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  Friday, 18 Mar 2011 | 1:09 PM ET

Stress Test Winners: PNC, FITB; Losers: BofA, Citi, Morgan Stanley

Posted By: Jeff Cox

The Fed’s bank stress tests long have been thought of as little more than a pro forma exercise to let Wall Street’s lucky and leveraged start to increase dividend payouts, but the lists of winners and losers could get interesting.

While at least four of the 19 banks that were tested under the new Basel III rules were considered lead-pipe cinches for approval, others were on the bubble. Results are expected to come today.

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  Friday, 18 Mar 2011 | 12:30 PM ET

McKinsey Should Investigate Gupta

Posted By: John Carney
Rajat Gupta
Umesh Goswami | The India Today Group | Getty Images
Rajat Gupta

I'm not sure if prosecutors are doing an effective job of proving the case against Raj Rajaratnam. But they certainly have proved that Rajat Gupta was a bad seed.

Tapes played during the Rajaratnam trial have Gupta revealing confidential merger discussions he was privy to as a member of the board of Goldman Sachs . That's bad enough.

But, as Evan Newmark points out, it may be even worse how blandly Gupta reacts to a discussion about confessed insider trader Anil Kumar.

» Read More
  Friday, 18 Mar 2011 | 11:17 AM ET

UN No-Fly Zone in Libya Appears to Work—Before Firing a Shot

Posted By: Ash Bennington
Libyans at the rebel-held eastern town of Brega celebrate after rumor spread that their fighters took over the town of Ras Lanuf from pro-Kadhafi forces during battles.
Roberto Schmidt | AFP | Getty Images
Libyans at the rebel-held eastern town of Brega celebrate after rumor spread that their fighters took over the town of Ras Lanuf from pro-Kadhafi forces during battles.

The Libyan government announced an immediate cease fire on Friday morning—just hours after the U.N. authorized the use of force against the Qaddafi regime to protect civilians.

The Libyan Foreign Minister, Moussa Koussa, is quoted by CNN as saying that Libya is "obliged to accept the Security Council resolution that permits the use of force to protect the civilian population," and that the Qaddafi regime will engage in "an immediate ceasefire and the stoppage of all military operations."

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  Friday, 18 Mar 2011 | 10:15 AM ET

Governors Tell Obama EPA Is Killing Jobs

Posted By: Lori Ann LaRocco

CNBC has learned before President Obama leaves for Rio, he'll be getting a letter signed by more than 18 GOP Governors calling on the President for more energy options.

The detailed letter obtained by CNBC lays out concerns over the EPA's policy and regulatory initiatives, saying these regulations will "within the next five years which will significantly impact the energy industry, increase burdensome costs to consumers, and hurt the competitiveness of U.S. manufacturers."

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  Friday, 18 Mar 2011 | 9:20 AM ET

Japanese Supply Chain Concerns Grow

Posted By: Ash Bennington
  Thursday, 17 Mar 2011 | 4:44 PM ET

Happy Saint Patrick's Day!

Posted By: Ash Bennington

St. Patrick's Day Rally! [MarketWatch]

President Obama seeks to reassure on Japan crisis—but the phrase "We Do Not Expect Harmful Levels of Radiation" doesn't exactly sound definitive. [CNBC]

UN moves to approve no-fly zone. [FT]

The New York Times has begun—rather rudely—autoplaying video on its front page. Check it out. [NY Times]

And now—with their new paywall—you can pay them for the privilege of having your music interrupted! [CNBC]

Bank CEOs to get rich(er) [DealBook]

Hacked! 50 celebs have phones and emails broken into. [NYPost]

»Read more
  Thursday, 17 Mar 2011 | 4:22 PM ET

'Good' Corporate Governance and the Unbent Spoon

Posted By: John Carney
Peter Dazeley | Getty Images

Whenever I critique efforts to legislate for proxy access or other measures designed to make corporate governance more democratic, I inevitably get attacked for being a shill for management.

A gentler form of that attack came recently from Nell Minow, board member of GovernanceMetrics International and a film critic for Belief.Net. (Full disclosure: that sounds like a pretty sweet combination of jobs to hold.)

In response to one of my semi-regular diatribes against shareholder democracy, Minow writes:

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  Thursday, 17 Mar 2011 | 4:15 PM ET

Will the Jury Believe Anil Kumar's Testimony Against Raj Rajaratnam?

Posted By: Courtney Comstock and Katya Wachtel, Business Insider
Raj Rajaratnam co-founder of the Galleon Group hedge fund.
Getty Images
Raj Rajaratnam co-founder of the Galleon Group hedge fund.

There are two different ways the jury can take Anil Kumar's testimony, which finished yesterday.

The final argument between the defense and Kumar, the prosecution's witness, basically sums it up.

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  Thursday, 17 Mar 2011 | 3:32 PM ET

Why Shareholders Don’t Want Shareholder Democracy

Posted By: John Carney
S Sherman | Hulton Archive | Getty Images

Have you ever noticed how few public companies are run on anything like a democratic basis?

They have some of the trappings of democracy. Elections for directors; ballots on important—and sometimes unimportant—questions of corporate governance or strategy; investor meetings that sometimes resemble a New England townhall.

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  Thursday, 17 Mar 2011 | 2:35 PM ET

What Not to Do: A President's Guide

Posted By: Ash Bennington
President Jimmy Carter leaving Three Mile Island for Middletown, Pennsylvania April 1,1979.
National Archives
President Jimmy Carter leaving Three Mile Island for Middletown, Pennsylvania April 1,1979.

"The challenges, on a global scale, are considerable: A nuclear power disaster; concerns about anemic growth and inflation; Middle Eastern discord; oil supply worries."

When I wrote that, earlier today, the irony hadn't yet fully occurred to me—especially in the context of advice to a president .

If the plotline of this movie sounds familiar that's because it is. The original melodrama is set in 1979—the power plant is Three Mile Island, and the president is Jimmy Carter. And the precedent for a remake isn't a favorable one.

» Read More

About NetNet

  • 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.

 

  • Jeff Cox is finance editor for CNBC.com.

  • 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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