"This crisis is neither the result of a normal turn of the business cycle nor an accident of history, " the president states in an opening message of the 134-page document.
Her big message in the Facebook IPO S-1 document is that the Web is still proportionately still a minuscule amount of advertiser spend per time spent on it compared to TV.
Nicholas has written and begun circulating a draft of the document, and the bulk e-mail companies, including Message Media, Topic A, White Hat and Business Link, are in the early stages of discussing it, Nicholas said.