$$$ Clogged Credit Weighs on Fed Policy Makers [WSJ] $$$ Ex-Expert Network Consultant Pleads Guilty in Insider Case [WSJ] $$$ TCI is trying to guilt the FSA into forcing Lloyds to redeem TCI's holdings of Lloyds contingent capital bonds at above-market prices [FT] $$$ Homeowner Aid Boosts Big Banks [WSJ] $$$ World's population is 17 million tons overweight [MSNBC] $$$ Do you have plans on July 17? Do you fancy yourself a poker player? A really good poker player? Do you think you could beat David Einhorn, even if he’s working the table like it's Lehman Brothers circa 2007/2008? Do you think it would not be so awkward that the two of you could then enjoy a meal together and talk shop after which he picks up the tab? If David's not your thing, do you think you could envision yourself in the same scenario but with Bill Ackman? If you answered yes to most of the above and also consider yourself a fan of humanity, helping others and all that jazz, you should most definitely clear your schedule next Wednesday and sign up for a World Poker Tournament benefiting the Rewarding Achievement (REACH) program, which was co-founded by Bill Ackman and Whitney Tilson and gives inner-city high school students academic support and scholarships for passing AP exams. The event is taking place at Gotham Hall in New York and Einhorn (your competition) will be playing, as will Ackman and Tilson. Prizes for winners include the aforementioned meal (a lunch), with Bill, David or Seth Klarman, five nights at a “world-class private beach home in Lamu, Kenya,” a private poker lesson with 2011 WSOP bracelet winner and 2011 WPT Player of the Year, Andy Frankenberger and more. Alternatively, if you’re not one for cards but still want to help kids, you can also just register for the cocktail hour. $$$ Would you be interested in a job as a credit team director at a distressed-focused private equity firm in New York? What if I told you it's at Patriarch Partners? [DBCC, also available] $$$ Likelihood of Grexit Still 50-75%: Citi [CNBC] $$$ Alvarez Says Fed Hasn’t Seen Other JPMorgan Risk Problems [Bloomberg] $$$ Millionaire Parents Say Their Kids Are Unfit to Inherit [CNBC] $$$ New Jersey Man Allegedly Calls 911 From His Pillow Fort, Demands To Speak To Tim Tebow [DeadSpin]

$$$ Something something something "[Bernanke] must once again address whether there is more the Fed can do to get the economy going and whether it is worth taking chances on controversial new programs" [WSJ] $$$ Brussels pushes for wide ECB powers [FT] $$$ Google, Apple CEOs in secret patent talks [Reuters] $$$ Goldman is struggling to sell an ABS deal backed by Bob Dylan royalties, inspiring many FT jokes [FT] $$$ Chipotle caught STEALING pennies from hapless customers nationwide in deceptive receipt rounding scandal [Daily Mail] $$$ Kelly & Dylan finally get together [NYP] $$$ A bulge bracket bank in New York is looking for a senior internal audit manager [DBCC] $$$ Guy voting Republican [CNBC] $$$ Sharp Elbows Among Street Lawmen [WSJ] $$$ Citi is looking for a little more space [WSJ] $$$ "A 97-year-old message in a bottle found by Scottish fishermen in their catch has set the world record for spending the longest time at sea." [Bloomberg] $$$ Over 100 students in Harvard's "Intro to Congress" class are being investigated for cheating [Crimson]

$$$ Euro Zone Economy Shrinks, Darkening Outlook [WSJ] $$$ Greece seeks two-year austerity extension [FT] $$$ Knight Upgrade Triggered Old Trading System, Big Losses [WSJ] $$$ Goldman executives win dismissal of mortgage, TARP lawsuit [Reuters] $$$ Reservoir poised to seed ex-Goldman trader Buck Ratchford with $200M+ [AR-Alpha, related] $$$ You should really be drinking more at work [Economist] $$$ United Airlines Lost My Friend's 10 Year Old Daughter And Didn't Care [Bob Sutton] $$$ A Chicago hedge fund is looking for a senior quantitative strategist to develop commodity futures high frequency trading strategies [DBCC] $$$ In Ski-Resort Bankruptcy, FDIC Tries Role of Lender [WSJ] $$$ Steve Cohen, George Soros Purchased Facebook Shares [Deal Journal] $$$ Rakoff better able to review SEC-Citigroup pact [Reuters] $$$ BATS Proposes Plan to Offer Discounts on Retail Orders [Reuters] $$$ Biden Says Romney Would Put Middle Class ‘Back In Chains’ [Bloomberg] $$$ The head of Hungary's far-right anti-Semitic party found out he's Jewish [AP]

