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  Monday, 10 Jan 2011 | 9:58 AM ET

Bernanke on Municipal Bond Bailout: No Way

Posted By: Ash Bennington
Federal Reserve Bank Chairman Ben Bernanke
Getty Images
Federal Reserve Bank Chairman Ben Bernanke

On Friday, Federal Reserve Chairman Ben Bernanke dismissed the possibility that the central bank would intervene in the municipal credit markets.

In testimony before the Senate Budget Committee Bernanke said: "We have no expectation or intention to get involved in state and local finance." He later said that states "should not expect loans from the Fed."

The comes according to a story in Friday's Wall Street Journal.

According to the Journal, the rationale for the policy of nonintervention is the following:

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  Monday, 10 Jan 2011 | 9:21 AM ET

More Compensation Changes for Credit Suisse Bankers

Posted By: Ash Bennington
Bankers Bonus
iStockphoto
Bankers Bonus

Credit Suisse announced this morning that more of its bankers will be paid using deferred bonuses—essentially paying bonuses in stock rather than cash.

Prior to two years ago, deferred bonuses were paid only to bankers earning more than $125,000 in bonus compensation; that threshold was then lowered to 50,000 Swiss francs- or a little over $50,000 U.S. Now, 35 to 70 percent of bonuses will be paid in deferred compensation- compared to 15 to 60 percent from earlier years.

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  Monday, 10 Jan 2011 | 8:55 AM ET

Goldman Prop Traders Jump to Hedge Funds

Posted By: Ash Bennington

New Stress Tests for U.S. Banks [Financial times] US Financial institutions will face another round of stress tests. The tests come amid calls for banks to begin returning profits to investors. "The exercise, mirroring the tests of May 2009 when the sector was reeling from the crisis, comes as investors have been pressing banks to return part of their surging profits. The calls have gone unanswered, contributing to the low valuation of many bank stocks, because after injecting billions of dollars to recapitalise the sector, regulators have been wary of sanctioning capital returns."

ECB Purchases Support Portuguese Bonds As Bailout Pressure Mounts [Reuters] "The European Central Bank threw Portugal a temporary lifeline on Monday by buying up its bonds, traders said, as market and peer pressure mounted for Lisbon to seek an international bailout soon. A senior euro zone source told Reuters on Sunday that Germany, France and other euro zone countries were pushing Portugal to seek an EU-IMF assistance program, following Greece and Ireland, in a bid to prevent contagion spreading to much larger Spain, the fourth biggest economy in the euro area. The interest rate premium on Portuguese sovereign debt fell on Monday after rising sharply late last week as traders said the ECB intervened to buy government bonds on the secondary market."

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  Monday, 10 Jan 2011 | 7:26 AM ET

Waking up With Nicole Lapin

Posted By: Nicole Lapin

Get up—it's a busy day. Here's what you've missed while you were sleeping and what you need to know to carpe this Manic Monday:

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  Friday, 7 Jan 2011 | 4:29 PM ET

Narcissists Rejoice: Self-Centeredness Is an Asset

Posted By: Ash Bennington
Andreas Pollok | Getty Images

Self-absorbed behavior may be good for your career on Wall Street.

A study jointly performed by professors from the London Business School and Harvard Business School purports to show that 'Luxury' makes people behave in more self-centered ways.

Apparently, our great institutions of higher learning have just caught on: Spoiled people sometimes behave badly.

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  Friday, 7 Jan 2011 | 4:09 PM ET

Massachusetts High Court Slams Banks on Mortgage Foreclosures

Posted By: John Carney
Foreclosure Sign
CNBC.com
Foreclosure Sign

There's no way to overstate the importance of today's decision by the Supreme Judicial Court of Massachusetts to void the seizure of two homes by Wells Fargo and US Bancorp.

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  Friday, 7 Jan 2011 | 1:31 PM ET

Kevin Brady: IRS Should Push Back April 15th Deadline

Posted By: Lori Ann LaRocco

The late decision by Congress to extend the Bush tax cuts is creating some unexpected complications.

Since Congress didn't pass the extension until December 17th, the IRS has not had enough time get the necessary systems ready. That means that if you one of the 50 million taxpayers who itemize, you can't file until mid-to-late-February because that's how long it will take Uncle Sam to reprogram its processing systems.

If any good comes of this latest fiasco, it might be a renewed push for tax reform. I decided to speak with Deputy Whip Kevin Brady \(R-TX\), the new Vice Chairman of the Joint Economic Committee and Chairman of the Ways and Means Subcommittee on Trade on the realities of tax reform.

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  Friday, 7 Jan 2011 | 1:13 PM ET

Spoof Bank Letter Goes Viral for Its 12 Birthday

Posted By: John Carney
Hans Neleman | Stone | Getty Images

Have you seen the sarcastic letter supposedly written by a 98-year-old woman in the UK to her bank?

According to many of the versions circulating today it was “recently published in the Times.” It’s very funny, and I’m reprinting it in full below.

But beware: it’s a spoof.

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  Friday, 7 Jan 2011 | 1:11 PM ET

Paper Chase: QE2 Is Great Business for This Guy

Posted By: Nicole Lapin
Chad Wasilenkoff, CEO of Fortress Paper
Chad Wasilenkoff, CEO of Fortress Paper

It’s the paper chase, baby. And Fortress Paper CEO Chad Wasilenkoff is making bank.

“With the quantitative easing that’s going on right now, it’s very very busy these days,” he told me on CNBC’s “Worldwide Exchange.”

» Read More
  Friday, 7 Jan 2011 | 12:28 PM ET

Is Wikileaks About to Release Its Bank Cache?

Posted By: John Carney
Julian Assange
Getty Images
Julian Assange

Something curious is going on at WikiLeaks.

Or, rather, something is not going on. And that's curious.

The last release of diplomatic cables from WikiLeaks came out on January 4th. This three day gap between Wikileaks releases is the longest ever to occur since Wikileaks began releasing the diplomatic cables.

» Read More

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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.

 

  • 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 CNBC's 5pm ET show "Fast Money."

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