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Write-Offs: 06.17.11

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$$$Euro Strengthens After Germany’s Merkel Agrees to a Greek Debt Compromise (Bloomberg)

$$$ Echoes Of Lehman: World Awaits Another High-Stakes Weekend (MarketBeat)

$$$Howard Marks was failing miserably. It was 1977, and the research group he oversaw at Citibank had recommended Nifty 50 stocks that lost 90 percent of their value over the previous decade. Then Peter Vermilye, Citibank’s chief investment officer, gave Marks an option: He could quit research and start a fund focusing on convertible bonds, a niche where neither the New York bank nor Marks had any experience. He jumped at the chance. “It changed my life,” says Marks, who with his light-brown tortoiseshell glasses and spiky, sandy-colored hair looks younger than his 65 years. “If he hadn’t pushed me out of the research job, where would I be today?” (Bloomberg)

$$$IMF Cuts Forecast for U.S. Growth Again Amid Risk of Contagion From Europe (Bloomberg)

$$$ Goldman's Jim O'Neill Says Greek Default Closer (Reuters)

$$$Top of the Greek bond exposure pops (FT Alphaville)

$$$ US banks seen skirting Greek drama; exposure small (Reuters)

$$$Phil Falcone’s LightSquared in Deal With Sprint (Bloomberg)

$$$Moody's says may cut Italy's credit rating (Reuters)

$$$Thomas Hoenig: Why the sign must say: no UBS in the USA (FT)

$$$PNC Financial Wins Bid for RBC Unit (WSJ)

$$$Debt worries hinder Citi disposal (FT)

$$$ Berkshire Hathaway Doesn’t Deserve Buy Rating, Stifel Says (Deal Journal)

$$$Goldman Profit Estimate Slashed 40% by Analyst (Bloomberg)

$$$ Stanford Receiver Sues Libyan Fund for $55 Million Withdrawn, Lawyer Says (Bloomberg)

$$$FDIC Working on Settlement with Former WaMu Executives (WSJ)

$$$ CMBS Troubles Brewing? Some Observers Think So (WSJ)

$$$ Goldman: Get Out of Bullish Yuan Bet (WSJ)

$$$ Al Gore says capitalism can save the world (MarketWatch)

$$$ Analysis - High-frequency trade sparks commodity flash fires (Reuters)

$$$Mitt Romney jokes about being unemployed to group of unemployed people (WaPo)