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  Wednesday, 19 Jan 2011 | 11:59 AM ET

Obama Welcomes Hu Jintao to White House...With A Rap Battle

Posted By: John Carney

In honor of the visit by Chinese President Hu Jintao to the White House today, we bring you the US-Sino Currency Rap Battle.

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  Wednesday, 19 Jan 2011 | 11:49 AM ET

Freddie Mac Downplays Citi's Mortgage Problem

Posted By: John Carney
Citigroup Building
Getty Images
Citigroup Building

Insiders at Freddie Mac are downplaying the memo revealed by Bloomberg yesterday.

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  Wednesday, 19 Jan 2011 | 11:05 AM ET

'Death Vans'— Probably Not on Today's Sino-US White House Agenda

Posted By: Ash Bennington
Pirate Flag
Photo: Nick Humphries
Pirate Flag

Here's one topic not likely to come up for discussion between President Obama and Chinese president Hu Jintao: 'death vans'.

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  Wednesday, 19 Jan 2011 | 10:43 AM ET

Pay Plummets 14% At Goldman Sachs

Posted By: John Carney
Goldman Sachs
Source: goldmansachs.com
Goldman Sachs

Goldman Sachs was not kidding when it began telling employees earlier this year that pay would be "modest."

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  Wednesday, 19 Jan 2011 | 10:09 AM ET

Counterpoint: The Chinese Mother Is Worth Listening to, Even When She's Wrong

Posted By: John Carney
Inti St Clair | Digital Vision | Getty Images

A few years ago, I spent the long weekend over MLK studiously avoiding doing either the conservative thing—celebrating our country’s dedication to equality and color-blindness—or the progressive thing—celebrating the accomplishments of African Americans.

Instead, I read a book called "The Geography of Thought: How Asians and Westerners Think Differently … and Why. "

Psychologist Richard E. Nisbett started out as a universalist concerning the nature of human thought, convinced that all populations perceive and reason in the same way. Apparently, this is \(or was\) a very common assumption among psychologists. Prompted by a Chinese student, however, Nisbett began to read more broadly and discovered evidence that Westerners and East Asians have maintained very different systems of thought for thousands of years.

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  Wednesday, 19 Jan 2011 | 10:09 AM ET

Point: The 'Chinese Mother' Who Won't Go Away

Posted By: Ash Bennington
Elyse Lewin | Getty Images

I'd like to keep this short—because I've tried very hard not to write about it at all. But the story just won't die.

Ten days ago, a Yale Law school professor named Amy Chua wrote an essay in the Wall Street Journal called "Why Chinese Mothers Are Superior ". If you've missed the debate, I'll provide a thumbnail sketch.

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  Wednesday, 19 Jan 2011 | 9:43 AM ET

Amanda Glassman: Budget Crisis Could Lead to Health Care Rationing

Posted By: Lori Ann LaRocco

As more and more states go deeper in the red, the possibility of "health care rationing" becomes more and more probable. Arizona recently decided to halt Medicaid reimbursements for organ transplants, for example.

I've talked to some of my contacts in DC and they say health care rationing could be the next big thing in today's tumultuous fiscal reality. I decided to speak with Amanda Glassman, Director of Global Health at the Center for Global Development, to find out more about about this phenomenon.

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  Wednesday, 19 Jan 2011 | 8:45 AM ET

AIG Names 4 Banks as Lead Underwriters for Re-IPO

Posted By: Ash Bennington

Goldman Profit Beats, but Profits Drop Sharply from Previous Quarter [CNBC] "Goldman Sachs reported a fourth-quarter profit that edged past Wall Street expectations Wednesday, but its quarterly revenue came in below forecasts as investment banking and client services revenue slipped. For the three months ended December, Goldman reported a profit of $3.79 a share, down from $8.20 a share in the same quarter a year ago. Revenue fell to $8.64 billion from $9.62 billion in the year-ago period."

Wells Fargo Reports in Line Earnings [CNBC] "Wells Fargo posted earnings that matched expectations Wednesday, though the bank topped Wall Street's expectations on revenue. The banking giant reported fourth-quarter earnings of 61 cents a share. Wells Fargo earned 8 cents a share during the same period a year earlier. Sales for the most recent quarter rose to $21.49 billion, up from $22.70 billion last year."

"AIG Names 4 Banks as Lead Underwriters for Re-IPO" [CNBC] CNBC'sKate Kelly reports: "The giant insurer American International Group has chosen four banks to be joint global coordinators of its expected secondary offering: Bank of America, Deutsche Bank, Goldman Sachs, and JPMorgan Chase, according to people familiar with the matter. "

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  Tuesday, 18 Jan 2011 | 4:56 PM ET

Volcker Rule & Additional Financial Oversight Are Coming. Slowly.

Posted By: Ash Bennington

"Why Obama May Be Wall Street's New Best Friend" [CNBC] CNBC's Jeff Cox discusses president Obama—past, present, and future: "Candidate Obama was an anti-tax cut, pro-regulation, anti-big business populist ready to take on Wall Street and any fat-cat CEO who stood in his way. President Obama? A bit of a different story."

Citi Posts First Post Bail-Out Profit—Still Misses Estimates [DealBook—New York Times] "Citigroup announced quarterly profits of $1.3 billion on Tuesday, bringing its 2010 earnings to $10.6 billion, as the bank saw fewer losses on troubled loans. This is the first time Citigroup has posted a full-year profit since Vikram S. Pandit was named chief executive in 2007. Citigroup reported a loss of $1.6 billion in 2009, on top of a crippling $18 billion loss the year before. The bank has now turned a profit for four consecutive quarters."

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  Tuesday, 18 Jan 2011 | 4:45 PM ET

Facebook, Goldman Sachs and the Poison Chalice

Posted By: John Carney
The Goldman Sachs booth on the floor of the New York Stock Exchange
Getty Images
The Goldman Sachs booth on the floor of the New York Stock Exchange

If Goldman Sachs were not the source of the leaks about its deal with Facebook, would it have been forced to withdraw the offering from US clients anyway?

Maybe.

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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 "Fast Money."

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