$$$ Arrests Near Stock Exchange Top 100 on Occupy Wall St. Anniversary [NYT] $$$ Pandit’s Censured Bonus Unhurt by Smith Barney Writedown [Bloomberg] $$$ America’s Fourth-Richest Woman Unveiled With Koch Stake [Bloomberg] $$$ The incidence of the corporate tax is progressive [WonkBlog] $$$ Apple sells 2 million new phones, sets early order record [Reuters] $$$ B-School Applicants Decline for Four Years [WSJ] $$$ "One sophomore, granted anonymity by The Crimson because she was afraid to be associated with a party that had been interrupted by police ... [said] 'Everyone at Harvard is very career-minded. No one likes the cops.'" [Crimson] $$$ A mid-sized global investment bank is looking for a senior quant developer for its FICC trading desk in New York [DBCC] $$$ "One could easily conclude that [corporate bond] ETFs are ending up with the inventory that dealers can’t manage themselves. Which makes perfect sense if you consider that ETFs are a great place for dealers to park inventory on a funded and risk-recycled basis." [FTAV] $$$ Euro crisis tests limits of "French exception" [Reuters] $$$ Schulze still trying to line up Best Buy bid funding [NYP] $$$ A federal court ruled that a fraternity is not a monastery for zoning purposes [VC] $$$ "A Wal-Mart cashier and manager tore up two $100 bills and held a customer for hours until police came and told the store the cash was legitimate, the furious customer claims in court." [CNS]

"A Colleague Drank My Breast Milk and Other Wall Street Tales"; Carson Block launches hedge fund; Dov Charney has a plan; New Yorker Posts Brooklyn Igloo on Airbnb During Blizzard, Only $200 a Night; and more.

$$$ Greece drops demand to ease bailout terms [FT] $$$ The NYSE Gets Its Very Own Dark Pool [MarketBeat] $$$ The Strange Takeover Limbo of CVR [DealBook] $$$ Countrywide won influence by giving House members discounts, report says [AP] $$$ Jon Ronson talks to rich people, middle-class people, and poor people [GQ] $$$ The guy who finished ahead of David Einhorn in the $1mm buy-in One Drop poker tournament was beaten up shortly afterwards [Poker News Daily] $$$ A German university is suing a business student for lost income because he finished his bachelors and masters degrees in only 20 months [UPI] $$$ A top institution is looking for a VP level structured credit trader in New York [DBCC] $$$ Euro the big loser after central banks intervene [FT] $$$ Irish Bill Sale Marks End Of Drought As Spain Yields Rise [Bloomberg] $$$ Why not have variable-rate mortgages with fixed payments but variable amortization periods? [American Banker] $$$ Traded assets are more volatile than non-traded assets, NGDP targeting edition [Noahpinion] $$$ Alphonse "Buddy" Fletcher's wife is the Kleiner Perkins partner suing them for gender discrimination [Term Sheet] $$$ An Alternative Living Will for Banks [Paperwell]

$$$ Draghi kills hope of instant action [FT] $$$ Mario Draghi's rescue plan for the euro: So that's what he meant [Economist] $$$ Goldman to Invest in City Jail Program, Profiting if Recidivism Falls Sharply [NYT] $$$ BofA in talks with Fannie Mae over mortgage dispute [Reuters] $$$ Missile Defense Staff Warned To Stop Surfing Porn Sites [Bloomberg via DI] $$$ New York Yankees Facebook Page Announces Derek Jeter To Miss Rest Of Season Due To Sex Change [Deadspin] $$$ Want to decide how much people at BlackRock get paid? They're looking for a Senior Compensation/Total Rewards Analyst in New York [DBCC] $$$ Facebook: The Stock That Keeps on Dropping [BBW] $$$ Europe Keeps Weighing on GM's Results [WSJ] $$$ Pimco’s El-Erian Says World in Serious Slowdown [Bloomberg] $$$ Romney's Horse Ranks 13th In Olympic Debut [WSJ] $$$ "Some account holders want to withdraw their money. I ask them why and give it to them if other children approve. Everyone earns five per cent interest on their savings." [Kottke]

$$$ Here are Dick Fuld's call logs from March through September of 2008. Tim Geithner, Hank Paulson, Lloyd Blankfein, Jamie Dimon, Ken Lewis, Rodge Cohen, Raj Rajaratnam ... [Jenner] $$$ The quants and derivatives traders of Occupy Wall Street [WaPo] $$$ Spain in talks over ‘bad bank’ scheme [FT] $$$ [@JeffMacke] $$$ Duke University grad doesn't want to waste her unique talents working on Wall Street, works in management consulting instead [DealBook, earlier] $$$ A leading M&A boutique is looking for a class of 2011 or 2010 FIG associate [DBCC] $$$ Large layoffs loom on Wall Street [Fortune] $$$ SEC Charges Mother, Daughter, and Their Attorney in Illegal Penny Stock Scheme [SEC] $$$ Barnes & Noble’s Nook Unit Is Worth More Than Its Parent Company [DealBook] $$$ “If mortgage REITs were not delivering to investors they would not be in a position to raise capital. Last I checked, the United States was still a capitalist country despite efforts to the contrary.” This quote from the CEO of mortgage REIT Annaly is not encouraging [Bloomberg] $$$ "But the debate between Krugman and Paul on Bloomberg TV this afternoon was more awkward than awesome, like a special episode of the Sopranos with the character of Tobias Funke." [DI] $$$ This novel by a former Lehman MD begins "The weight of the cufflinks was palpable." [Fiction Studio]