"We were like a quasi-public company without a board of directors, " says one veteran EDS executive, who quit last year.

FORBES: A shock to the system

Facebook has been a quasi-public company for a couple of years now, thanks to the rise of the private share market.

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One proposal, from Senators Jon Corzine and Christopher Dodd, is to look into creating a new oversight body akin to the quasi-governmental Public Company Accounting Oversight Board.

FORBES: Magazine Article