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  Tuesday, 11 Jan 2011 | 4:58 PM ET

Democrats Demand Answers on Bank of America's Deal With Fannie Mae

Posted By: John Carney
Bank of America flag
Getty Images
Bank of America flag

The deal cut between Bank of America and the government's housing monsters is—finally—coming under scrutiny on Capitol Hill.

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  Tuesday, 11 Jan 2011 | 4:48 PM ET

Elena Kagan Botches Her First Decision

Posted By: John Carney
Elena Kegan
CNBC
Elena Kegan

Supreme Court Justice Elena Kagan has written her first opinion for the Supreme Court, taking up sides with a credit card company and against a debtor in a bankruptcy dispute.

The court decided the case by an 8-to-1 vote, ruling that Jason Ransom could not shield income from his creditors by claiming a $471 monthly car allowance for his 2004 Toyota Camry. Even though the law allows for a $471 car allowance to be excluded from payments to creditors, the court interpreted the law to mean that only car owners who owe money on their cars could take advantage of the allowance. Ransom owned the Camry outright.

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  Tuesday, 11 Jan 2011 | 4:05 PM ET

Highest-Paid Banker in Britain Warns Against Compensation Caps

Posted By: Ash Bennington
Bob Diamond
CNBC.com
Bob Diamond

Robert Diamond, the chief executive of Barclays Bank —and the highest-paid banker in the United Kingdom—took to the barricades to defend the right of bankers to be compensated with eye-popping sums.

Today in London, Diamond told the House of Commons : "The biggest issue is putting the blame game behind us. The time for remorse is over."

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  Tuesday, 11 Jan 2011 | 1:45 PM ET

Verizon Gets the iPhone

Posted By: Ash Bennington
Two women compare the new iPhone 4 (right) and an iPhone 3 in front of Manhattan's 5th Avenue Apple Store.
Emmanuel Dunand | AFP | Getty Images
Two women compare the new iPhone 4 (right) and an iPhone 3 in front of Manhattan's 5th Avenue Apple Store.

Apple's iPhone is now on Verizon wireless.

Since the time of its initial release, in January 2007, the iPhone had only been available for AT&T wireless. Until today.

Amid much fanfare—at 11:11 AM on 01/11/2011—Verizon wireless made their official iPhone announcement.

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  Tuesday, 11 Jan 2011 | 1:40 PM ET

Mayo to Citi: Change the Bulb!

Posted By: Lori Spechler
Vikram Pandit
AP
Vikram Pandit

Vikram, change the bulb!

That’s basically the message to Citi from Mike Mayo, Credit Agricole’s financial sector analyst in his first note since meeting with management in October, 2010. Mike notes Citi’s “belated” but necessary strategy to “…spend US $3 to $4 billion extra for consumer banking over three years." His latest concern is not so much with strategy but with Citi's execution of its strategy. He points out that some of Citi's older, legacy branches are in need of such basic fixes as a new bulb.

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  Tuesday, 11 Jan 2011 | 12:37 PM ET

John Hofmeister: Oil Could Reach $150 Range by Late 2012

Posted By: Lori Ann LaRocco

It's a big week for energy bulls. Crude is pushing higher on the supply disruption worries from the Trans Alaska Pipeine closure, the floods in Australia are increasing U.S. coal demand, and lower surplus reserves are expected to push natural gas prices higher.

With all these drivers ramping up, I decided to get the outlook of John Hofmeister, Former President and CEO of U.S. Operaitons for Shell Oil and Founder and CEO of Citizens for Affordable Energy.

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  Tuesday, 11 Jan 2011 | 12:12 PM ET

Goldman Sachs: Still Mostly A Huge Bond Trading Machine

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

One of the pleasures of the new openness from Goldman Sachs is getting to delve a bit more deeply into the inner workings of the vampire squid. And one thing that is apparent: the blood funnel was especially thirsty during the first few months of 2010.

Looking at Goldman's new disclosure of operating results by segment , it's obvious that Goldman's traders had a mammoth first quarter last year. The firm's fixed income, currency and commodities traders recorded over $6 billion in revenues for the first three months of the year. The equities traders took in nearly $1.3 billion.

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  Tuesday, 11 Jan 2011 | 10:34 AM ET

Playboy: Private Again—Hef Still at the Helm

Posted By: Ash Bennington

Hugh Hefner has had the greatest job in the world for my entire biological life: And he isn't slowing down.

After taking Playboy public in 1971, Hefner appears to have completed a transaction to return the company to a private corporation.

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  Tuesday, 11 Jan 2011 | 10:25 AM ET

Bank of America Is the Next Target of a WikiLeaks Megaleak

Posted By: John Carney
Julian Assange
Fabrice Coffrini | AFP | Getty Images
Julian Assange

Bank of America is the target of the next "megaleak" from WikiLeaks, according to a person who has close contact with top people at Wikileaks.

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  Tuesday, 11 Jan 2011 | 8:45 AM ET

Is Goldman Sachs 'Opening Up'?

Posted By: Ash Bennington

Is Goldman Sachs 'Opening Up'? [Wall Street Journal] "Goldman Sachs Group Inc., seeking to beat back criticism that it abused its muscle and trading savvy to put its own interests ahead of clients, agreed to release details on how and where the Wall Street giant makes its money. In a 63-page report set to be released Tuesday, Goldman says that for the first time in its 142-year-history, it will start disclosing how much revenue comes from the firm's own trading and investing, according to a copy of the report reviewed by The Wall Street Journal. "

Get Ready for More WikiLeaks [CNBC via Reuters] "WikiLeaks will step up its publication schedule of secret documents, founder Julian Assange announced Tuesday, promising more revelations based on the group's stash of confidential U.S. embassy cables and other leaks. Assange, 39, spoke to reporters outside London's high-security Belmarsh Magistrates' Court, where he and his lawyers appeared for a hearing in his fight against extradition to Sweden, where he is wanted in a sex-crimes inquiry."

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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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