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  Wednesday, 9 Feb 2011 | 10:16 AM ET

S&P: We Do Not Believe States Face a Muni Debt Crisis

Posted By: Lori Ann LaRocco

Muni-Madness is about to get under way on Capitol Hill. A series of hearings kicks off today with the Subcommittee on TARP and Financial Services' "State and Municipal Debt: The Coming Crisis?" In the background of these hearings is the question of whether Congress will step in in and bailout states who are often said to be teetering on the drink of default.

I spoke with Steve Murphy, Managing Director, State & Local Government Ratings at S&P, about the state of the states and their debt.

» Read More
  Wednesday, 9 Feb 2011 | 8:44 AM ET

Handicapping Muni Mayhem

Posted By: Ash Bennington

Handicapping muni mayhem. [WSJ]

AIG to take a big charge:Claims it will 'strengthen' loss reserves . [DealBook]

Home loan demand drops, as mortgage rates hit 10 month high. [CNBC]

President Obama plans to delay collection of funds from states which extended unemployment benefits. [NY Times]

Tell the truth, go to prison. [CNBC]

A Coke and a smile: Coca-Cola profits triple on one-time gain related to its acquisition of its North American bottling operation. [Bloomberg Businessweek]

"Egyptian protesters dismiss 'coup' threat" [FT]

Is inflation coming? [SeekingAlpha]

The life of an insider trader [NY Post]

»Read more
  Wednesday, 9 Feb 2011 | 7:29 AM ET

Financial Crisis Smackdown: Wallison vs Nocera, Round II

Posted By: John Carney
Glow Images | Getty Images

Back in December, New York Times business writer Joe Nocera took a shot at Peter Wallison , one of the Republican commissioners on the Financial Crisis Inquiry Commission, describing Wallison's take on the financial crisis as not, as they say, reality-based.

» Read More
  Tuesday, 8 Feb 2011 | 4:54 PM ET

Home Prices at Pre-Bubble Levels: Long Live The New Bubble

Posted By: Ash Bennington
  Tuesday, 8 Feb 2011 | 4:05 PM ET

Where Does Today's Insider Trading News Leave SAC Capital?

Posted By: Ash Bennington

After a fresh round of insider trading arrests and news conferences, hedge fund giant SAC Capital is once again in the spotlight.

» Read More
  Tuesday, 8 Feb 2011 | 3:16 PM ET

Seven Hedge Funds Unnamed in SEC Complaint

Posted By: Ash Bennington
Person standing behind the opaque glass of a door
Medioimages | Photodisc | Getty Images
Person standing behind the opaque glass of a door

Four additional people were criminally charged today in an ever widening case of insider trading.

An updated civil complaint released today by the SEC provides the best overview: "This case involves insider trading by ten individuals and one investment adviser entity, all of whom are consultants, employees, or clients of the so-called 'expert network' firm, Primary Global Research LLC [PGR]"

» Read More
  Tuesday, 8 Feb 2011 | 1:41 PM ET

Wall Street Lawyers Join SEC Colleagues to Call for Bigger Budget for Regulators

Posted By: John Carney
Picturegarden | The Image Bank | Getty Images

Perhaps one of the most stubborn myths about Wall Street is that it wants to be "deregulated." In fact, Wall Street enjoys a quite comfortable relationship with its regulators.

Witness today's column from Andrew Ross Sorkin :

» Read More
  Tuesday, 8 Feb 2011 | 1:01 PM ET

Read the SEC's Complaint Charging 10 People And One Firm With Insider Trading

Posted By: John Carney
The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC.
Getty Images
The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC.

Here's the goods.

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  Tuesday, 8 Feb 2011 | 12:47 PM ET

Anglo Irish Bank Chairman: Irish Banks Need Another €50 Billion!

Posted By: Ash Bennington
CNBC.com

Irish banks need another 50 billion euro to clean up their balance sheets, according to Anglo Irish Bank Chairman Alan Duke .

What makes the 50 billion euro number so staggering is this: The additional capital number just named by Dukes exceeds the total 46 billion euros that banks have already received.

» Read More
  Tuesday, 8 Feb 2011 | 12:32 PM ET

Our Favorite Part of The FBI Complaint Against Samir Barai And Donald Longueuil

Posted By: Cadie Thompson

An interesting BBM exchange between Samir Barai and Jason Pflaum on page 26 of the complaint.

Late in the night of november 19, 2010, after Pflaum had already begun to cooperate with the Government in its investigation, BARAI and Pflaum exchanged a series of BBM communications regarding the article published in the Wall Street journal. In the BBM communications, BARAI stated that the article said that "key parts of the probes are at a late stage" and that a "Federal Grand Jury had heard evidence." BARAI further stated that he read the "article 10x [meaning, ten times]." BARAI then summarizerd the Reuters article quoted in Paragraph 49 above, which he reviewed:

  • So another reuters article
  • says
  • Last two weeks
  • Fbi had approached HF [Hedge Fund] traders over past 2 weeks
  • And number of traders contacted lawyers
  • Problem is
  • This scope is said to focus on the use of so-called expert network firms
  • Concern for years that some experts may be passing out confi [meaning, confidential] info about to go public cos [meaning, companies] to traders....
  • [The Firm] was only one named!!!!
  • F*****ck

BARAI then concluded the BBM communication with the following instruction: "Delete ur bbm chatr" [meaning, that Pflaum should delete his BBM communication with BARAI].

Sounds a little like panic if you ask me.

» Read Entire Complaint

»Read more

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  • Lawrence Develingne

    Lawrence Delevingne is the ‘Big Money’ enterprise reporter for CNBC.com and NetNet.

  • Stephanie Landsman is one of the producers of "Fast Money."

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