Investors awaiting Facebook IPO

Welcome to the morning roundup. Here's a look at what's news in banking and finance.

Facebook. Mark Zuckerberg's social network is the third biggest IPO in U.S. history. Trading is expected to begin at 11 a.m., and the New York Times is live blogging the market debut. The Times also has this graphic on other tech IPOs over the years.

Invest in FB? Facebook shares are priced at $38. Investors who can buy the stock at the offering price should take the opportunity, Jim Cramer of CNBC's Mad Money says. But he's "queasy" about the prospects of making money by doing anything other than selling it into the aftermarket, he said.

Market anticipation. Stocks rose early this morning after a shaky week, and Facebook's market debut could help improve investor sentiment, Reuters reports.

European debt. U.S. banks ramped up sales of protection against credit losses to holders of European debt in the last quarter of 2011, Bloomberg reports. Guarantees from U.S. lenders on government, bank and corporate debt in troubled European countries rose 10 percent from the quarter before.

JPM. The Wall Street Journal offers a behind-the-scenes look at JPMorgan Chase & Co.'s trading debacle. When CEO Jamie Dimon saw the details about the trades, sources told the Journal, "he couldn't breathe."