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  Wednesday, 30 Mar 2011 | 4:52 PM ET

Federal Reserve Rejects AIG Offer to Buy Mortgage Assets

Posted By: John Carney
AIG
AIG

The Federal Reserve announced Wednesday that it was declining an offer from American International Group to buy the mortgage-related assets it holds in its Maiden Lane II portfolio.

Instead of selling the assets as a block to a single buyer, the Fed says it will sell the assets in individually and in blocks in a “competitive process.” Earlier reports have said that the Fed was considering an auction for the assets.

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  Wednesday, 30 Mar 2011 | 3:56 PM ET

Senator Mark Begich: America Is Falling Behind in Energy

Posted By: Lori Ann LaRocco
NN_c_suite_200.jpg

Every time there is a crisis in the Middle East and gasoline prices go up, we start hearing from the halls of Congress the need for a "comprehensive energy policy." It's almost a running joke.

Everyone admits we need such a policy but no one can agree on anything and nothing happens. Instead we get piecemeal legislation.

On the morning of the President delivering his energy speech calling for boosting oil and natural gas production and cutting oil imports, the Democratic leadership invited selected press for a business media roundtable. The Senators spoke a bit on tax reform and job creation.

I decided to ask Democratic Senators Mark Begich \(AK\), Mark Warner \(VA\), Amy Klobucher \(MN\) Ron Wyden \(OR\), and Jeanne Shaheen \(NH\) on the amount of jobs an energy policy could create. I pointed out in one of my interviews with Harold Hamm CEO of Continental Resources \(CLR\) that he told me he has 10,000 job openings.

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  Wednesday, 30 Mar 2011 | 3:41 PM ET

Mortgage Bankers Are Still Clueless

Posted By: John Carney
Foreclosure Sign
Getty Images
Foreclosure Sign

You would think that mortgage lenders would be chastened by the financial crisis and prolonged economic slump. After all, mortgage loans played a central role in the calamity from which we are still struggling to recover.

But you’d be wrong.

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  Wednesday, 30 Mar 2011 | 2:16 PM ET

Why the New Mortgage Risk Rules May Fail

Posted By: John Carney
Mortgage
CNBC.com
Mortgage

Yesterday financial regulators proposed a set of rules intended to lower mortgage defaults by requiring banks to retain five percent of the risk when they package home loans as securities. Unfortunately, the plan relies on banks to adequately self-regulate their lending practices—something they’ve shown time and again they are not very good at.

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  Wednesday, 30 Mar 2011 | 1:47 PM ET

Galleon's Strategy Was To Have "Two Torpedoes In The Water"

Posted By: Katya Wachtel, Business Insider
Raj Rajaratnam
AP
Raj Rajaratnam

In the witness stand yesterday, former Galleon portfolio manager Adam Smith told jurors about the world inside Raj Rajaratnam's hedge fund.

He testified that in addition to legitimate research, traders and analysts were encouraged to find out confidential numbers—concrete figures connected to revenue, or earnings, or impending deal pricings—before they were released publicly.

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  Wednesday, 30 Mar 2011 | 11:22 AM ET

Barclays: Home Is Where Your Regulatory Costs Are the Lowest

Posted By: John Carney
Barclay's Bank
AP
Barclay's Bank

Barclays is considering moving its global headquarters from London to New York.

Why?

The regulatory capital requirements are higher in the U.K.

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  Wednesday, 30 Mar 2011 | 10:01 AM ET

BlackRock And Fidelity Are Ready To Bet Big On One Of Spain's Big New Savings Banks

Posted By: Gregory White, Business Insider
BlackRock headquarters
Mark Lennihan
BlackRock headquarters

BlackRock and Fidelity are both looking into investing in one of the new Spanish savings banks carved out of the country's troubled banking sector, according to Expansion .

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  Wednesday, 30 Mar 2011 | 9:16 AM ET

"Elizabeth Warren's Olive Branch to Big Business"

Posted By: Julia La Roche
NN_morning_call_200.jpg

"Elizabeth Warren's olive branch to big business" [CNN Money]

"Deals Rush Pushes Takeovers to the Most Expensive Since Lehman" [Bloomberg]

Neil Barofsky's op-ed on "Where the Bailout Went Wrong" [NYTimes]

Jim Rogers: Oil to Rise; Nuclear Energy Will Come Back [CNBC.com]

Economic data today includes the ADP employment report and mortgage applications [CNBC.com via Reuters]

Earnings reports include Family Dollar and Mosaic Group. [CNBC.com via Reuters]

»Read more
  Tuesday, 29 Mar 2011 | 5:38 PM ET

Goldman Sachs Senior Swaps Trader Leaves for Bank of America

Posted By: Kate Kelly
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

Craig Reynolds, a senior swaps trader from Goldman Sachs , has jumped ship for Bank of America .

Reynolds, a managing director at Goldman, will run U.S. rates trading for B of A, say people briefed on his job move, which was announced in an internal e-mail at his new firm on Tuesday morning.

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  Tuesday, 29 Mar 2011 | 4:39 PM ET

Obama Might Win In a Government Shutdown

Posted By: John Carney

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