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Finance NetNet


  Thursday, 7 Apr 2011 | 3:31 PM ET

AIG Buys Assets in Maiden Lane II Auction

Posted By: Mary Thompson

A source close to the situation confirms AIG bought assets in the New York Federal Reserve's auction of mortgage backed securities it acquired from the insurance company during the height of the financial crisis.

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  Thursday, 7 Apr 2011 | 2:20 PM ET

Trichet Shows Up Bernanke on Inflation? Say It Isn't So!

Posted By: Jeff Cox
Jean-Claude Trichet
Getty Images
Jean-Claude Trichet

While Fed Chairman Ben Bernanke maintains allies at the top of the central bank, finding support in the financial community is getting progressively tougher.

Thursday’sEuropean Central Bank decision to raise interest rates, though long expected, nevertheless offered a potential embarrassment: Officials from the home of the sovereign debt crisis schooling the US central bank head on inflation.

True, economic conditions differ between the US and Europe, where inflation pressures are far more tangible at this point. But the subliminal message from ECB President Jean-Claude Trichet was unmistakable: We care about inflation and you don’t.

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  Thursday, 7 Apr 2011 | 1:04 PM ET

Report: Radiation Leaks Divided Goldman's Tokyo Office

Posted By: John Carney
Goldman Sachs
Getty Images
Goldman Sachs

Following the the radiation leaks in Japan, American and European financial companies with offices in Tokyo faced a serious dilemma. Many of their employees wanted to flee the country until the radiation situation had been resolved. But the companies worried that relocating employees would be seen as a sign that they lacked faith in the ability of Japanese authorities to manage the disaster.

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  Thursday, 7 Apr 2011 | 11:26 AM ET

Goldman Cafeteria Has Awesome New Snacks, Including Desserts From Momofuku

Posted By: Courtney Comstock, Business Insider
bubble tea.jpg

Goldman first-years, you may want to put the "Goldman 15" on your radar because the Goldman Sachs cafeteria just got an upgrade—now it's fully loaded with tempting treats.

The coffee shop on the 11th floor of Goldman's 200 West headquarters in Manhattan now sells the Taiwanese hit "Bubble Tea" and desserts from Momofuku's infamous Milk Bar.

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  Thursday, 7 Apr 2011 | 11:04 AM ET

Big Business Pressures GOP to Avoid Shutdown

Posted By: John Carney

The White House likes the narrative of Obama fighting against corporate interests. But the truth is that big business is taking sides with the Democrats on the budget battle.

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  Thursday, 7 Apr 2011 | 9:35 AM ET

Dick Armey: Tea Party Does Not Want to Shut Down the Government

Posted By: Lori Ann LaRocco

A government shutdown looms.

Here's a dirty secret. Even if the government does "shut down,"

members of Congress still get their paychecks. They are giving themselves a paid vacation.

In the center of the fiscal fight is the Tea Party, which has told Speaker Boehner they are not willing to bend on their principals. I caught up with Tea Party Godfather Dick Armey on this budget battle, For the first time he publicly gives his opinions on House Budget Chairman Paul Ryan's \(R-WI\) budget and a government shut down.

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  Thursday, 7 Apr 2011 | 9:29 AM ET

A Long Con, a Rate Hike, a Rogue Trader and Frank Quattrone

Posted By: John Carney
The Long Con:

Attorney Matthew Kluger and trader Garrett Bauer allegedly began their insider trading scheme in 1994, when Kluger was still in law school. (Wall Street Journal). The third member of their alleged scheme, who hasn't been charged, was a mortgage broker. 'Nuff said.

Up to 18 British banks could see their senior debt ratings cut several notches. (Reuters via CNBC) The real scandal here is that anyone still listens to ratings agencies.

Frank Quattrone is back. (New York Times) Do you seriously doubt there's a tech bubble again?

The European Central Bank raised interest rates by 25 basis points to 1.25 percent. (Reuters) The BERNANK, however, is still stuck down at zero.

Here's what the world's most famous "rough trader"— Nick Leeson—has to say about the rate hike. (Business Insider). "Not the death knell some are predicting."

Goldman's attempt to launch an exchange for unregistered securities largely failed. (Wall Street Journal) Not enough trading.

»Read more
  Thursday, 7 Apr 2011 | 7:58 AM ET

Is the Municipal Bond Crisis Over?

Posted By: Lori Spechler
Simon Willms | Stone | Getty Images

Is the municipal crisis over? Was there ever really a crisis? Or was it merely a crisis of confidence spurred in part by Meredith Whitney and her now infamous “60 Minutes” appearance in December 2010.

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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
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.

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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.


Wall Street

  • Federal Reserve Bank Board Chair Janet Yellen.

    Market conditions and stabilizing economic data could lead the Federal Reserve to raise interest rates in October, David Lebovitz said.

  • Job seekers attend a Job Fair Giant career fair in Sterling Heights, Michigan, Sept. 30, 2015

    Stocks sank and investors ran to Treasurys after a disappointing jobs report pushed off expectations for a Fed rate hike into 2016.

  • Job seekers wait in line to enter the Choice Career Fair in San Antonio, Texas.

    The economy created 142,000 jobs in September, a number that whiffed on expectations and could cool expectations that the Fed will start raising rates.