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  Friday, 12 Nov 2010 | 11:16 AM ET

Chase Employee Says She Was Insulted for Complaining About Copy-Machine Sex

Posted By: Cadie Thompson

Apparently, having sex on the copy machine is just part of a normal day at Chase Manahattan's South Richmond Hill, Queens Branch.

A former JPMorgan Chase banker, Shivana Persad, who worked at the branch claims that her boss told her to mind her own business after she reported two co-workers having sex near a copy machine.

Persad, a Trinidadian banker, is suing JPMorgan Chase , claiming she was fired because of ethnic tensions. Persad said her Guyanese boss at the bank called Trinidadians "lazy" and "nickel-and-dime workers."

The Daily News reports :

Persad says she was insulted after she complained to a Guyanese manager after witnessing two co-workers having sex near a copy machine in March 2009.

"You Trinis need to mind your own business," she was told, according to court papers.

»Read more
  Friday, 12 Nov 2010 | 9:49 AM ET

Nicole Lapin's Short & Long List

Posted By: Nicole Lapin
Nicole Lapin
Nicole Lapin

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


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  Friday, 12 Nov 2010 | 9:45 AM ET

Get Ready for the Great MERS Whitewash Bill

Posted By: John Carney

When Congress comes back into session next week, it may consider measures intended to bolster the legal status of a controversial bank owned electronic mortgage registration system that contains three out of every five mortgages in the country.

Tom Grill | Photographer's Choice RF | Getty Images

The system is known as MERS, the acronym for a private company called Mortgage Electronic Registry Systems. Set up by banks in the 1997, MERS is a system for tracking ownership of home loans as they move from mortgage originator through the financial pipeline to the trusts set up when mortgage securities are sold.

The system has come under scrutiny by critics who charge MERS with facilitating slipshod practices. Recently, lawyers have filed lawsuits claiming that banks owe states billions of dollars for mortgage recording fees they avoided by using MERS.

» Read More
  Friday, 12 Nov 2010 | 9:11 AM ET

No Deal: G-20 Delay Agreement on Trade Imbalance

Posted By: Ash Bennington

Goldman Talks, China Drops? (Business Insider via ZeroHedge) China equities dropped 5.2 percent: And a Goldman Sachs note may be the cause. While the Wall Street Journal article cites fears of money tightening on inflationary pressure as the cause, the macroeconomic conditions have been in place for some time. ZeroHedge calls out the Goldman report: "With successive inflation prints above the policymakers’ comfort zone, another hike in the reserve rate earlier today, and more policy tightening likely in the works, the near-term risk/reward for this position also looks unappealing as we approach the year-end ‘roll-off’."

»Read more
  Thursday, 11 Nov 2010 | 4:34 PM ET

Gold and the Dollar Wrestle it Out

Posted By: Ash Bennington

QE2 Gets Bashed Abroad (CNBC via AP) Domestic detractors of QE2—many of them worried about inflation—are joined by a rising chorus of critics from abroad.

»Read more
  Thursday, 11 Nov 2010 | 4:26 PM ET

Bankers & Traders in the UK to Have Cell Phone Conversations Recorded

Posted By: Ash Bennington

Birds fly, fish swim—regulators regulate.

Traders work on the floor of the New York Stock Exchange.
Getty Images
Traders work on the floor of the New York Stock Exchange.

I'm sure they mean well. British regulators, in their recent decision to record bank employees work cell phones must have lofty goals. For example: Protecting the investing public—and the economy at large—from rogue traders and corrupt bankers. But does anyone expect it to work?

“We expect the rules to increase the volume and quality of information available to us to use as additional evidence in insider trading cases,” Sarah Bailey, a spokeswoman for the F.S.A. said.

Really?

It makes you wonder if the following thought ever crossed the collective mind of the F.S.A.: Illegal trades executed on bank mobile phones were place there precisely because those lines are not recorded; and if those mobile lines were recorded, the trades would be placed on a different line.

» Read More
  Thursday, 11 Nov 2010 | 3:59 PM ET

UBS Loss of GM IPO May Cost the Firm $50 Million

Posted By: John Carney

Getting booted off the General Motors initial public offering will cost UBS tens of millions of dollars, according to a person familiar with the matter.

UBS headquarters in Zurich, Switzerland.
Steffen Schmidt
UBS headquarters in Zurich, Switzerland.

The Swiss bank had been named as one of the underwriters in the offering. But after a high yield research analyst at UBS sent out an unauthorized email to around 150 potential investors—violating the SEC's rules on marketing—the bank was kicked out of this role.

» Read More
  Thursday, 11 Nov 2010 | 3:40 PM ET

Demand for Physical Gold Rising

Posted By: Lori Spechler

Spreads in the gold market are telling traders two things—first, that demand for physical gold continues to soar and secondly, that we are facing the biggest gold roll in the history of futures markets.

Gold coins and bar
Gazimal | Iconica | Getty Images
Gold coins and bar

To the first point, it would seem intuitive that demand for physical gold is up—explosive growth in the gold ETF certainly a factor.

But, what we are seeing now is a demand for physical gold that is pushing the market into a short-term backwardation. The gold EFP or, Exchange-for-Physical as quoted by Newedge is currently negative $0.55 to—$0.60.

» Read More
  Thursday, 11 Nov 2010 | 2:43 PM ET

Schwarzman Rips Mark-to-Market

Posted By: Ash Bennington

It's great fun to be a private equity master of the universe. For one thing, you get to say stuff like "“I’m not a bank, I’m a user of banks,” during closed-door meetings at the G-20 Summit.

Stephen A. Schwarzman
Getty Images
Stephen A. Schwarzman

The quote comes from Steven Schwarzman, chairman and chief executive of the Blackstone Group. The context: Remarks concerning why it does not make sense to apply mark-to-market accounting standards to hedge funds.

In fact, Schwarzman doesn’t think mark-to-market accounting standards are such a great idea for banks either. In his words:

“'When you have an asset that goes up and down' and “'it’s money good in any case,'…“to have that market, sometimes it’s not a deep market, crash that asset, and destroy the capital of the banking system and create a panic, seems to me to be on its face completely unwise, but we’re still doing it.”

» Read More
  Thursday, 11 Nov 2010 | 2:36 PM ET

Black Friday Conspiracy, Steals & Deals

Posted By: Stephanie Landsman, Producer for "Squawk Box"

Leaks, conspiracies and price wars. They don't describe a plot from a James Bond movie. Rather, they portray what the nation's largest retailers are up against as they position themselves for Black Friday steals and deals.

A woman is seen reflected in a Macy's store window as she looks at a Christmas themed window display in San Francisco, California.
Getty Images
A woman is seen reflected in a Macy's store window as she looks at a Christmas themed window display in San Francisco, California.

Even though the big retail day is more than two weeks away, the Black Friday promotions are in heavy circulation. Many retailers are saying their flyers were "leaked." But, by whom? Angry employee? Resourceful consumer? Or, an executive in the corner office?

"It's been fascinating to see the Black Friday circular leaks develop over the past five years. Initially, they were from a third party company or disenchanted people inside a retail company that were putting the information out there without the retailers' approval. In the last few years, we've see authorized and unauthorized leaks," says National Retail Federation Vice President Ellen Davis.

» Read More

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 CNBC's 5pm ET show "Fast Money."

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