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  Thursday, 18 Nov 2010 | 8:46 AM ET

Two New Arrests Made in Madoff Case; New Lawsuits Filed by Trustee

Posted By: Ash Bennington

Ireland Seems Likely to Receive Assistance from EU & IMF (Financial Times) "The EU-IMF technical mission is expected to examine the books of Ireland’s main banks to assess what scale of financial assistance might be required. One senior banker said he expected this work to be concluded by the end of the weekend. EU financial officials said the conditions of the bail-out package would be outlined sometime next week."

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  Wednesday, 17 Nov 2010 | 5:27 PM ET

Fed Announces New Stress Tests for Biggest Banks

Posted By: John Carney

The Federal Reserve just issued notice that the 19 banks that were subject to stress tests in May of 2009 will have to perform another round of stress testing.

Officially, the new stress tests are only mandatory for banks that plan to increase their dividend or conduct stock repurchases. But the Fed makes it pretty clear that all 19 banks should submit “comprehensive capital plans” by January 7 of next year.

“SCAP BHCs are encouraged to have their capital plans filed by January 7, 2011, irrespective of whether they intend to undertake any capital distributions,” the Fed writes.

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  Wednesday, 17 Nov 2010 | 5:23 PM ET

The Most Complicated Mortgage Chart You've Ever Seen

Posted By: Ash Bennington

Where Will the Mortgage Rate Spike End? (CNBC) CNBC's Diana Olick takes a look at the causes and effects of rising mortgage rates. As she points out: "With 7 million borrowers either facing or already in foreclosure, big banks facing whippings in Congress and many-fold investigations over foreclosure practices, and home prices taking a turn for the worse, rising mortgage rates will only put another barrier in front of would-be buyers."

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  Wednesday, 17 Nov 2010 | 5:22 PM ET

Did You Hear the One About Quantitative Easing?

Posted By: Julia La Roche

Apparently it is possible to turn the recession, quantitative easing and the euro zone debt crisis into a laughing matter.

Federal Reserve Bank Chairman Ben Bernanke
Getty Images
Federal Reserve Bank Chairman Ben Bernanke

About ten financial professionals from investment banks, private equity firms and hedge funds participated in the first annual comedy competition for Wall Street Tuesday night sponsored by the Gotham Comedy Club in conjunction with Thomson Reuters.

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  Wednesday, 17 Nov 2010 | 5:03 PM ET

If I Were Queen

Posted By: Nicole Lapin

This morning, a day after the world went gaga over a Royal engagment, my producing team for Worldwide Exchange in London thought it would be funny to have a split screen of me and the future queen of England .

Lapin Middleton
Lapin Middleton

Beyond any momentary laughter at a trivial stretch of a psychical resemblence, it got me thinking about the fiscal power this young woman could have to change a storied \(and currently broke\) nation—known for being home to The Beatles and Shakespeare but more recently austerity measures \($128 billion over 4 years\) and deficit woes \(10 percent of 2010-2011 GDP\).

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  Wednesday, 17 Nov 2010 | 4:56 PM ET

Layoff Rumor Spooking Barclays Capital

Posted By: John Carney

Barclays Capital has been quietly laying off employees since this summer. Now, however, the firm is swarming with rumors that big layoffs could be coming in the next few weeks.

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  Wednesday, 17 Nov 2010 | 4:47 PM ET

Group Calls For Citizens Arrest Of John Paulson

Posted By: Ash Bennington

A group of corporate pranksters called The Yes Men is pranking again: This time, one of their targets is hedge fund manager John Paulson. The group is calling for a citizen's arrest of Paulson, based on his large holdings of AngloAshnati Gold stock—as pointed out by Lawrence Delevingne in his article today for Absolute Return + Alpha.

John Alfred Paulson, president of Paulson & Co., Inc, listens during the House Oversight and Government Reform Committee November 13, 2008 in Washington, DC.
Tim Sloan | AFP | Getty Images
John Alfred Paulson, president of Paulson & Co., Inc, listens during the House Oversight and Government Reform Committee November 13, 2008 in Washington, DC.

But, so far, the Yes Men fingerprints are hard to find. What there is this website . The website is a spoof—and impressive factual imitation—of the official Apple website . (Even the URLs look similar.)

The general idea seems to be this: Apple's iPhone contains minerals that are sometimes mined in conflict zones. In the words of the spoof website, "…[T]he minerals that are used in the production of various software products have largely been extracted from mines in Africa, especially the Congo. For the most part this mining has gone unchecked and therefore companies have been unable to tell whether or not the mines they source their materials from have been mines under the control of rebel groups further fueling a conflict that has killed more than 5,000, 000 civilians."

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  Wednesday, 17 Nov 2010 | 4:13 PM ET

Reid Pulls Plug on Pickens Plan

Posted By: Lori Ann LaRocco

C-Suite reported yesterday the Pickens Plan would not pass because it could not get the votes to pass. Today sources tell CNBC it was pulled by Senate Majority Leader Harry Reid because he could not get enough votes for cloture.

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  Wednesday, 17 Nov 2010 | 3:20 PM ET

Cornell College Student Wants To Ban Goldman Sachs From Campus

Posted By: Cadie Thompson

Any Cornell grads who go work for Goldman Sachs are "a**holes" according to an editor at the Ivy League school's student newspaper, The Cornell Daily Sun . He wants to see Goldman Sachs banned from recruiting on campus.

Daniel Sparks, former partner and head of the Mortgages Department at the Goldman Sachs Group, Joshua Birnbaum, former managing director of the structured products group trading for The Goldman Sachs Group, Michael Swenson, managing director of structured products group trading for The Goldman Sachs Group and Fabrice Tourre, executive director of the structured products group trading for The Goldman Sachs Group are sworn in while testifying before the Senate Homeland Security and Governmental Af
Getty Images
Daniel Sparks, former partner and head of the Mortgages Department at the Goldman Sachs Group, Joshua Birnbaum, former managing director of the structured products group trading for The Goldman Sachs Group, Michael Swenson, managing director of structured products group trading for The Goldman Sachs Group and Fabrice Tourre, executive director of the structured products group trading for The Goldman Sachs Group are sworn in while testifying before the Senate Homeland Security and Governmental Af

Tony Manfred, the associate editor at the student newspaper, is obviously borrowing a bit from Matt Taibbi, who famously called Goldman a Vampire Squid.

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  Wednesday, 17 Nov 2010 | 2:49 PM ET

Lehman's $500 Million in Found Money

Posted By: Ash Bennington

It must have been a little like when you find a wadded up $20 Bill in the pocket of last year's winter coat: Judge James Peck ordered the sum of $500 million to be returnedto the now bankrupt Lehman Brothers. Which party, exactly, was ordered to return a half billion dollars to Lehman? Bank of America.

The money had been provided by Lehman Brothers to Bank of America as collateral for Lehman checks in August of 2008.

Judge Peck said of the matter: "It is difficult to understand how BofA could have thought that taking the money was the right thing to do without first seeking permission from the court," which is not exactly a very sympathetic reading of Bank of America's failure to return the funds.

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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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