GO
Loading...

NetNet

More

  Wednesday, 12 Jan 2011 | 9:22 AM ET

Who's on Top at Goldman Sachs?

Posted By: Ash Bennington

Portuguese Debt Auction Clears Below Important 7 Percent Threshold [Financial Times] The FT reports a mixed bag on Lisbon's latest auction: "Portugal successfully issued debt on Wednesday in the first bond sale of the year from a 'peripheral' eurozone economy, taking away some of the pressure for a bail-out of the indebted country. But investors warned the country was still likely to follow Greece and Ireland in seeking emergency rescue loans because of its stagnating economy. The most closely watched government bond auction of the year to date saw Lisbon sell €1.25bn of four-year and 10-year bonds. It was the maximum amount that debt managers were looking to sell and demand was strong. Critically, Lisbon paid yields of 6.71 per cent for the 10-year bonds, below the 7 per cent threshold that the government has acknowledged is unsustainable and in the eyes of most investors is likely to force the country to seek bail-out loans."

Who's on Top at Goldman Sachs? [Wall Street Journal] Investment bankers aim for primacy at Goldman: "In the pecking order at Goldman Sachs Group Inc., traders trounced investment bankers for most of the past decade. Now, the Wall Street firm's army of investment bankers is making a comeback. The 63-page internal report released by the New York company on Tuesday showed how Goldman is trying to reassert the traditional primacy of deal making while playing down the firm's recent reliance on trading. One of the biggest reasons why: Trading caused most of the turmoil, suspicion and reputational damage suffered by Goldman since the financial crisis erupted."

» Read More
  Wednesday, 12 Jan 2011 | 7:20 AM ET

Waking up With Nicole Lapin

Posted By: Nicole Lapin

Get your UGGs on and break out the Hot Paws — here's what you missed while bundled in your electric blanket last night and need to know to have a happy snowy hump day:

» Read More
  Tuesday, 11 Jan 2011 | 5:01 PM ET

Euro Stabilizes as Japan Commits Yen

Posted By: Ash Bennington

China Eases Currency Controls [Wall Street Journal] "Bank of China Ltd., one of the country's four major state-owned banks, has opened trading in the Chinese currency to customers in the U.S., representing a symbolic endorsement by Beijing of foreign trading in the yuan.The move is the latest by China to allow the yuan, whose value is still tightly controlled by the government, to become an international currency that can be used for trade and investment. Analysts say allowing trading in the yuan, also known as the renminbi, is an early step by the Chinese government toward making its currency fully convertible into dollars and other currencies."

» Read More
  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.

» Read More
  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.

» Read More
  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."

» Read More
  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.

» Read More
  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.

» Read More
  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.

» Read More
  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.

» 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