GO
Loading...

NetNet

More

  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. "

» Read More
  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."

» Read More
  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.

» Read More
  Tuesday, 18 Jan 2011 | 4:20 PM ET

Blackstone Twitter Wrap—Hour 1

Posted By: Ash Bennington
Twitter
Twitter

At approximately 2 PM today Blackstone Group—one of the largest private equity investment firms in the world—officially joined the Twitterverse by sending out its first tweet.

» Read More
  Tuesday, 18 Jan 2011 | 3:53 PM ET

State Bankruptcy: An Idea That's Ready for Primetime?

Posted By: Ash Bennington

Changing federal bankruptcy law to allow individual states to file is an idea that appears to be gathering momentum—and opposition.

Under current US bankruptcy laws, the states are prevented from filing for bankruptcy—as municipalities now are permitted to do in about half the states. But the rhetoric is heating up, according to an article in the LA Times , in the weeks since my colleague Nicole Lapin reported on the topic .

» Read More
  Tuesday, 18 Jan 2011 | 3:26 PM ET

Is Barack Obama's 'Cost-Benefit' Analysis Too Costly?

Posted By: John Carney
President Barack Obama
Photo by: Pete Souza
President Barack Obama

Barack Obama’s editorial in the Wall Street Journal is sure to land him in hot water with the left and perhaps win him a few supporters on the right.

In case you missed the news, the president put his byline over a Wall Street Journal op-ed saying that he will sign an executive order to ensure that federal regulations strike a balance between protecting safety, health and the environment, on the one hand, and economic prosperity, on the other.

» Read More
  Tuesday, 18 Jan 2011 | 2:37 PM ET

RIM, Google and Microsoft: The Ghoul Trade

Posted By: Joshua Brown
AP

Apple is down around 3 percent to 4 percent today on the news of a health-related leave of absence for Steve Jobs. There has been much discussion in the media and among analysts about the "Steve Jobs Premium" and what his day-to-day presence is truly worth in terms of market cap and shareholder value.

» Read More
  Tuesday, 18 Jan 2011 | 12:53 PM ET

Email of the Week: NetNet as a Contrarian Indicator

Posted By: John Carney
Rose | Mueller | Stock4B | Getty Images

A reader by the name of "Jim K." writes in to comment on our coverage of the banking sector. He's a bull who is really hoping we don't change our bearishness.

» Read More
  Tuesday, 18 Jan 2011 | 12:07 PM ET

Tim Pawlenty: Congress Is Sitting on Top of a Ponzi Scheme

Posted By: Lori Ann LaRocco
Tim Pawlenty
Getty Images
Tim Pawlenty

Former Republican Minnesota Governor Tim Pawlenty may not have officially announced his candidacy for President but the Governor is busy laying out his plan on how to cut the government spending.

Pawlenty is advocating legislation that would block any attempt to raise the debt ceiling, while putting in place a rule prioritizing spending so that the US wouldn't default on its debt when the ceiling is hit.

I spoke with him on this fiscal measure and what the country needs to do before Uncle Sam drives off the fiscal cliff.

» Read More
  Tuesday, 18 Jan 2011 | 12:04 PM ET

Does Medical Leave Pose An Ethical Challenge For Steve Jobs?

Posted By: Lori Ann LaRocco

Apple shareholders got a shock Monday.

While the U.S. markets were closed for the Martin Luther King Jr. holiday, Steve Jobs sent a letter to his employees saying he was taking a medical leave of absence but was still retaining his title of CEO. Chief Operating Officer Tim Cook would again be responsible for the day to day activities.

His leave begs the question again of transparency and disclosure. Just how much should the company disclose to its shareholders on their CEOs health and when does disclosing too much breach Jobs' privacy? I decided to ask Bruce Weinstein, BusinessWeek.com's Ethics Columnist those questions.

» Read More

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 "Fast Money."

NetNet TV

Wall Street