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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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  Thursday, 6 Jan 2011 | 5:15 PM ET

China's Charms Deconstructed

Posted By: Ash Bennington

Geithner Warns on Debt Ceiling [Washington Post] I'm no policy genius—but the federal debt ceiling is not something either party should play political chicken with. Not smart: Not by a long shot. The Washington Post reports: "Treasury Secretary Timothy Geithner warned lawmakers Thursday that the national debt could hit the legal limit on federal borrowing as soon as March 31, and he urged them to act quickly to avoid a government default that would spark 'catastrophic economic consequences that would last for decades.'"

China's Charms Deconstructed [New York Times] Wait: China is buying European debt for its own selfish reasons? You mean, they aren't helping out just because they're nice boys & girls? This is shocking! Shocking I tell you! The Times Reports: "What’s with China’s charm offensive in Europe? Chinese officials have stepped up their vows of support for Europe in the past several weeks, and have grown increasingly vocal about pledging to help Europe contain a sovereign debt crisis and accelerate a recovery. This past week, Beijing renewed a pledge to buy debt from Spain and other countries feared to be facing a bailout.

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  Thursday, 6 Jan 2011 | 5:14 PM ET

ACA Sues Goldman Sachs Over Abacus Deal

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

ACA Financial Guaranty Corporation is suing Goldman Sachs over the deal that gave rise to fraud charges from the Securities and Exchange Commission last year.

ACA, a once high flying monoline bond insurance company, filed a law suit in New York today, claiming that Goldman had committed fraud and unjustly enriched itself in connection with the sythetic collateralized debt obligation called Abacus. ACA is seeking $120 million in compensatory and punitive damages.

ACA served as the “portfolio selection agent” and collateral manager in the Abacus deal, although the securities in the transaction were primarily selected hedge fund manager John Paulson.

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  Thursday, 6 Jan 2011 | 4:07 PM ET

Which Hedge Fund Is Keeping An FBI Raid Secret?

Posted By: John Carney

Could a small Manhattan hedge fund be keeping the fact that it was raided by federal agents a secret from investors?

Back on November 22, the FBI raided three hedge funds—Diamonback Capital management, level Global and Loch Capital management.

But about a week before that the Feds searched the offices of another hedge fund—whose identity remains a mystery.

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  Thursday, 6 Jan 2011 | 3:04 PM ET

Unused Law Degree: $200k on eBay, Going Once, Going Twice....

Posted By: Stephanie Landsman
degree and cash
Mike Kemp | Getty Images
degree and cash

She’s a law school graduate trying to unload her diploma on eBay for $200,000 due to “severe financial distress.”

We first wrote about “Resume Goddess” yesterday. Today, we’ve uncovered more details regarding her background and financial situation.

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  Thursday, 6 Jan 2011 | 2:28 PM ET

Hey, Look: Goldman Is Performing An Economically Useful Function

Posted By: John Carney
Goldman Sachs
Getty Images
Goldman Sachs

Let’s take a break from griping about whether Goldman is breaching the Volcker rule , circumventing securities laws, or diabolically double-crossing Facebook .

One thing that seems to have escaped everyone’s notice here is that Goldman Sachs —the reviled villain of Wall Street—is actually serving the two traditional functions of an investment bank by doing this deal with Facebook.

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  Thursday, 6 Jan 2011 | 1:41 PM ET

Michael Burgess: CBO Numbers on Health Care Are Pure Fantasy   

Posted By: Lori Ann LaRocco

The momentum is picking up against the health care repeal vote. The Congressional budget office issued a statement saying they estimate the repeal would increase the deficit by $230 billion by 2021.

This statement came to no surprise by those following the debate. Many Democrats have already been saying this. But now that the genie is out of the bottle. I decided to ask Congress Michael Burgess \(R-TX\) a physician and member of the Health Subcommittee on this thoughts on the upcoming vote.

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  Thursday, 6 Jan 2011 | 1:09 PM ET

Wall Street Wonders if Goldman Will Double-cross Facebook

Posted By: John Carney
Ernst Stavro Blofeld from You Only Live Twice.
Ernst Stavro Blofeld from You Only Live Twice.

Goldman Sachs' plan to offer clients up to $1.5 billion in Facebook equity has many on Wall Street wondering if the vampire squid has a secret plan to force the social network to go public.

“Maybe it’s just envy talking—we would have killed to be in this deal—but part of me wonders if Goldman is pulling a fast one on Facebook,” an executive at a rival Wall Street firm told me last night.

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  Thursday, 6 Jan 2011 | 11:21 AM ET

The Mall vs. Your Computer

Posted By: Lori Spechler
Woman working from home.
Ryan McVay | The Image Bank | Getty Images
Woman working from home.

Americans are passionate about shopping and the latest data makes it clear that they are embracing the online model in record numbers.

Can malls survive the onslaught in online shopping? The opportunity to eat at your desk and shop simultaneously?

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  Thursday, 6 Jan 2011 | 10:43 AM ET

10 Fun Reads for Thursday

Posted By: James Altucher
Newspapers
James McHuff
Newspapers

Here's what you should be reading this morning.

1. 53 things I learned from Stocktwits founder Howard Lindzon. #1: make friends through violence.

2. Was the first Wikileaks really started in 1964 ?

3. Quora is quickly overtaking Twitter .

4. It's quite possible we could have10% unemployment forever .

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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."

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