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Write-Offs: 11.29.2011

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$$$S&P Ratings Recalibration Brings Cuts to 37 Banks [WSJ]

$$$Europe ramps up rescue fund, may turn to IMF [Reuters]

$$$ John Paulson's full apology [ValueWalk]

$$$Facebook Agrees to F.T.C. Settlement on Privacy [NYT]

$$$AT&T to Be Allowed to Pull T-Mobile Application [WSJ]

$$$ "Imagine Perez Hilton. Subtract twenty pounds. Make him white, and throw in an MBA. Replace the obsession with celebrities with the dealings of hedge funds, and their rival big banks. That's Wall Street." [Gawker]

$$$Businesses plan for possible end of euro [FT]

$$$ RBS was fined for confusing price and discount [ZH]

$$$Barney Frank Says Dodd-Frank Likely Safe Without Him [NYT]

$$$ Bloomberg kind of made up the whole "banks made $13 billion in profits from the Fed bailout" thing [FTAV]

$$$Who Might the Greenwich Lottery Winners Be Covering For? [Daily Intel]

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$$$ Eurozone delays Athens rescue funds [FT] $$$ Loans to Banks Cool Debt Crisis [WSJ] $$$ European Leaders Challenged by Rise in Joblessness [NYT] $$$ An explanation of that Barclays tax trade, with cartoons [FTAV] $$$ Sofa King can no longer advertise prices that are "Sofa King low" in the UK [Language Log] $$$ Mitt Romney has worn a garbage bag for rain gear $$$ Fed's Dilemma: Markets Want Both Growth—And Stimulus [CNBC] $$$ Facebook seeking bigger credit line [Reuters] $$$ Unlike other types of complex financial transactions, insider trading prosecutions usually do not require jurors to develop sophisticated knowledge of the financial markets or securities valuation. There is not a statutory definition establishing its parameters, so it can be applied to a wide variety of transactions, and the crime does not have complicated requirements for proving a violation. Prosecutors are cracking down on insider trading because there's no law telling people what's illegal and unsophisticated jurors will convict [DealBook] $$$ Oprah's Book Club makes people read less [MR] $$$ The personal assistant of Paris Hilton's sister's hedge funder ex-husband Todd Meister was maybe dating him while she was stealing $1mm from him, or something like that [NYP]

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$$$ Wells Fargo Banker, Two Others Indicted on Insider-Trading Charges [WSJ] $$$ Bank of America claims MBIA in default on senior notes [Reuters] $$$ The Queen of England seems to have had a fun tour of her Bank [Telegraph] $$$ DealBook Conference Was Impressive, Lucrative and Chummy, but it was no DBDRN [NYT] $$$ "Lloyd Blankfein … wears a suit that is notably baggy in its cut. The bagginess is unflattering. But it is a pinstripe suit, which is the Bat Signal of men of great influence, Wall Street's version of a rapper's Jacob the Jeweler medallion." [Gawker] $$$ Plot to castrate and kill Justin Bieber at Madison Square Garden is foiled [NYP] $$$ How would you like to be a TIAA-CREF wealth management advisor in Fargo, ND? [DBCC] $$$ Obama’s Bet on GM Hangs on Revamped Silverado Pickup [Bloomberg] $$$ Hostess Said to Attract Bids From Wal-Mart, Kroger [Bloomberg] $$$ "But the decisions in the Argentine litigation do seem to go a long way toward transforming the pari passu clause from a rule of rank into a prohibition on preferences. And if this is right, is there any reason to think the holdings will be confined to the sovereign context?" [DealBook / Stephen Lubben] $$$ U. Chicago Receives Weird Mystery Package Addressed to Indiana Jones [NYO] $$$ "Afterward, the employees — chosen by lottery — nibbled on pigs in blankets and sushi rolls and met with Tyson Chandler of the New York Knicks. But one employee apparently was more interested in an autograph from his boss, coming up to ask Mr. Dimon to sign his ticket. The chief executive complied." [DealBook]

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$$$ AIG Said to Boost U.S. TARP Recovery to 80% With Payment [Bloomberg] $$$ Trio of Deals Show IPO Strength [WSJ] $$$ Scrap Over Easing IPO Rules [WSJ] $$$ "The biggest recent change on Wall Street has been semantic, not substantive. The word 'client' has become Orwellian doublespeak. Goldman’s leaders talk uniformly about the importance of serving clients, but the firm’s salespeople know who is a client and who is a mere a counterparty." Frank Partnoy says sensible things about Muppetgate [FT] $$$ Fruit flies who strike out with the lady fruit flies drink to forget their troubles [NYT] $$$ Banks hike fees, cut costs to boost profits [Reuters] $$$ Glencore poised for joint bid for Viterra [FT] $$$ The New York Times paid executives multimillion dollar bonuses for achieving returns that were a fraction of its cost of capital, so that's kind of awkward [BreakingViews, via William Wright] $$$ Would you like some hyperbolic metaphors with your intimations of criminality? Enjoy! [Rolling Stone] $$$ "The Real Question re Goldman: Why doesn't Goldman have its employees sign non-disclosure agreements?" I know, right? [Credit Slips]

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