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  Monday, 4 Apr 2011 | 4:17 PM ET

Massachusetts Official: Take Our Money Out of Bank of America

Posted By: John Carney
bankofamerica_front_oq.jpg
Photo: Oliver Quillia for CNBC.com

A local government official in Massachusetts has asked the state’s treasurer to pull funds from Bank of America.

Essex District Register of Deeds John O’Brien wrote a letter to Massachusetts State Treasurer Steven Grossman, asking that the Treasurer change depository banks.

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  Monday, 4 Apr 2011 | 3:22 PM ET

New Data Breach Means New Security Threat for Big Banks

Posted By: Ash Bennington
hacker_keyboard_200.jpg
Nick Rowe | Photodisc | Getty Images

JPMorgan Chase, Citi, US Bank, and at least 15 other major US corporations have had customer data exposed in a new security breach at Epsilon Data Management.

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  Monday, 4 Apr 2011 | 3:12 PM ET

Credit Card Insider: The More You Know, the Less You Like the Durbin Amendment

Posted By: Lori Ann LaRocco
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A group of conservative and libertarian groups have sent Congress a letter urging lawmakers to delay the implementation of the Durbin Amendment, a provision which would cap so-called "interchange" fees financial companies can charge on debit card transactions.

Visa and Mastercard together control around 90 percent of the market for debit card purchases. The Durbin Amendment would limit the amounts that retailers pay to Visa, Mastercard, and major banks. It was heavily supported by many of the biggest retail chains, including Walmart .

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  Monday, 4 Apr 2011 | 2:33 PM ET

The Next Real Estate Disaster

Posted By: Ash Bennington
cali_foreclosure_092407.jpg
AP

The next catastrophe in residential real estate may be caused by the government's solution to the last catastrophe in residential real estate—and this time tax payers are directly on the hook for the losses.

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  Monday, 4 Apr 2011 | 2:12 PM ET

Can Detroit Afford Its Debt?

Posted By: John Carney
Detroit - The Motor City
Getty Images
Detroit - The Motor City

The startling collapse of Detroit’s population raises doubts about whether the city can afford to shoulder its enormous debt load.

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  Monday, 4 Apr 2011 | 12:42 PM ET

NUS Consulting Group: Oil Is at a Tipping Point

Posted By: Lori Ann LaRocco
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The bullish drivers behind oil—the Mid-East crisis, weaker dollar and low interest rates—are not slowing down and that means the probability of a black gold rush should continue. But while events drive this commodity every higher over the short term, will the spike continue over the long term?

I decided to catch up with Richard Soultanian President of the utility cost management consulting firm, NUS, which recently published its forecast of market pricing through the end of 2011.

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  Monday, 4 Apr 2011 | 12:22 PM ET

Meet the Goldman Partner Who's Quitting to Work With Tony Hayward

Posted By: Courtney Comstock, Business Insider
Tony Hayward, BP Group Chief Executive
Eric Piermont | AFP | Getty Images
Tony Hayward, BP Group Chief Executive

The head of Goldman's investment banking unit, Julian Metherell, is leaving the firm to work with Tony Hayward, according to the Wall Street Journal.

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  Monday, 4 Apr 2011 | 11:33 AM ET

BofA the Gloomiest of Them All: GDP at 1.5%

Posted By: Jeff Cox
Bank of America flag
Getty Images
Bank of America flag

The race to the bottom for first-quarter GDP projections has a new leader: Bank of America Merrill Lynch.

With a succession of mild unemployment drops unable to ease concerns about the larger slow-growth story for the US economy, BofAML now sees the quarter’s growth prospects at just 1.5 percent.

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  Monday, 4 Apr 2011 | 10:39 AM ET

Insider Trading in Silicon Valley

Posted By: John Carney
Facebook
Loic Venance | AFP | Getty Images
Facebook

Insider trading may be a far bigger problem than many people both inside and outside of Silicon Valley realize.

Many involved in the Web 2.0 start-up tech world believe that insider trading laws do not apply to buying and selling shares of non-public companies. More specifically, they believe that because so many of those involved in such trading have inside information creates an exemption from the usual rules that bar trading while in possession of what the Securities and Exchange Commission calls "material non-public information."

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  Monday, 4 Apr 2011 | 9:34 AM ET

Munis: The Stench of Risk or of Opportunity?

Posted By: John Carney
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Simon Willms | Stone | Getty Images

The market for municipal bonds has been in distress since late last year. Investors have been selling bonds, states and cities have been declining to issue bonds, bond funds have seen massive exits of capital, and a lively debate has arisen about the likelihood of sizable bond defaults.

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  • NetNet is where you'll find the low-down and the high jinks of Wall Street. It's the place for insider stories, trader gossip, and tales of the foibles of the moneyed crowd and the culture of finance.Wall Street news and commentary served fresh all day long.

 

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