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  Friday, 14 Jan 2011 | 7:51 AM ET

Waking up With Nicole Lapin

Posted By: Nicole Lapin

I don't care if you're in love, but it's Friday. Here's what you may have missed overnight and what you need to know today while you head to work and try to get The Cure outta your head:

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  Thursday, 13 Jan 2011 | 5:14 PM ET

Huge Shake Up at Morgan Stanley: Fleming Gets Top Wealth Management Spot

Posted By: John Carney
Morgan Stanley
Gregory Bull
Morgan Stanley

Greg Fleming has been tapped to run Morgan Stanley's wealth management business.

Susan Craig at the New York Times gets credit for breaking the story.

"James Gorman, the firm’s chief executive officer, announced the move on Wednesday. Mr. Gorman and Mr. Fleming are old friends; the two worked together as executives at Merrill Lynch, now owned by Bank of America," Craig writes.

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  Thursday, 13 Jan 2011 | 4:47 PM ET

It Ain't Brain Surgery

Posted By: Ash Bennington

It Ain't Brain Surgery—But the Pay is Twice as Nice [Bloomberg] "Wall Street traders discouraged by declining bonuses this month can take solace: They still earn much more than brain surgeons and top U.S. generals. An oil trader with 10 years in the business is likely to earn at least $1 million this year, while a neurosurgeon with similar time on the job makes less than $600,000, recruiters estimated. After a decade of deal-making, merger bankers take home about $2 million, more than 10 times what a similarly seasoned cancer researcher gets."

Economists See Improving Conditions [Wall Street Journal] "Economists surveyed by The Wall Street Journal are increasingly optimistic about the pace of the recovery, predicting the U.S. will grow at better than a 3.2% annual rate in each quarter this year."

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  Thursday, 13 Jan 2011 | 4:29 PM ET

The Fed Is Running Most Expensive Job Creation Plan Ever

Posted By: John Carney

The Federal Reserve’s easy money policies have created 3.5 million private jobs, if you believe Fed Vice Chairman Janet Yellen.

Michael Shedlock doesn’t believe her. But, he points out, even if you do believe that the Fed is creating 250,000 private sector jobs a month, it is doing so at an enormous cost .

“The Fed bloated its balance sheet by $2.3 trillion to allegedly create 3.5 million jobs,” Shedlock points out. “My math suggests it takes $657,142.86 in balance sheet additions to create a single job.”

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  Thursday, 13 Jan 2011 | 2:47 PM ET

Hang Out with NetNet on Facebook and Twitter

Posted By: John Carney
Loic Venance | AFP | Getty Images

While we weren’t looking,NetNet went and gathered a couple of hundred friends on Facebook .

We’re still an almost unnoticeable friendless peon when compared to our big sibling, CNBC, which has somewhere like 75,000 friends on Facebook.

But we’re still proud and we’re hoping you’ll sign up.

Technically, you cannot actually “friend” NetNet. Facebook has some silly rule that only real people can have friends. But you can “like” us on Facebook . That way you’ll get some of our posts in your Facebook newsfeed. Not more than a few a day, though. So don’t worry about having us clog up your Facebook page.

We’re also on Twitter . Actually, we’re on Twitter twice. There’s @cnbcnetnet , which is a feed of only our “greatest hits” during the day. If you are really hardcore and want every single NetNet post to show up in your Twitter feed, follow @netnetdigest.

Thanks! See you on Facebook and Twitter .

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  Thursday, 13 Jan 2011 | 1:11 PM ET

Why The Debt Ceiling Debate Is Necessary

Posted By: John Carney
US Capitol Building with cash
US Capitol Building with cash

The debt ceiling does not seem to have many friends these days.

John McDermott at FT Alphaville , the blog Self-Evident , and Felix Salmon have all issued thrashings . The gist of the complaints is that since the debt ceiling will eventually be raised, all the political debate leading up to the eventual raise is just political posturing at best, and dangerous demagoguery at worst.

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  Thursday, 13 Jan 2011 | 12:50 PM ET

Jim Rickards: The Inflation Race  

Posted By: Lori Ann LaRocco

The fears of the debt contagion spreading throughout Europe has been a source of concern this week as investors question which are countries too big to bail out. The acronym for the countries in question—Portugal,Italy, Ireland, Greece and Spain is perfect—PIIGS .

These countries oinked out spending like it was going out of style and now they can't pay their debts. But unlike sending off a fat pig to slaughter, the economic ramifications of letting any of these pigs going belly up could create what many fear an economic catastrophe for the euro itself.

I decided to speak with Jim Rickards, Senior Managing Director for Market Intelligence at Omnis, about this threat.

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  Thursday, 13 Jan 2011 | 11:48 AM ET

Big Banks 'Phantom Income'

Posted By: Ash Bennington
Don Farrall | Digital Vision | Getty Images

Here is an aspect of the mortgage foreclosure story you may not have heard about: US banks are apparently booking income on cash flow that they have not yet received, according to a recent article on Forbes.com

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  Thursday, 13 Jan 2011 | 11:44 AM ET

Gold: Cost of Production

Posted By: Lori Spechler
Jose Luis Pelaez | Iconica | Getty Images

The CEO of AngloGold Ashanti surprised even Joe Kernen this morning with his comment that it cost “more than $1000 an ounce across the industry to produce an ounce of gold.” Surprised me, too so I did a little research.

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  Thursday, 13 Jan 2011 | 11:10 AM ET

Why You Don't Feel Rich

Posted By: Ash Bennington

Sort of rich people feel bad about themselves because the truly rich are really richer.

That, in a nutshell, is the conclusion one economics blogger reached based on an analysis of income distribution data.

And the internets have been buzzing about it ever since.

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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.


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