Investors have been all but ignoring a fairly miserable earnings season as hopes proliferate that it's only a blip on the profit radar.» Read More
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.
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.
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.”
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.
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."
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.
Nicole Lapin, of CNBC's Worldwide Exchange, explains what she's long and what she's short this week.
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'."
Hedge funds have seen the worst start to the year since the financial crisis, as returns in January and March were both in the red.
The Fed indicated to Citi that it would get more time to fix "stress test" planning problems before rejecting its capital plan.
Goldman Sachs reported quarterly earnings and revenue that topped analysts' expectations on Thursday.