Rising Unrest in Ireland Forces PM Cowen to Call for New Elections in January

Major Raid on Hedge Funds (CNBC's NetNet) "The FBI conducted raids on three hedge funds today in connection with its massive investigation on insider trading on Wall Street"


Goldman Shares Drop 3% after Hedge Fund Raid (CNBC via Reuters) The share price of Goldman Sachs dropped over 3 percent this afternoon after the FBI raided three hedge funds. According to the Reuters, which cites other sources, the role of certain Goldman Sachs employees may be in question. "The Justice Department is examining whether employees of the New York-based investment bank leaked information about deals to select clients, the Wall Street Journal reported on Saturday."

Tech Stocks Rise, Led By HP, After Positive Earnings Report (CNBC.com) "Hewlett-Packard shares rose in late trading Monday after the tech giant reported results that beat Wall Street expectations and gave a positive outlook for the current quarter and the following year.

Excluding items, the company earned $1.33 a share, beating analyst estimates of $1.27 a share, according to Thomson Reuters. Revenue rose 8 percent to $33.3 billion, above Wall Street's forecast of $32.75 billion."

Ritholtz: Why GM Bailout Was Success—And the Bank Bailout Wasn't (CNBC) "Compare the differences between the banks and GM/Chrysler, and will see the full folly of how we rescued the financial sector. Instead of letting insolvent banks fail, we turned over the keys to the castle.

We could have fired the incompetent management that caused the problems — but most of these execs are still in the same highly placed positions in their firms. In terms of senior personnel, the industry is literally unchanged." Scathing.

Rising Unrest in Ireland Forces PM Cowen to Call for New Elections in January (Financial Times) "A sense of crisis was palpable on the streets of Dublin in the hours leading up to Mr Cowen’s announcement. Protesters, led by senior figures in the nationalist Sinn Féin party, clashed with police outside the Dáil. While Mr Cowen reiterated the determination of his government to secure next year’s budget on December 7, passage looked less certain after two independent MPs warned they would vote against it." Cowen had "defied calls for a snap election, but said he would trigger a poll in the new year after passing an emergency Budget designed to stave off further financial turmoil. Mr Cowen’s announcement on Monday ended a day of political threats and counter-threats, after his decision to seek a multibillion-euro rescue from the European Union and International Monetary Fund pushed his fragile Fianna Fáil-led coalition to breaking point." Also, as reported by the UK's The Telegraph , Cowan is expected to step down after the new budget proposal is present on December 7th.