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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.”

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  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.

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  Friday, 7 Jan 2011 | 12:24 PM ET

Wow! Accused Insider-Trading Lady Calls Blogger to Ask for Help Finding a Lawyer

Posted By: John Carney
Gavel
Frances Twitty | Getty Images
Gavel

A former technology consultant jailed in the federal crackdown on insider trading at hedge funds called Business Insider early this morning to ask for help finding a lawyer.

"Perhaps I can eventually talk to you more," Winifred Jiau told Business Insider reporter Katya Wachtel during a phone call from jail, shortly after midnight on Friday. "But I need a lawyer in New York who can help me make bail. I really need a councilor."

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  Friday, 7 Jan 2011 | 12:18 PM ET

Happy Friday: Hula Hoop Edition

Posted By: John Carney

Every Friday we try to ease you into the weekend with a bit of video candy. Today's edition has a very talented hula hooping girl, a windmill, open fields and a wonderfully catchy Fatboy Slim song.

»Read more
  Friday, 7 Jan 2011 | 10:56 AM ET

Nicole Lapin's Short & Long List

Posted By: Nicole Lapin
CNBC

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

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  Friday, 7 Jan 2011 | 10:34 AM ET

The Worst Person in The World: Broker Who Defrauded Nuns

Posted By: John Carney
Ulli Seer | LOOK-foto | Getty Images

Sometimes its good to remember that there are real villains in the world. On Thursday, the SEC fined one villain named Paul George Chironis and barred him from acting a stockbroker for life.

His alleged wrongdoing? Cheating nuns.

Here's how the SEC describes his misdeeds .

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  Friday, 7 Jan 2011 | 8:45 AM ET

Payroll Numbers Show Surprising Weakness

Posted By: Ash Bennington

Facebook Moves toward IPO [Wall Street Journal] "Facebook Inc., one of the world's hottest technology companies, gave the clearest sign yet that it is preparing to take itself public sometime next year, as it revealed new details in a 100-page document sent to a select group of potential investors. Facebook, of Palo Alto, Calif., said it plans to increase its number of shareholders above 500 this year, according to the private-placement document, forcing the social-networking company to begin disclosing reams of financial information or go public by April 2012."

Citigroup Shops Its Consumer Finance Division [CNBC via Financial Times] "Citigroup is seeking buyers for CitiFinancial, the largest consumer finance company in the US, in a deal that could raise hundreds of millions of dollars and mark a milestone in the bank's efforts to break with its troubled past. People close to the situation said that after months of restructuring, Citi had begun contacting potential buyers for CitiFinancial, which was one of the building blocks in its ill-fated plan to become an all-purpose 'financial supermarket'."

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  Friday, 7 Jan 2011 | 7:25 AM ET

Waking up With Nicole Lapin

Posted By: Nicole Lapin

TGIF. Not to rub it in, but it's already happy hour somewhere. Here's what bankers will be drinking to forget there:

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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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