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Finance NetNet


  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.

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

Fed Sells 42 AIG Bonds in Auction

Posted By: John Carney

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.

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  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.

» Read More
  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.”

» Read More

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