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  Monday, 18 Apr 2011 | 10:25 AM ET

Insider Sniping and Turnover at Bank of America

Posted By: John Carney
Bank of America
Oliver Quillia for cnbc.com
Bank of America

The news that Bank of America had hired Gary Lynch, formerly the General Counsel of Morgan Stanley, to the new post of global chief legal officer is a clear demonstration that the bank continues to play games with its shareholders. It is also giving rise to insider sniping about its general counsel.

» Read More
  Monday, 18 Apr 2011 | 9:02 AM ET

Who Will Succeed Lloyd Blankfein?

Posted By: Julia La Roche
  Friday, 15 Apr 2011 | 6:55 PM ET

Red Flags Popping Up All Over Bank of America

Posted By: John Carney

Bank of America shares gave up more than 2 percent Friday on disappointing earnings. But a bad quarter may be the least of the bank’s worries.

The largest bank by deposits just lost its chief financial officer and just hired one of the most connected regulatory lawyers in the U.S.

Both events are alarming.

» Read More
  Friday, 15 Apr 2011 | 4:33 PM ET

Broker Wars Are Back!

Posted By: John Carney
  Friday, 15 Apr 2011 | 4:02 PM ET

Does This Mean a Facebook IPO is Coming Soon?

Posted By: Lori Spechler
Mark Zuckerberg
Getty Images
Mark Zuckerberg

T. Rowe Price disclosed Friday that nineteen of its mutal funds hold shares of Facebook worth $190.5 million. While it is not unique for a mutual fund to hold shares of a private company, this could tell us something about Facebook's plans for an IPO.

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  Friday, 15 Apr 2011 | 2:39 PM ET

Goldman Sachs More Than Doubled Muni Exposure in 2010

Posted By: John Carney
The Goldman Sachs booth on the floor of the New York Stock Exchange
Getty Images
The Goldman Sachs booth on the floor of the New York Stock Exchange

Goldman Sachs’ trading desks owned nearly twice as much municipal debt at the end of 2010 as they did at the end of the previous year, according to the company’s annual report.

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  Friday, 15 Apr 2011 | 1:28 PM ET

JPMorgan Did A Cost-Benefit to See If It Was Worth Keeping a Ponzi Scheme As a Client

Posted By: Courtney Comstock, Business Insider
JPMorgan3_new.jpg
Getty Images

Irving Picard's lawsuit against JPMorgan reveals many names of executives who suspected that Bernie Madoff's fund was a ponzi scheme, but did nothing.

The worst news is about Brian Sankey. After Madoff's arrests, because even though the firm's executives had held a lunch meeting to discuss their doubts about Madoff in 2007, a year before the scheme unravelled, he allegedly advised that the existence of the firm's doubts “never [see] the light of day again.”

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  Friday, 15 Apr 2011 | 9:53 AM ET

The SEC Ranking Ratings Agencies: A Bad, Bad Idea

Posted By: John Carney
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.

Here’s my nomination for the worst recommendation by the Senate panel on the financial crisis: the proposal for the Securities and Exchange Commission to rate credit ratings agencies based on their “accuracy.”

Everyone agrees that inaccurate ratings of mortgage-related financial products—from straight mortgage-backed securities to complex derivatives—contributed to the financial crisis. And nearly everyone would like credit ratings agencies to perform better in the future.

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  Friday, 15 Apr 2011 | 9:13 AM ET

Bank of America Swings and Misses

Posted By: Julia La Roche
NN_morning_call_200.jpg

Bank of America Swings and Misses [CNN Money via Fortune]

OK that's just sketchy. Galleon chief put millions into fund of ex-employee who is testifying in favor of Rajaratnam. [NYTimes]

Check out the list of JPMorgan bankers who doubted Madoff in 2007 [NYTimes]

'Banks Near Deal with SEC' [WSJ]

Ireland on the verge of junk status after Moody's downgrade [Reuters]

»Read more
  Thursday, 14 Apr 2011 | 4:19 PM ET

ZipCars, Bodyslams, and 3 More Things About Goldman

Posted By: John Carney
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ZipCar's IPO Underwriters Just Screwed The Company To The Tune Of $50 Million (Business Insider). When a stock soars 70% on the day it IPOs, it means the underwriters screwed the founders and pre-IPO investors.

Also: we’re in a tech bubble.

Michael Burry gives a speech at Vanderbuilt (Distressed Debt Investing). Among other things, he’s buying farm land and thinks Goldman's short squeeze was despicable.

Why the SEC is mulling opening up to private market deals (Truth on the Market). Easy answer: because a vociferous Congressman is jerking their leash.

Dick Durbin bodyslams Jamie Dimon (Felix Samon) The best part is when Durbin tells Dimon to “keep some perspective.”

Deal Journal asks is Zipcar still affordable (DealJournal). I didn’t hear the answer because the bubbling noise was too loud.

Goldman goes neutral on financials (MarketBeat). Everyone secretly thinks this means the traders are “massively short.”

»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.

 

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