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  Wednesday, 6 Apr 2011 | 4:40 PM ET

Portugal Officially Seeks EU Aid

Posted By: Ash Bennington
  Wednesday, 6 Apr 2011 | 4:05 PM ET

There's No Such Thing as Financial Armageddon and It's a Good Thing Too

Posted By: John Carney
end_of_world_sign_200.jpg
Alan Powdrill | Getty Images

When New York City couldn’t find investors for its debt in the 1970's, the best and the brightest all urged a bailout. David Rockefeller, the head of Chase Manhattan Bank \(one of the largest holders of NYC debt\), warned that if New York City defaulted, the entire financial system would come crashing down. Others said it would mean capitalism had failed.

Well, New York did default.

» Read More
  Wednesday, 6 Apr 2011 | 4:04 PM ET

Fed Sells 42 AIG Bonds in Auction

Posted By: John Carney
AIG
AIG

The Federal Reserve said it auctioned off 42 mortgage-backed bonds it acquired as part of the rescue of American International Group. The bonds had a face value of $1.326 billion.

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  Wednesday, 6 Apr 2011 | 3:34 PM ET

Retail Sales & Price of Inflation

Posted By: Stephanie Landsman
Man shopping for clothes
UpperCut Images | Getty Images
Man shopping for clothes

Kevin Ospina is not letting inflation fears get in the way of his spending habits.

The 28-year old business analyst, who was unemployed for seven months last year, started a new job last September.

» Read More
  Wednesday, 6 Apr 2011 | 2:34 PM ET

Portugese Finance Minister: We Need A Bailout

Posted By: Ash Bennington
Portuguese Finance Minister Fernando Teixeira dos Santos
Georges Gobet | AFP | Getty Images
Portuguese Finance Minister Fernando Teixeira dos Santos

The official line out of Portugal Wednesday was that the country can meet all its financing needs and is not asking for any aid from the European Union.

The results of Wednesday’s auction of Portuguese debt left many wondering how long that stance would continue.

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  Wednesday, 6 Apr 2011 | 2:18 PM ET

Trader and Friend Debate Whether or Not to Run Money Through the Washing Machine to Get Rid of Fingerprints

Posted By: Courtney Comstock, Business Insider
Washing Machine
Washing Machine

This is a hilarious conversation that took place between trader Garrett Bauer and the middleman who allegedly helped him insider trade.

Bauer and an M&A lawyer, Matt Kluger, were charged with insider trading today.

During a phone conversation about how to cover up their actions, the middleman suggests actually washing the money.

Bauer is skeptical, but ultimately, they go for it.

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  Wednesday, 6 Apr 2011 | 1:53 PM ET

Ireland Is Bailing Out Europe's Banks, Again

Posted By: John Carney
Ireland and European Union
Phillipe Sion | The Image Bank | Getty Images
Ireland and European Union

When Greg Lippman, the former Deutsche Bank executive who helped birth credit default swaps on mortgage-backed securities, was asked who was selling hedge fund investors insurance on lousy subprime loans, he answered concisely: Dusseldorf.

“Stupid Germans,” Lippman said. “They take the ratings agencies seriously. They believe in the rules.”

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  Wednesday, 6 Apr 2011 | 12:38 PM ET

Used Asian Auto Prices Expected to Rise 5 to 10 Percent

Posted By: Lori Ann LaRocco
NN_c_suite_200.jpg

If you're in the market for a used Asian car you will need to dig a little deeper into your wallet. With Toyota shipments slowing down, dealers are not only putting a premium on existing new models on their lots, but the sticker price on used autos are also going up as well.

I asked Jesse Toprak, VP of Industry Trends and Insights into TrueCar.com on what consumers can expect the next time they enter a dealer show room.

» Read More
  Wednesday, 6 Apr 2011 | 11:32 AM ET

James Woolsey Returns to Run CIA—In a Musical Comedy (Yes, I'm Serious.)

Posted By: Ash Bennington
R. James Woolsey, 16th Director of Central Intelligence
Source: CIA
R. James Woolsey, 16th Director of Central Intelligence

James Woolsey, the former director of the CIA under Bill Clinton, is returning to his old role—this time in a musical comedy.

No, you don't need to check the date: It's not an April Fools' joke. Woolsey, who is now involved in the venture capital world, will be playing the role of CIA director in select performances of a new musical called 'John Goldfarb, Please Come Home!'

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  Wednesday, 6 Apr 2011 | 10:43 AM ET

Republican Budget Slashes Renewable Energy Loans

Posted By: John Carney
GOP symbol and cash
Mike Kemp | Getty Images
GOP symbol and cash

One of the hidden gems of the Republican budget plan is the elimination of the Department of Energy’s clean energy loan program .

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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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