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  Friday, 7 Jan 2011 | 12:18 PM ET

Happy Friday: Hula Hoop Edition

Posted By: John Carney

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.

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  Friday, 7 Jan 2011 | 10:56 AM ET

Nicole Lapin's Short & Long List

Posted By: Nicole Lapin
CNBC

Nicole Lapin, of CNBC's Worldwide Exchange, explains what she's long and what she's short this week.

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  Friday, 7 Jan 2011 | 10:34 AM ET

The Worst Person in The World: Broker Who Defrauded Nuns

Posted By: John Carney
Ulli Seer | LOOK-foto | Getty Images

Sometimes its good to remember that there are real villains in the world. On Thursday, the SEC fined one villain named Paul George Chironis and barred him from acting a stockbroker for life.

His alleged wrongdoing? Cheating nuns.

Here's how the SEC describes his misdeeds .

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  Friday, 7 Jan 2011 | 8:45 AM ET

Payroll Numbers Show Surprising Weakness

Posted By: Ash Bennington

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'."

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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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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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