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Write-Offs: 07.19.10

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$$$ With a sharp wit and a sharper tongue, Mr. Hendry, a plain-spoken Scot, has positioned himself as the public contrarian thinker of this city’s very private hedge fund community. The euro? It’s finished, Mr. Hendry proclaims. China? Headed for a fall. President Obama? “If there was a way to short Obama, I would,” Mr. Hendry said. [NYT]

$$$When Volcker reached his office the next morning he learned that Dodd and Frank had agreed overnight to drop some of the restrictions in the compromise proposal, including the dollar limit on hedge-fund investments. “ ‘Shock’ is too strong a word,” Volcker recalled. “But I was disappointed.” [New Yorker]

$$$ FYI: BP Says Seepage Near Well Unrelated to Macondo Leak [CNBC]

$$$Investors Question the 'Stress' in Stress Tests [WSJ]