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  Wednesday, 23 Mar 2011 | 9:17 AM ET

Lloyd Blankfein to Testify at Galleon Trial

Posted By: Julia La Roche

Woah! Estimated damage from Japan quake is about $309 billion — that's about four times Katrina [Bloomberg]

Egyptian stock market opens and tumbles [MarketWatch]

Fed objects to Bank of America dividend increase so the bank will ask again. [CNBC.com]

Lloyd Blankfein to testify at Galleon trial [NYTimes DealBook]

Fed's Fisher compares US Congress to Lindsay Lohan [CNBC.com]

Donald Trump said he 'duped' Gaddafi [CNN Money]

»Read more
  Wednesday, 23 Mar 2011 | 8:55 AM ET

Why GDP Isn’t a Good Proxy for Ability to Pay Muni Debt

Posted By: John Carney
Photo by: John Carney

The big question on everyone’s mind when it comes to municipal bonds is simple: Will states and cities be able to pay their interest and principal on time, and in full?

Unfortunately, no one really knows the answer. The source of our ignorance, ironically, is the historical strength of muni bonds—the low default rates. So few muni bonds have defaulted historically — only four major cities in 40 years, and zero states — that we just don’t know what metrics to use to predict defaults.

» Read More
  Tuesday, 22 Mar 2011 | 4:36 PM ET

Black Swans Don’t Fly Far, Apparently

Posted By: Ash Bennington
  Tuesday, 22 Mar 2011 | 4:29 PM ET

The Muni Leverage Explosion

Posted By: John Carney
Frank Rossoto | Stocktrek | Getty Images

Is the muni leverage explosion a statistical illusion?

» Read More
  Tuesday, 22 Mar 2011 | 3:16 PM ET

When Rajiv Goel Told Raj He Was A Good Man, The Galleon Chief Responded: 'Highly Suspicious!'

Posted By: Katya Wachtel and Courtney Comstock, Business Insider
Raj Rajaratnam
Getty Images
Raj Rajaratnam

On Day 9 of the Raj Rajaratnam insider trading trial, the wiretaps were pulled out again after a day and half of straight testimony from Intel, PeopleSupport and Moody's executives.

As always, Raj starred in the recording. This time, his guest was Rajiv Goel, the former Intel executive who has already plead guilty to occasionally tipping his longtime friend on a merger between Sprint and Clearwire .

» Read More
  Tuesday, 22 Mar 2011 | 2:00 PM ET

For ETFs, Flows Into Japan Could Be an Ominous Sign

Posted By: Jeff Cox
Shares in Tokyo dropped following the deadly March 11 earthquake and tsunami
Yoshikazu Tsuno | AFP | Getty Images
Shares in Tokyo dropped following the deadly March 11 earthquake and tsunami

That sound of pounding hooves you’ve been hearing is of investors entering Japan, not leaving the disaster-ravaged country, which has become an unlikely darling for fund money.

Inflows into Japan ETFs since an earthquake and tsunami ravaged the nation have confounded market strategists and generated as many cautions as buy signals.

» Read More
  Tuesday, 22 Mar 2011 | 12:40 PM ET

The Mystery of Consumer Confidence

Posted By: John Carney
retail sales
Steven Puetzer | Getty Images
retail sales

The preliminary estimate of the University of Michigan consumer confidence index unexpected dropped in March to the lowest level since last October. The headline index dropped from 77.5 to 68.2. But by far the worse drop was in the expectations of the future, which plunged from 58.3 to 71.6.

So what does plunging consumer confidence in the future mean for businesses, investors and consumers?

» Read More
  Tuesday, 22 Mar 2011 | 9:58 AM ET

Munis: Not Unbreakable Bonds at All

Posted By: John Carney
Photo by: John Carney

Municipal-bond prices fell Monday as we entered into one of the largest issuance weeks this year. The weakness in the face of increased supply may indicate that there is still a lot of nervousness about the muni market.

Note that, on a historical basis, the supply isn’t all that large.

» Read More
  Tuesday, 22 Mar 2011 | 9:37 AM ET

If You Need a New Car You Better Buy One Now

Posted By: Julia La Roche
A morning roundup of today's headlines. »Read more
  Monday, 21 Mar 2011 | 4:24 PM ET

AT&T / T-Mobile Merger Faces Anti-Trust Scrutiny

Posted By: Ash Bennington

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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.


Wall Street

  • PIMCO headquarters in Newport Beach, California

    The Pimco Total Return Fund, launched by Bill Gross, has lost its title as the world's biggest bond mutual fund, following two years of withdrawals.

  • Shares in global bank rise on Q1 results just days after its annual general meeting, at which it said that it was considering moving from London.

  • UBS

    The Swiss banking giant reported a hike in profit for its first quarter, despite the SNB's shock decision to unpeg its currency from the euro.