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NetNet With John Carney
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Even inside JPMorgan Chase, it's a bit of a mystery. Was it the outreach? Or were investors just not that interested in taking power from Dimon?
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Harry Truman’s Dream of a One Handed Economist Unfulfilled by Goldman Sachs Report
Posted By: Ash Bennington
Perhaps the most interesting point made in a Goldman Sachs report out this week is contained in its second sentence: “It is axiomatic that the economic backdrop influences investing decisions but the range of client views on growth and margins is unusually broad.”
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The Goldman Sachs booth on the floor of the New York Stock Exchange
Let’s try to parse that.
Suspension of Foreclosure to Add Uncertainty to Banks, Shaky Housing Market?
Posted By: Ash Bennington
You have to wonder about the ramifications of the mortgage foreclosure problems that have come to light in the last few weeks.
CNBC.com
Mortgage
Last week it was widely reported that JP Morgan was suspending foreclosure on 56,000 mortgages due to improperly prepared documents.
This news comes after reports surfaced that GMAC was suspending foreclosure on an undisclosed number of mortgages a week earlier.
In the wake of two large players suspending foreclosure proceedings, doubtless other large financial institutions are now reviewing their own procedures. The probability of procedural flaws at other institutions can only be guessed at — but it certainly seems possible that other overwhelmed lenders, faced with a rising tide of foreclosure volume, may have resorted to similar procedural tactics to expedite their documentation process. Which should lead us to wonder on the foreclosure suspension front: Who’s next?
Mike Mayo on His Meeting With Citigroup
Posted By: Lori Spechler
"Not as negative" is the headline comment from clsa bank analyst Mike Mayo following his meeting with Citigroup executives on Friday. Two years in the making, the meeting has sparked headlines and seems to have pushed the stock back over $4 per share. In his note published for clients today: "Citigroup-paradise list; will it be found?"... Mike is still wary as he continues to rate the shares "underperform" but, has raised the target price to $4 from $3.50.
Following are responses Mike Mayo sent in reply to questions submitted by our reporter, Mary Thompson.
AP
Citigroup Center
Tell Us What You Want to Know
Posted By: Cadie Thompson
So we shipped Carney off to D.C. for the SEFCON I derivatives conference hosted by the Wholesale Markets Broker's Association to get the skinny on just what those guys are up to, but we want to shake things up a bit and give our readers the chance to get in on the action as well.
Check out the conference schedule and see if there is anything/ anyone who interests you, then just shoot us an e-mail or post a comment below and Carney will do his best to get an answer to your questions/requests.
Now Carney isn't one to sit on the sidelines, so don't hold back.
What do you want to know? Anyone you want us to pull aside? Who do you want Carney to spill coffee on?
Email us at NetNet@cnbc.com
Alan "Ace" Greenberg: In Praise Of TARP and the Democrats
Posted By: Lori Ann LaRocco
The $700 billion Troubled Asset Relief Program expired on Sunday, two years to the day it became law. Like a creature from a zombie movie, however, it lives on, with roughly $225 billion still owed back to the taxpayers.
By any measure, the TARP is wildly unpopular. Much of the public believes the TARP was never necessary and many believe it failed.
As debate continues to rage over its performance, we asked Alan "Ace" Greenberg about TARP, the midterm elections and the direction of the economy.
Tim Geithner Still Doesn’t Understand Capital Requirements
Posted By: John Carney
Last week Alan Blinder pointed out that despite all the hoopla about higher capital requirements coming out of the Basel negotiations, when the final requirements kick in in 2018, banks will only be required to have a Tier 1 leverage ratio of 33:1.
Photo by: Pete Souza
Timothy Geithner
“Isn't that about what Lehman Brothers had?” Blinder asked.
That’s the kind of question that’s likely to make ordinary people scratch their heads. Certainly, in the run up to the financial crisis, these kind of eye-popping leverage ratios made lots of ordinary people—and some extra-ordinary people—do something more than scratch their heads—it convinced them to sell their shares of financial companies.
During the financial crisis, analysts such as Meredith Whitney were able to cause lots of trouble for financial firms by pointing out that regardless of whether this or that company was meeting regulatory capital requirements, many of them simply lacked sufficient capital to survive a crunch.
Storm Clouds of Global Currency War?
Posted By: Ash Bennington
Conundrum: (New York Times) Interest rates low, big business borrows, but economy stagnates as companies hoard cash rather than hire.
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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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Senior Editor covering Wall Street, hedge funds, financial regulation and other business news.
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Senior writer for CNBC.com, covering the gamut of issues affecting the stock market and the economy.
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Wall Street
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CNBC's Maria Bartiromo discusses the day's top business and financial stories, and looks ahead to tomorrow's Closing Bell.
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Check out which companies are making headlines after the bell Thursday:
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In his daily CNBC.com-only video clip, recorded today after the close of NYSE trading, Art Cashin of UBS talks with Bob Pisani about the factors helping stocks recover from a negative opening. (3:05)