Write-Offs: 07.12.11

$$$Geithner: We need a deal by next week (CNN)

$$$Obama says he cannot guarantee Social Security checks will go out on August 3 (CBS)

$$$McConnell Says 'Real Deal' Not Possible With Obama (WSJ)

$$$PIMCO's Gross raises Treasuries in flagship fund (Reuters)

$$$Moody's cuts Ireland to junk, warns of 2nd bailout (Reuters)

$$$EU Will Support Banks Failing Stress Tests (WSJ)

$$$Where’s the biggest Italian exposure? (FT Alphaville)

$$$New York Attorney General Seeks Data on Bank of America Accord (Bloomberg)

$$$ Barclays is hiring a risk manager, a position that we now know can pay up to $10mil (DBCC)

$$$EU declares war on ratings agencies (Guardian)

$$$China secures first top-level post at IMF (Reuters)

$$$Lagarde Names Obama Aide Lipton Top Deputy at International Monetary Fund (Bloomberg)

$$$U.S. Trade Deficit Unexpectedly Surges on Oil (Bloomberg)

$$$Buiter Says ECB Will Revive Bond-Buying Program to Protect Italy Auctions (Bloomberg)

$$$Options Trading Heads for Record Volume as U.S. Institutions Increase Use (Bloomberg)

$$$Dominique Strauss-Kahn sent a text message to Tristane Banon asking: 'Do I scare you?' (Telegraph)

$$$Defending Private Equity From a Flawed Picture (DealBook)

$$$Idiot nearly falls from the stands chasing a ball at the Home Run Derby (NBC)