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  Thursday, 20 Jan 2011 | 4:37 PM ET

Schmidt Out of Google!

Posted By: Ash Bennington

JP Morgan Hires Cravath Lawyer To Run M&A. (Bloomberg) Bloomie is reporting that JP Morgan has just hired attorney James Woolery, a partner at Cravath, to head its M&A unit.

Schmidt Out of Google! [WSJ] "Google Inc. said co-founder Larry Page will replace Eric Schmidt as chief executive, a surprise change atop the Internet giant.

Mr. Page will take charge of day-to-day operations as CEO starting April 4. Mr. Schmidt will become executive chairman of the company, focusing externally on partnerships and government outreach.

Google Profits Surge [CNBC] "The online search and advertising giant turned in a profit of $8.75 a share excluding one-time items, up from $6.79 a share in the same period a year earlier. Sales rose to $6.4 billion in the last 3 months of 2010 excluding traffic-acquisition costs \(TAC\), against $4.954 billion last year."

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  Thursday, 20 Jan 2011 | 4:30 PM ET

Goldman Sachs Loses Top Bond Trader to Morgan Stanley

Posted By: Kate Kelly
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

In one of the first high-profile Wall Street defections of the year, Edward Glenn Hadden, former head of government-bond trading at Goldman Sachs, has been named Morgan Stanley’s new head of global rates trading, say people familiar with the matter.

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  Thursday, 20 Jan 2011 | 3:03 PM ET

SEC Passes New Rules for Disclosures on Asset-Backed Securities

Posted By: Ash Bennington
SEC
AP
SEC

Earlier today, The Securities and Exchange Commission passed new regulations regarding banks treatment of asset-backed securities . The regulation affects two principal aspects of disclosure: First, disclosures made during the initial sale of the asset-backed security; second, ongoing disclosure related to the risk exposures of existing securities.

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  Thursday, 20 Jan 2011 | 2:28 PM ET

Privately Held Companies Say They're Getting Screwed by Stimulus

Posted By: Jeff Cox
US Capitol Building with cash
US Capitol Building with cash

The theory goes that small businesses are the center of job creation. So if they’re not getting their fair share of federal funds, how will they be able to solve the nation’s vexing unemployment problem?

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  Thursday, 20 Jan 2011 | 2:14 PM ET

An 8th Grader Breaks Down High Frequency Trading, Explains Flash Crash

Posted By: Cadie Thompson

Finally, someone gives it to us straight. An explanation of what high frequency trading is and how it caused the Flash Crash.

»Read more
  Thursday, 20 Jan 2011 | 1:43 PM ET

If You Want to Be Boss Lady, Act Like a Woman, Think Like a Man

Posted By: Cadie Thompson
Ranald Mackechnie | The Image Bank | Getty Images

For all ladies trying to climb that corporate ladder, turns out if you wanna be at the top, it's better to act more docile than too aggressive, at least according to a new study .

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  Thursday, 20 Jan 2011 | 12:19 PM ET

Meet The Queen of the Banking Blob: Amy Friend

Posted By: John Carney
Amy S. Friend, Chief Counsel for the Senate Banking, Housing and Urban Affairs Committee
Source: occ.gov
Amy S. Friend, Chief Counsel for the Senate Banking, Housing and Urban Affairs Committee

Over at the Washington Examiner today, my brother Tim Carney reports that Amy Friend , the chief counsel of the Senate banking committee during the financial crisis and the creation of the Dodd-Frank financial reforms, is now a lobbyist for the financial sector.

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  Thursday, 20 Jan 2011 | 11:48 AM ET

How to Think About Goldman’s Financial Crisis Bonus

Posted By: John Carney

In the darkest days of the financial crisis, Goldman Sachs handed out billions of dollars of options and restricted stock to prized employees—most likely, senior partners at the firm.

Goldman disclosed the awards, which were made on December 17 of 2008, in January of the following year. Now the awards are receiving new attention, thanks to a report from Eric Dash and Susanne Craig, written on the back of research by Footnoted.com.

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  Thursday, 20 Jan 2011 | 11:11 AM ET

Goldman Sachs & Pop Psychology

Posted By: Ash Bennington
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

Goldman Sachsshould forget about the new age pop psychology and instead examine the basic structural elements of their business.

That's Jesse Eisinger basic thesis, posted at ProPublica Goldman's navel gazing notwithstanding, here's the core issue:

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  Thursday, 20 Jan 2011 | 10:09 AM ET

John Kline: Governors Tell Me Obamacare Will Crush Them

Posted By: Lori Ann LaRocco

As expected, House Republicans passed a bill to repeal President Obama’s health care plan by a vote of 245 to 189. Republicans say this vote was a mandate of the American voter.

The bill now goes to the Senate but Majority Leader Harry Reid (D-Nev.) has promised that any attempt to roll back the law would be blocked. The topic of health care is one that not only polarizes politics, but Americans as well.

I decided to speak with Representative John Kline, \(R-MN\) Chairman of the Education and the Workforce Committee. This committee shares jurisdiction over health care reform specifically the employer-sponsored health care plans that cover approximately 170 million Americans. Cost and uncertainty surrounding the bill dominated our conversation.

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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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