Friday, 14 Jan 2011 | 11:25 AM ET

A Wall Street Mystery: Where Was Goldman's CEO?

Posted By: John Carney
Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill in Washington, DC, April 27, 2010.
Jim Watson | AFP | Getty Images
Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill in Washington, DC, April 27, 2010.

Some of the most powerful people on Wall Street passed through the offices of the law firm Davis Polk & Wardell yesterday. JPMorgan Chase’s Jamie Dimon was seen pacing around the lobby. Bank of America’s Brian Moynihan was there. Morgan Stanley’s James Gorman made an appearance. But...

Notably absent: Goldman Sachs’s Lloyd Blankfein.

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  Friday, 14 Jan 2011 | 10:47 AM ET

Nicole Lapin's Short & Long List

Posted By: Nicole Lapin

Nicole Lapin, of CNBC's Worldwide Exchange, explains what she's long and what she's short this week.

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  Friday, 14 Jan 2011 | 9:36 AM ET

US & China: The Greatest Hits Edition (The Cavalcade of Contentious Topics Likely to Arise Between Presidents)

Posted By: Ash Bennington
Flag of the People's Republic of China
Kick Images | Photodisc | Getty Images
Flag of the People's Republic of China

Listening to China and the United States hash through the same talking points is like listening to your parents have the same fight throughout the course of your childhood: The issues remain the same—and the pain never quite subsides.

This week, ahead of President Hu Jintao's visit to the United States on Wednesday, we continue to hear the same issues reverberate in the media echo chamber.

Agustino Fontevecchia, writing for Forbes.com , picks up on the dysfunctional marriage metaphor as well: "While their realities couldn't be more distant, their destinies are tied to the point where it is absolutely necessary for the world economy, and for their respective economies, that the U.S. and China figure out how to keep their unwanted marriage healthy. The problem, as in many fights between couples, is that neither party is willing to both accept its share of the blame and give creed to the other's valid arguments."

And so, within that context, I present a list of greatest hits: A sampling of the principle contentions that will likely be probed when president Obama meets with Mr. Hu:

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  Friday, 14 Jan 2011 | 9:25 AM ET

Signs of a Coming Apocalypse in Muni Land?

Posted By: Ash Bennington

JPMorgan beats the Street [Reuters & CNBC] "JPMorgan reported higher-than-expected quarterly earnings, helped by narrowing losses on bad loans that allowed it to release $2 billion in reserves. JPMorgan, the first of the major U.S. banks to report earnings for the fourth quarter, said profit increased to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, a year earlier. 'This was a pretty good number and… the indication for other investment banks is rather positive,' Jeff Hart, Principal at Sandler O'Neill, told CNBC."

Goldman Reveals New Crisis Funding [CNBC via The Financial Times] "Goldman Sachs has revealed details of about $5 billion in investment losses suffered during the crisis for the first time this week, in a move that will deepen the debate over companies’ financial disclosures. The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC. The figures, issued as part of internal reforms aimed at silencing Goldman’s critics, show that the bank suffered $13.5 billion in losses from 'investing and lending' with its own funds in 2008."

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  Friday, 14 Jan 2011 | 7:51 AM ET

Waking up With Nicole Lapin

Posted By: Nicole Lapin

I don't care if you're in love, but it's Friday. Here's what you may have missed overnight and what you need to know today while you head to work and try to get The Cure outta your head:

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  Thursday, 13 Jan 2011 | 5:14 PM ET

Huge Shake Up at Morgan Stanley: Fleming Gets Top Wealth Management Spot

Posted By: John Carney
Morgan Stanley
Gregory Bull
Morgan Stanley

Greg Fleming has been tapped to run Morgan Stanley's wealth management business.

Susan Craig at the New York Times gets credit for breaking the story.

"James Gorman, the firm’s chief executive officer, announced the move on Wednesday. Mr. Gorman and Mr. Fleming are old friends; the two worked together as executives at Merrill Lynch, now owned by Bank of America," Craig writes.

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  Thursday, 13 Jan 2011 | 4:47 PM ET

It Ain't Brain Surgery

Posted By: Ash Bennington

It Ain't Brain Surgery—But the Pay is Twice as Nice [Bloomberg] "Wall Street traders discouraged by declining bonuses this month can take solace: They still earn much more than brain surgeons and top U.S. generals. An oil trader with 10 years in the business is likely to earn at least $1 million this year, while a neurosurgeon with similar time on the job makes less than $600,000, recruiters estimated. After a decade of deal-making, merger bankers take home about $2 million, more than 10 times what a similarly seasoned cancer researcher gets."

Economists See Improving Conditions [Wall Street Journal] "Economists surveyed by The Wall Street Journal are increasingly optimistic about the pace of the recovery, predicting the U.S. will grow at better than a 3.2% annual rate in each quarter this year."

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  Thursday, 13 Jan 2011 | 4:29 PM ET

The Fed Is Running Most Expensive Job Creation Plan Ever

Posted By: John Carney

The Federal Reserve’s easy money policies have created 3.5 million private jobs, if you believe Fed Vice Chairman Janet Yellen.

Michael Shedlock doesn’t believe her. But, he points out, even if you do believe that the Fed is creating 250,000 private sector jobs a month, it is doing so at an enormous cost .

“The Fed bloated its balance sheet by $2.3 trillion to allegedly create 3.5 million jobs,” Shedlock points out. “My math suggests it takes $657,142.86 in balance sheet additions to create a single job.”

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  Thursday, 13 Jan 2011 | 2:47 PM ET

Hang Out with NetNet on Facebook and Twitter

Posted By: John Carney
Loic Venance | AFP | Getty Images

While we weren’t looking,NetNet went and gathered a couple of hundred friends on Facebook .

We’re still an almost unnoticeable friendless peon when compared to our big sibling, CNBC, which has somewhere like 75,000 friends on Facebook.

But we’re still proud and we’re hoping you’ll sign up.

Technically, you cannot actually “friend” NetNet. Facebook has some silly rule that only real people can have friends. But you can “like” us on Facebook . That way you’ll get some of our posts in your Facebook newsfeed. Not more than a few a day, though. So don’t worry about having us clog up your Facebook page.

We’re also on Twitter . Actually, we’re on Twitter twice. There’s @cnbcnetnet , which is a feed of only our “greatest hits” during the day. If you are really hardcore and want every single NetNet post to show up in your Twitter feed, follow @netnetdigest.

Thanks! See you on Facebook and Twitter .

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  Thursday, 13 Jan 2011 | 1:11 PM ET

Why The Debt Ceiling Debate Is Necessary

Posted By: John Carney
US Capitol Building with cash
US Capitol Building with cash

The debt ceiling does not seem to have many friends these days.

John McDermott at FT Alphaville , the blog Self-Evident , and Felix Salmon have all issued thrashings . The gist of the complaints is that since the debt ceiling will eventually be raised, all the political debate leading up to the eventual raise is just political posturing at best, and dangerous demagoguery at worst.

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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.


  • 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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