Wednesday, 9 Feb 2011 | 7:29 AM ET

Financial Crisis Smackdown: Wallison vs Nocera, Round II

Posted By: John Carney
Glow Images | Getty Images

Back in December, New York Times business writer Joe Nocera took a shot at Peter Wallison , one of the Republican commissioners on the Financial Crisis Inquiry Commission, describing Wallison's take on the financial crisis as not, as they say, reality-based.

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  Tuesday, 8 Feb 2011 | 4:54 PM ET

Home Prices at Pre-Bubble Levels: Long Live The New Bubble

Posted By: Ash Bennington
  Tuesday, 8 Feb 2011 | 4:05 PM ET

Where Does Today's Insider Trading News Leave SAC Capital?

Posted By: Ash Bennington

After a fresh round of insider trading arrests and news conferences, hedge fund giant SAC Capital is once again in the spotlight.

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  Tuesday, 8 Feb 2011 | 3:16 PM ET

Seven Hedge Funds Unnamed in SEC Complaint

Posted By: Ash Bennington
Person standing behind the opaque glass of a door
Medioimages | Photodisc | Getty Images
Person standing behind the opaque glass of a door

Four additional people were criminally charged today in an ever widening case of insider trading.

An updated civil complaint released today by the SEC provides the best overview: "This case involves insider trading by ten individuals and one investment adviser entity, all of whom are consultants, employees, or clients of the so-called 'expert network' firm, Primary Global Research LLC [PGR]"

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  Tuesday, 8 Feb 2011 | 1:41 PM ET

Wall Street Lawyers Join SEC Colleagues to Call for Bigger Budget for Regulators

Posted By: John Carney
Picturegarden | The Image Bank | Getty Images

Perhaps one of the most stubborn myths about Wall Street is that it wants to be "deregulated." In fact, Wall Street enjoys a quite comfortable relationship with its regulators.

Witness today's column from Andrew Ross Sorkin :

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  Tuesday, 8 Feb 2011 | 1:01 PM ET

Read the SEC's Complaint Charging 10 People And One Firm With Insider Trading

Posted By: John Carney
The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC.
Getty Images
The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC.

Here's the goods.

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  Tuesday, 8 Feb 2011 | 12:47 PM ET

Anglo Irish Bank Chairman: Irish Banks Need Another €50 Billion!

Posted By: Ash Bennington

Irish banks need another 50 billion euro to clean up their balance sheets, according to Anglo Irish Bank Chairman Alan Duke .

What makes the 50 billion euro number so staggering is this: The additional capital number just named by Dukes exceeds the total 46 billion euros that banks have already received.

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  Tuesday, 8 Feb 2011 | 12:32 PM ET

Our Favorite Part of The FBI Complaint Against Samir Barai And Donald Longueuil

Posted By: Cadie Thompson

An interesting BBM exchange between Samir Barai and Jason Pflaum on page 26 of the complaint.

Late in the night of november 19, 2010, after Pflaum had already begun to cooperate with the Government in its investigation, BARAI and Pflaum exchanged a series of BBM communications regarding the article published in the Wall Street journal. In the BBM communications, BARAI stated that the article said that "key parts of the probes are at a late stage" and that a "Federal Grand Jury had heard evidence." BARAI further stated that he read the "article 10x [meaning, ten times]." BARAI then summarizerd the Reuters article quoted in Paragraph 49 above, which he reviewed:

  • So another reuters article
  • says
  • Last two weeks
  • Fbi had approached HF [Hedge Fund] traders over past 2 weeks
  • And number of traders contacted lawyers
  • Problem is
  • This scope is said to focus on the use of so-called expert network firms
  • Concern for years that some experts may be passing out confi [meaning, confidential] info about to go public cos [meaning, companies] to traders....
  • [The Firm] was only one named!!!!
  • F*****ck

BARAI then concluded the BBM communication with the following instruction: "Delete ur bbm chatr" [meaning, that Pflaum should delete his BBM communication with BARAI].

Sounds a little like panic if you ask me.

» Read Entire Complaint

»Read more
  Tuesday, 8 Feb 2011 | 11:20 AM ET

Mark Zandi’s Wacky Mortgage Contraption

Posted By: John Carney
Tom Grill | Photographer's Choice RF | Getty Images

Far more interesting than the details of Moody Analytics chief economist Mark Zandi’s proposal to rework the mortgage market are the meager gains he thinks it would obtain.

Zandi has a proposal to scrap Fannie Mae and Freddie Mac in favor of ten new companies that would guarantee mortgages with an explicit government guarantee.

He’s got all sorts of arguments about why this hybrid public-private system would be better than either a fully public or a fully private model. But look at what he thinks the system would achieve.

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  Tuesday, 8 Feb 2011 | 11:09 AM ET

Must See TV: High Noon in Stamford

Posted By: Ash Bennington

Federal prosecutors are announcing insider trading charges against four more hedge fund employees at 12:00 p.m. today.

But what's more interesting is this: Three of the four are hedge fund managers, which definitely increases the drama quotient. \(The other employee is an analyst.\)

» Read More

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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 "Fast Money."

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