Business

Following JP Morgan's disclosure of a $2 billion loss, a small but increasingly vocal group of lawmakers and economists are arguing that a 60-year-old piece if financial legislation should never have been repealed in 1999.

They say the law, known as the Glass-Steagall Act, was so consequential that there's a direct link between its repeal and both the 2008 financial meltdown and JPMorgan's huge loss.

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SCOTT SIMON, HOST:

Music has a way of transporting us in time.

(SOUNDBITE OF SONG, "G.I. JIVE")

SIMON: So, indulge a little. Close your eyes, turn up the radio, you might just get transported to 1944.

(SOUNDBITE OF SONG, "G.I. JIVE")

LOUIS JORDAN: (Singing) P-F-C to C-P-L, S-G-T to the L-T. C-P the O-D, the M-P makes ya do K-P. It's the G. I. Jive Man.

SIMON: 1971.

(SOUNDBITE OF SONG, "MAGGIE MAY")

ROD STEWART: (Singing) Wake up Maggie, I think I've got something to say to you.

SIMON: Or 1993.

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SCOTT SIMON, HOST:

The Facebook IPO hasn't just sent a jolt of excitement through Silicon Valley, there are many average individual investors who are also thrilled. NPR's Sonari Glinton has more.

SONARI GLINTON, BYLINE: All right. It's a little after 9:30 on Friday. The bell just rang on the NASDAQ, and I'm gonna check in with some regular investors. I'm gonna start with Nelly Sai-Palm. She's a student at the University of Chicago's Booth School of Business, and I'm going to give her a call.

(SOUNDBITE OF TELEPHONE RINGING)

Don't worry if you missed out on Facebook's initial public offering. Chances are, if you own shares in a broad-based index fund, you'll be holding onto some Facebook soon enough.

Facebook is such a huge offering -– with an initial market capitalization of more than $100 billion, it instantly becomes one of the 25 largest "cap" stocks — that it could have a distorting effect on some funds, at least in the short term.

Mark Zuckerberg is, among many other things, the highest-profile taxpayer on the planet today.

After today's Facebook IPO, Zuckerberg will owe nearly $200 million in California state taxes alone. That's "among the largest tax liabilities that a single individual has ever paid at a given point in time," says Jason Sisney of the California State Budget Legislative Analyst's Office.

Zuckerberg's profits will be taxed at a 10% rate in California. That's a much higher rate than in many other states.