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  Tuesday, 12 Oct 2010 | 11:05 AM ET

What's The Point of Google's New Daily GPI Inflation Calculation?

Posted By: Ash Bennington

I've been trying to get my head around this all morning. Google has just announced — well, I'm not sure exactly what they have announced.

Google Search
CNBC.com
Google Search

It isn't a new product or service, per se, as much as a capacity to calculate underlying data. Early reports are thin, but this short article in the Financial Times explains that Google has begun using its "vast database of web shopping data" to construct a new price index.

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  Tuesday, 12 Oct 2010 | 10:54 AM ET

Steve Rattner's Ugly Savaging Of Sheila Bair

Posted By: John Carney

Steve Rattner’s savaging of FDIC chair Sheila Bair should damage Rattner’s reputation more than Bair’s. Rattner comes off as something worse than an arrogant and entitled commissar—he appears to be profoundly opposed to the structure of the American government.

FDIC Chairwoman Sheila Bair on CNBC'c Power Lunch
CNBC.com
FDIC Chairwoman Sheila Bair on CNBC'c Power Lunch

There’s a long excerpt from Rattner’s book, Overhaul, over at Economics of Contempt . Rattner— the former 'car czar' for Obama—makes it clear that he does not have much respect for Bair, referring to her as a “Kansas lawyer”and unfavorably comparing her academic career to Ben Bernanke’s.

Worse, she once ran for Congress and was appointed by George Bush. She has “an unsmiling, sour demeanor.” Her FDIC is described as “muttering about new capital” for GMAC.

Points go to Rattner for candidness, I suppose. But there’s something inappropriate about his attitude toward her. Keep in mind that Bair was appointed to a decades old independent agency to a position which required confirmation by the U.S. Senate. Rattner was simply part of Obama’s kitchen cabinet, approved by no one except maybe Rahm Emmanuel. Some sort of deference to her rank should be expected.

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  Tuesday, 12 Oct 2010 | 8:51 AM ET

New Hazard: Your Boss Uses SMS Texting. Lol.

Posted By: John Carney

Several hours before last night's Hailpocalypse descended upon Brooklyn, we were having drinks with a guy who works in fixed income at JP Morgan Chase. He revealed a new and unintended consequence of more bankers using iPhones: some senior bankers are just discovering text messaging.

Iphone using
AP
Iphone using

"My boss used BlackBerry messaging and sent emails all the time. Sometimes his emails were so short, like one word, that I believed he thought it was a version of instant messaging," the banker told us. "But this is far, far worse. He discovered texting through the iPhone and now he won't stop."

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  Tuesday, 12 Oct 2010 | 8:30 AM ET

Google's Newest Business: Tracking Inflation

Posted By: Ash Bennington
  Monday, 11 Oct 2010 | 5:53 PM ET

Terrorists & Inflation Less of A Threat Than Government

Posted By: Ash Bennington
  Monday, 11 Oct 2010 | 5:35 PM ET

Brit Bankers Are Back In The Lap Dance Game Again

Posted By: John Carney

Austerity might be all the rage for debt-issuing sovereigns in Europe these days.

Exotic Dancer
Exotic Dancer

But it certainly hasn't taken hold of the financial sector's would-be BSD's. The Evening Standard reports that we're right back to the boom times, at least when it comes to the kind of strip clubs favored by London's traders:

Andrew Hawes, managing director of Bollinger UK, said it was currently impossible to get enough of its £120-a-bottle Special Cuvée into Britain because demand is so strong.

He said: “There was a time when people certainly didn't want to be seen with an expensive bottle of champagne — but we're past that phase now.”

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  Monday, 11 Oct 2010 | 5:20 PM ET

Need Into MBA School? Not A Problem.

Posted By: Julia La Roche

When I walked out of Delmonico's after dinner with my parents Saturday night I came across this flyer on a U.S. mail box near the restaurant.

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  Monday, 11 Oct 2010 | 5:19 PM ET

Yes, You Should Be Very Worried About the C-4 Found in A Second Street Cemetery

Posted By: John Carney

Do not believe the reassurances you might hear about the explosives found in an East Village cemetery.

»Read more
  Monday, 11 Oct 2010 | 4:47 PM ET

Now Goldman Sachs Is Freezing Foreclosures

Posted By: John Carney

One by one, the foreclosure mills are grinding to a halt.

»Read more
  Monday, 11 Oct 2010 | 4:45 PM ET

The Foreclosure Crisis and SarbOx

Posted By: John Carney

The news that a single loan officer working for Ally’s GMAC mortgage unit processed tens of thousands of foreclosure documents, many apparently falsified, each month for five years should have executives and auditors at all the large mortgage servicers quaking.

»Read more

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  • 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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