Cheat Sheet - Is Facebook Really Worth $100 Billion?

Today: Sharron Angle to Endorse Santorum, Washington Senate Passes Gay Marriage, Pakistan Charges PM With Contempt February 02, 2012 HYPE 1. Facebook's Monster IPO The social media network filed paperwork on Wednesday for a $5 billion initial public offering, one of the largest public offerings in history—and the company could be seeking a valuation between $75 billion to $100 billion. Do any rational people think Facebook is worth that much? It's no matter, says The Daily Beast's Dan Lyons—there are enough irrational people to make the massive IPO happen. Read it at The Daily Beast THANKS? 2. Sharron Angle to Endorse Santorum It looks like things are getting wild in Sin City. Sharron Angle, the Tea Party favorite who lost to Harry Reid in Nevada in 2010, will endorse Rick Santorum, she tells the National Review. "He is a strong fiscal and social conservative who stands on principles above politics," she told the Review in a statement, also lauding Santorum for "his support for family values. Meanwhile the Associated Press reports that Donald Trump will endorse Newt Gingrich in Las Vegas today. Trump hyped the possible endorsement on Twitter Wednesday, saying he had a big announcement to make. Read it at Associated Press RIGHTS 3. Washington Senate Passes Gay Marriage It looks like Washington State will be the seventh state to legalize same-sex marriage. The State Senate voted late Wednesday to approve a bill that would allow same-sex couples to marry. The Senate was considered the primary hurdle for the bill, but it passed by a wider margin than expected—28 to 21, after less than 90 minutes of debate. The House is expected to vote—and approve—the bill next week, and Gov. Christine Gregoire has urged the bill's approval. If passed, gay and lesbian couples would be allowed to marry beginning this summer. Opponents of the bill, however, are threatening to challenge the measure with a referendum. Read it at The New York Times TRIAL 4. Pakistan Charges PM With Contempt The turbulence in Pakistan's government reached a new level on Thursday with the supreme court's announcement that it will charge Prime Minister Yousaf Raza Gilani with contempt of court. The court accuses Gilani of refusing to reopen a corruption case against President Asif Ali Zardari. If convicted, Gilani could face six months in prison and be booted from office. The trial starts on February 13. Read it at The New York Times QUESTIONS 5. Times of London Accused of Hacking The hacking inquiry has spread to a new Rupert Murdoch-owned paper: The Times of London, the well-respected broadsheet. Labor legislator Tom Watson, who has led the inquiry into hacking at the News of the World, says police are investigating email hacking at the Times. The paper has admitted that a former reporter tried to intercept emails in 2009 in an attempt to reveal an anonymous policeman blogger. Read it at The Guardian HURRAY A Smarter Afghan Exit White House announces hasty end to U.S. combat in Afghanistan. DISASTER Ferry Sinks off Papua New Guinea More than 200 rescued. LAYOFFS American Airlines to Cut 13,000 Jobs Mostly maintenance and ground crews. FOUND Man Finds $3B WWII Treasure British officials say it's not clear what's on the ship. OBIT Muhammad Ali's Trainer Dies Also worked with Sugar Ray Leonard. GET The Cheat Sheet A speedy, smart summary of news and must-reads from across the Web. You'll love the featured original stories on politics, entertainment, and more from The Daily Beast's diverse group of contributors. GET The Yes List Weekly cultural recommendations from The Daily Beast. Mitt Romney's British Mormon Ancestors by Mike Giglio Susan G. Komen Foundation Cuts Planned Parenthood Funding Over Abortion by Michelle Goldberg Republicans Have More Orgasms, According to Match.com Sex Survey by Jessica Bennett

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