Lawmakers look into Facebook IPO

Banking committees on both sides of Capitol Hill are beginning to take a look at just what went wrong when Facebook took its stock public.

Both the Senate Banking Committee and the House Financial Services Committee said that they were looking into the issue, although both stopped short of promising probing investigations or hearings on the matter. "The Banking Committee is seeking to learn more about issues raised in the news regarding Facebook’s IPO by conducting staff briefings with Facebook, regulators and other stakeholders," said committee spokesman Sean Oblack. A spokesman for Sen. Richard Shelby (R-AL), the ranking committee Republican, said his staff was also in talks with regulators and "market participants" as a matter of "due diligence." The relevant House committee is also taking a look at the matter.