Wednesday, 15 Sep 2010 | 12:00 PM ET

Meet The Future Hip Hop Superstar Who's Now An Investment Banker At Goldman Sachs

Posted By: Julia La Roche

An investment banker and a hip-hop artist — well that’s probably not a combination you would see on a resume everyday, but one Goldman Sachs employee is bringing a hip-hop groove to Wall Street.

Allen Mask
Source: Facebook
Allen Mask

Allen Mask, 22, a brand new investment banker in the consumer retail division of Goldman Sachs, reveals his creative side in his two newly released hip-hop albums.

Mask’s music is full of catchy lyrics and some of them are evocative of Wall Street life.

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  Wednesday, 15 Sep 2010 | 11:54 AM ET

Here’s A Tip: The SEC Caused The Flash Crash

Posted By: John Carney

Next week the Securities and Exchange Commission is expected to reveal the results of its investigation into May’s flash crash. It’s a pretty good bet that the SEC will not finger the real culprit: the SEC itself.

The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC.
Getty Images
The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC.

On May 6 the market went through a jarring convulsion that has come to be known as the Flash Crash. Shares of dozens of big companies plunged dramatically before recovering in a sharp upward spike. Since the crash, investors and market watchers have been trying to figure out what exactly happened.

The Flash Crash almost certainly sapped investor confidence in the stock markets . Far from looking like a reliable guide to prices for stocks, the markets appeared to be random and unrelated to actual selling or buying intentions of investors. Many blamed computer driven high-frequency trading for the crash.

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  Wednesday, 15 Sep 2010 | 10:39 AM ET

NetNet Crashes Fashion Week

Posted By: Stephanie Landsman and Michelle Triglia

Tight fashions for tight budgets? How about hemlines? Do Kim & Kourtney Kardashian know something more than what top strategists say about the markets?

Fashion Show
Fashion Show

In the name of well, let's call it "consumer sales research," we checked out QVC's "Fashion's Night Out" at Rockefeller Center.

The multimedia retailer, which is owned by Liberty Interactive Group strutted its new designers at its pop up-store before a live audience on Friday night.

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  Wednesday, 15 Sep 2010 | 9:21 AM ET

CEO Insider: Steve Forbes on Tax Cuts, Mid-terms and Economy

Posted By: Lori Ann LaRocco

Congress is back in session and with the Mid-terms less than two months away we are going to be in for a very colorful "news cycle" as we journalists like to call it.

I love politics. And since the fall of Bear Stearns and Lehman, the relationship between government and business has never been so intertwined. In fact for better or worse, they are double or triple knotted.

The election is all about "the economy" again and many Americans are not happy with the state of our nation. The jobs picture and slow recovery have many voters upset and worried about their future.

Businesses are on the sidelines when it comes to hiring because of the uncertainty being created by government policy. Its a mess. I decided to dish politics with Steve Forbes, former Presidential Candidate and CEO of Forbes.

To kick off the political flavor of the week, we dove right into the battle over the Bush Tax Cuts.

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  Wednesday, 15 Sep 2010 | 8:31 AM ET

Wilbur Ross Loves Northern Europe

Posted By: John Carney
  Wednesday, 15 Sep 2010 | 8:30 AM ET

The Administration’s “Bailout Authority”: Assume We Have a Can-Opener?

Posted By: Ranking Member Spencer Bachus (R - AL)

As we mark the second anniversary of the Lehman bankruptcy and the AIG bailout, I am reminded of a joke that economists tell about themselves that goes something like this:

Sen. Spencer Bachus (R)
Scott J. Ferrell | CQ-Roll Call Group | Getty Images
Sen. Spencer Bachus (R)

A physicist, a chemist and an economist are stranded on an island, with nothing to eat. A can of soup washes ashore. The physicist says, “Let’s smash the can open with a rock.” The chemist says, “Let’s build a fire and heat the can first.” The economist says, “Let’s assume that we have a can-opener.”

Two years after Lehman’s catastrophic failure and the improvised rescue of AIG, the Administration has provided the American people with its own version of the “assume a can-opener” joke that goes something like this: To resolve a failing firm in an orderly manner, we need a resolution authority. How would the resolution authority work? By resolving a failing firm in an orderly manner.

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  Tuesday, 14 Sep 2010 | 5:53 PM ET

JP Morgan: Hell No We're Not Getting Rid Of Our Hedge Fund

Posted By: John Carney

J.P. Morgan to Keep Highbridge, Dimon Says (MarketWatch). Dimon departs from Goldman and Morgan Stanley by keeping his traders. They're going to move in to asset management arm.

»Read more
  Tuesday, 14 Sep 2010 | 4:43 PM ET

Uh-Oh. Someone Thinks John Carney Should Be Attorney-General

Posted By: Cadie Thompson

While we’re flattered by the sentiment, this is really a bad idea. Trust me.

»Read more
  Tuesday, 14 Sep 2010 | 3:56 PM ET

What The Hell Just Made Bullish Sentiment Double?

Posted By: Jeff Cox

Investor sentiment over the past several weeks has been, in a word, weird.

It’s not enough that those bullish on the market have doubled (from 21 percent to 44 percent) over the past two weeks, according to the latest survey from the American Association of Independent Investors .

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  Tuesday, 14 Sep 2010 | 3:28 PM ET

Geithner Chills More With Goldman's Blankfein Than His Comrades In Congress, But Who Can Blame Him?

Posted By: Cadie Thompson

A recent report reveals Treasury Secretary Timothy Geithner met more times with Goldman Sachs CEO Lloyd Blankfein than with Congressional leaders since Geithner took the position in January of 2009 to March 2010.

U.S. Treasury Secretary Timothy Geithner
Getty Images
U.S. Treasury Secretary Timothy Geithner

The article in theHuffington Post takes a few jabs at Geither, insinuating that he was doing a pretty lousy job during a time when Congress was fumbling through financial regulation legislation, which Geithner played a key role in creating.

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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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