing just fine on their own? If we're serious about reducing the deficit, this is an easy place to start." Above Senator Barbara Boxer explains the breakdown of subsidies. Oil executives spoke out strongly against the legislation during their testimony saying that it was "misinformed," "discriminatory" and "counterproductive." Many Republicans, including the John Boehner , have come out strongly against the legislation. While Senator Mary Landrieu termed the legislation a "gimmick," Boehner called the effort "easy politics." (Flickr/...
Flooding is moving down the Mississippi River, cresting in Memphis, Tennessee. The flood level is currently at 47.8 feet, near the record-setting high of 1937, which killed hundreds. Flooding will move south down the river, affecting thousands of residents in Mississippi and Louisiana. In Louisiana, Gov. Bobby Jindal requested 1,500 National Guard troops and declared a state of emergency as the flooding approaches New Orleans. Above, a photo of the flooded Tom Lee Park in Memphis. (Flickr/Chris Wieland)