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  Thursday, 11 Nov 2010 | 12:43 PM ET

Garrett to Wall Street: No More Bailouts on My Watch

Posted By: Lori Ann LaRocco

The Capital Markets Subcommittee was put on the map by Representative Paul Kanjorski (D-PA), the present chairman of the subcommittee who penned the "Too Big To Fail" legislation otherwise known as the "Kanjorski Amendment."

Kanjorski lost his re-election bid and now with the Republicans taking control in the House, ranking member Scott Garrett \(R-NJ\) will be taking the gavel and with it, try and enact his plans in overhauling the financial services sector. Garrett got right to the point on what he plans to do once he takes the chairmanship.

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  Thursday, 11 Nov 2010 | 12:26 PM ET

Why Did Goldman Sachs Turn Against Phil Falcone?

Posted By: John Carney

Goldman Sachs submitted a withdrawal notice to Philip Falcone's Harbinger Capital Partners, a high-flying hedge fund that once managed $26 billion. Why did Goldman decide to pull all of its $120 million from Falcone's fund?

Writer Lisa Falcone and businessman Philip Falcone attend NY TIMES Party at the C5 Resturant at The Royal Ontario Museum.
Vito Amati | WireImage | Getty Images
Writer Lisa Falcone and businessman Philip Falcone attend NY TIMES Party at the C5 Resturant at The Royal Ontario Museum.

Investors in Falcone's main hedge fund are limited to withdrawing 25 percent of their investment each quarter, so Goldman will be an investor in the hedge fund through all of 2011.

The move to withdraw the funds was first reported by Bloomberg's Katherine Burton .

There's been a lot of speculation about the cause of Goldman's withdrawal. Burton wrote that the move came after Falcone withdrew $113 million from a fund to pay his taxes. The fact that the fund had suspended redemptions—meaning investors could not pull out—angered some investors. Why should the fund manager be able to pull money out of the fund when investors are blocked, some asked.

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  Thursday, 11 Nov 2010 | 10:50 AM ET

Rapping The Currency Battle Is So Much More Entertaining.

Posted By: Cadie Thompson

One of the better things I have seen this morning.

»Read more
  Thursday, 11 Nov 2010 | 10:23 AM ET

Rickards: Obama Doesn't Know Anything About Economics

Posted By: Lori Ann LaRocco

The global backlash against QE2 (Federal Reserve quantitative easing) is growing and the showdown between the G-20 nations, President Obama and U.S. Treasury Secretary Timothy Geithner is on. The outcry of criticism over the Federal Reserve's policy of putting more dollars into the economy by buying government bonds has been attracting criticism at home and abroad.

I decided to get the perspective on what to expect from at the G20 meeting in Korea as well as the United States new role as currency "villain" from Jim Rickards, Senior Managing Director of Market Intelligence from Omnis.

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  Thursday, 11 Nov 2010 | 8:56 AM ET

New Capital Controls in Emerging Markets

Posted By: Ash Bennington

Foreclosures Drop: The "Artificial" Cause is Likely the Foreclosure Moratorium (CNBC) Analysts believe banks' suspension of foreclosure activity is the reason behind the decrease in number of homes foreclosed upon in October. (Foreclosures dropped 4.39 percent in October since the prior month.) Was does that mean? We may be seeing foreclosure rates rise jump up again at the beginning of next year.

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  Wednesday, 10 Nov 2010 | 4:41 PM ET

Is Gold Really At a Record High?

Posted By: Ash Bennington

Is Gold Really At a Record High? (New York Times) Not if you index for inflation and look at real, instead of nominal, prices. The same holds true for other commodity prices, such as oil. The question on the table: Are the alarms being raised over inflation overstated—because we haven't adequately indexed for inflation?"

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  Wednesday, 10 Nov 2010 | 4:40 PM ET

Diving On the Third Rail: Proposal Seeks Social Security Reductions

Posted By: Ash Bennington

The bipartisan committee working on deficit reduction announced a plan today to reduce cost-of-living increases in Social Security : But don't worry—it looks like that proposal is going nowhere fast.

Deborah Harrison | Getty Images

But there's more: Not only are there provisions for freezing Social Security cost-of-living increases, but a Bloomberg article on the same topic suggests the possibility of an increase in retirement age as well. (Breathe deeply : The retirement age increases wouldn't kick in until at least 2050.) There are also additional proposals being floated by the commission for the reduction of federal expenditure on Medicare.

How bad is the situation? And does the system really need a dramatic overhaul?

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  Wednesday, 10 Nov 2010 | 4:33 PM ET

GM Kinda-Sorta Admits It Gave UBS the Boot Because of an Unauthorized Email

Posted By: John Carney

In an SEC filing , GM has provided details about an unauthorized email sent out by a banker to institutional investors that violated its regulatory quiet period before its public offering.

General Motors Headquarters
AP
General Motors Headquarters

The filing may shed light on a mystery that developed last week. UBS , which had previously been named as an underwriter in the IPO, was quietly dropped from this role in the deal.

DealBreaker’s Bess Levin reported at the time that “a senior high yield analyst at UBS sent out a note last night to a bunch of clients that included his musings on the valuation."

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  Wednesday, 10 Nov 2010 | 3:53 PM ET

Trustees Probably Won't be on Hook for a Put-Back Apocalypse

Posted By: John Carney

The American Bankers Association has put out a statement intended to “clarify” the legal limitations on the duties of trustees in mortgage-backed securities deals.

Mortgage
CNBC.com
Mortgage

"Importantly, the trustee typically has no duty under the transaction documents to make investigations on its own for the purpose of detecting defaults, fraud or other breaches," the ABA says in a statement reported by HousingWire .

The statement was probably issued in reaction to a recent story in the magazine American Banker discussing how trustees have come under scrutiny as the foreclosure crisis reveals problems with the securitization process.

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  Wednesday, 10 Nov 2010 | 3:09 PM ET

Male Staffers Rank Hottest Female Collegues Via Email Chain. Company, Not So Happy.

Posted By: Cadie Thompson

Some male staffers at PricewaterhouseCoopers in Ireland, one of the country's largest accountancy firms, are in hot water after circulating emails that ranked some of their female collegues based on appearance, the Independent reports :

»Read more

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  • 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 CNBC's 5pm ET show "Fast Money."

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