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NetNet With John Carney

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  Tuesday, 28 Sep 2010 | 10:11 AM ET

Will Overseas Tax Cut Proposal Become GOP’s New Legislative Darling?

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CNBC’s own Dennis Kneale wrote a highly thought provoking piece last Friday about John Chambers’ new proposal to slash tax rates on the revenue U.S. corporations earn overseas.

Mike Kemp | Getty Images
GOP symbol and cash

Under the existing code, overseas corporate income is currently taxed at 35%. Because tax is collected only after profits are repatriated to the U.S., those funds often remain parked offshore, outside of the United States. Chambers overseas rate cut proposal would lower that tax rate from 35% to 5% — which has the potential to bring hundreds of billions of dollars back into the U.S. economy.

The numbers involved are impressively large: It is estimated that there are currently $1.2 trillion in funds parked by U.S. companies overseas, and 1 trillion of those dollars are believed to be concentrated among 75 of the largest corporations in America.

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  Tuesday, 28 Sep 2010 | 9:46 AM ET

Chris Christie Packs Them In At UBS Muni Conference

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Word has spread that New Jersey governor Chris Christie will speak at a UBS conference on municipal bonds, according to people familiar with the matter.

Mandel Ngan | Getty Images
New Jersey Governor Chris Christie

Christie is one of the most in-demand political speakers in the nation these days. There is talk he could run for president on the GOP ticket, or perhaps be tapped as the running-mate of the nominee.

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  Tuesday, 28 Sep 2010 | 8:45 AM ET

What’s Wrong With Wall Street? Simple.

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JPM may go after WaMu. (CNBC.com) Claims could total more than $6 billion.

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  Monday, 27 Sep 2010 | 4:58 PM ET

Morgan Stanley: The New Merrill Lynch — Not Goldman Sachs?

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“Can you grab me a diet coke — and three grams of bullion?” (CNBC.com) Gold dispensing vending machines coming to U.S.

»Read more
  Monday, 27 Sep 2010 | 4:55 PM ET

Hiring Freeze: Morgan Stanley Hasn't Hired Anyone For Over A Month

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Morgan Stanley declined comments on a report from a rival network claiming the firm is considering layoffs or bonus cuts at year end.

A person close to the company says the firm has no plan to layoff any employees at year end. Having made deep cuts to headcount during the financial crisis the firm is comfortable with its employment levels in the institutional business. The source could not speak for the Salomon Smith Barney brokerage joint venture.

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  Monday, 27 Sep 2010 | 4:36 PM ET

Don't Trade Gold, Trade Gold Volatility

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Last week, noted provocateur John Carney boldly suggested that hedge funds short gold into the recent rally.

Jose Luis Pelaez | Iconica | Getty Images
Gold

Bold?

Yes. But if shorting into a global rally of uncertain proportions is more than your stomach lining can handle … here are 3 other ideas to play the rally.

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  Monday, 27 Sep 2010 | 4:27 PM ET

Pretty in Pla$tic

Posted By: Stephanie Landsman, Producer for "Squawk Box"

It's not exactly new material. The Merriam-Webster dictionary says the first known use of it was in 1982.

Getty Images
Clothing purchase

Like the bull market, we haven't seen a big push for faux leather or "pleather" in a long time. But, it's making a comeback. What polyester was to John Travolta in 1977, pleather may be to us in 2010.

Wall Street Strategies Research Analyst Brian Sozzi says retailers are betting heavily right now on the plastic leather for jackets and boots. The trend started last holiday season.

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  Monday, 27 Sep 2010 | 4:05 PM ET

David Rosenberg Throws Up All Over Tepper’s Optimism

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The kind of people who like to attribute movements of stock indexes to causal events were busy attributing Friday’s rally to the remarks of David Tepper on Squawk Box.

“Call it the Tepper rally,” Mark DeCambre of the New York Post wrote .

Tepper’s bullishness was based on his prediction that we’re facing two possible economic outcomes—either the economy recovers on its own or the Fed will step in to inject more money through quantitative easing.

If the economy recovers on its own, stocks will rise, bonds won’t do as well, and gold won’t do as well, Tepper told CNBC. If the economy double-dips, the Fed will renew its quantitative easing.

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  Monday, 27 Sep 2010 | 3:58 PM ET

Greenberg: ETF Boosters Say 'Don’t Worry, Be Happy'

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“If the very nature of these ‘creation units’ is beyond the comprehension of most investors, the actual mechanics of ETFs involve an even far more complex matrix of transactions.”

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  Monday, 27 Sep 2010 | 3:25 PM ET

Market Quote: Is QE2 Really Bernanke's Bluff?

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“By doing the only thing he can do in these ‘unusually uncertain’ times which is to assure investors that the Fed will step in and ‘provide additional accommodation’ if the outlook should deteriorate, Mr. Bernanke has convinced investors he’s holding a royal flush. And because investors are choosing to believe his bluff and that another round of quantitative easing will be launched to stimulate a slow economy if needed, investors are doing Mr. Bernanke’s bidding for him.”

Abigail Doolittle, founder, Peak Theories Research

Last Friday’s CNBC appearance by hedge fund manager David Tepper garnered much interest among the capital market pros, particularly since it seemed to generate a wave of buying interest that pushed stocks up sharply in the day’s trading. \(See my piece, “Who Let the Bulls Back In? ” \)

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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.

Contact NetNet

  • Senior Editor covering Wall Street, hedge funds, financial regulation and other business news.

  • Senior writer for CNBC.com, covering the gamut of issues affecting the stock market and the economy.

  • Stephanie Landsman is the line producer of CNBC's 5pm ET show "Fast Money."

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