Write-Offs: 08.02.11

$$$Market Erases 2011 Gains on Concern of Recession Return (Bloomberg)

$$$ Bill Gross: Debt deal was "a Republican Tea Party victory." (Bloomberg)

$$$ Guggenheim: Europe on Brink of 'Major Financial Collapse' (CNBC)

$$$ Matthew Goldstein: Steve Cohen's Forbidden Transcript (Reuters)

$$$ "When Goldman sheds those in its bottom 5%, the firm pulls him or her aside in a private meeting, reveals the news and then gives the employee three or four months in which to find a new job. During that period, that person will remain at the bank and their status won't be revealed to anyone until they've found a new job." (FINS)

$$$Idaho Town Terrorized by Guy in Bunny Suit (Gawker)

$$$Why are the ratings agencies so hard to kill (Slate)?

$$$Preet Bharara: The enforcer of Wall Street (Fortune)

$$$Peacock Escapes From Central Park Zoo (NYP)