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Finance NetNet


  Friday, 28 Jan 2011 | 10:08 AM ET

Confessions of a (Female) Cigar Smoker

Posted By: Nicole Lapin
Nicole Lapin in
Source: Cigar Aficionado
Nicole Lapin in

I don’t have a whole lot in common with Fidel Castro.

Not a ton with Winston Churchill, Rush Limbaugh, Milton Berle, Mark Twain and Bill Cosby, either. Save, of course, a penchant for cigar smoke.

In my case, it’s recreational, nowhere near the occupational predilection of history’s most recognizable cigar-wielding rebels and icons.

“A woman is only a woman, but a good cigar is a smoke,” one of my favorite poets, Rudyard Kipling, penned in his short story “The Betrothed.”

Close, Mr. Kipling, but no cigar. Cigars, for better or worse, link us all, this woman included.

Certainly, I am not the only one. Cigar Aficionado Magazine featured me this month, as one of a long list of women who have gender-bent the pages before: Madonna, Sharon Stone, Demi Moore, Veronica Webb.

» Read More
  Friday, 28 Jan 2011 | 8:56 AM ET

John Paulson Banks $5 Billion in Profits

Posted By: Ash Bennington

Lower profits at Ford: Shares drop 7 percent in premarket trading. [Reuters CNBC]

Protests in Egypt continue. [WSJ]

John Paulson banks $5 billion in profits —which may be the best single year gain in investing history. [WSJ]

Geithner says global inflation is still “not high on the list of concerns,” for the world's economy. [WSJ]

Sarah Lee is splitting in two. [Financial Times]

The Illinois Supreme Court has rules that Rahm Emanuel can stay in the Chicago mayoral race . [New York Times]

Hedge funds beat up on Goldman Sachs president over calls for tougher regulation in Davos. [CNBC via FT]

Welcome to weather hell: NYC is the new Buffalo. [New York Times]

»Read more
  Thursday, 27 Jan 2011 | 5:22 PM ET

Global Unrest Slams Markets

Posted By: Ash Bennington
  Thursday, 27 Jan 2011 | 5:08 PM ET

GSEs, Citigroup, Lehman, AIG, Goldman Sachs And Jamie Dimon at Top of Financial Crisis League Table

Posted By: John Carney

This probably is not the sort of league table anyone hoped to top.

The FCIC today released its official report on the financial crisis, along with two dissenting reports. Together they run 633 pages, including the footnotes but not including the index.

» Read More
  Thursday, 27 Jan 2011 | 4:56 PM ET

Rachel Sterne Takes New York

Posted By: Lori Spechler
Rachel Sterne
Rachel Sterne

Did NYC just buy an $115,000 marketing campaign?

If you follow the blogosphere, you’ve probably already heard some of the buzz about Rachel Sterne, the newly minted Chief Digital Officer (CDO) for the City of New York.

From the straight ahead article on WNYC.org “The Woman Upgrading Bloomberg’s Government: Rachel Sterne ” to the slightly more spicy article on The Observer, “Everybody Calm Down About Rachel Sterne, For Chrissakes ” \), people—or at least the press--seem duly interested in the first paid CDO for a major city.

» Read More
  Thursday, 27 Jan 2011 | 4:32 PM ET

What Do You Have To Do To Get Fired By The FBI Anyway?

Posted By: Ash Bennington
Digital Vision | Photodisc | Getty Images

Apparently, it takes a lot to get fired by the FBI.

Here is a list of a few things that will not, according to a CNN report , get you fired—if you work for The Federal Bureau of Investigations:

» Read More
  Thursday, 27 Jan 2011 | 3:14 PM ET

FCIC Dissent Shows Why The Market Underpriced Mortgage Risk

Posted By: John Carney
Martin Poole | Stockbyte | Getty Images

Another important insight from Peter Wallison’s must-read dissent from the FCIC report released today is that government policies created an artificial demand for risky mortgages—leading to a severe underpricing of risk.

Here’s how it worked. Beginning in the early 1990s, government regulations made FHA, Fannie and Freddie, mortgage banks and commercial banks of all kinds into highly motivated buyers of risky mortgages. What happened next was disaster.

Here’s an excerpt from the report :

» Read More
  Thursday, 27 Jan 2011 | 2:50 PM ET

How The Government Destroyed Fannie Mae And Freddie Mac

Posted By: John Carney
Peter Gridley | Photographer's Choice | Getty Images

Peter Wallison more or less demolishes the conventional wisdom —and now the official Federal Crisis Inquiry Commission view—when it comes to the collapse of Fannie Mae and Freddie Mac.

» Read More
  Thursday, 27 Jan 2011 | 2:34 PM ET

College Freshmen: Life Sucks

Posted By: Ash Bennington
Image Source | Getty Images

College freshmen are more miserable than they have been in 25 years.

That's not an opinion: The New York Times is reporting this, based on new survey of more than 200,000 college students.

Here's what you need to know:

» Read More
  Thursday, 27 Jan 2011 | 1:21 PM ET

The Scary Side of Obama as America's CEO

Posted By: John Carney
President Barack Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.
Saul Loeb | AFP | Getty Images
President Barack Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.

My baby brother Tim Carney has some good insight into Pres. Obama's approach to economics.

It's not a turn toward the center. It's not a pro-business pivot. It's certainly not a "prayer to free markets" (as Rachel Maddow put it).

So what is it? Here's Tim :

» 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.


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.