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Madoff Busts Banks, Hedge Funds

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Sanofi to Buy Genzyme. The price will be $20.1 billion— plus contingent value rights payouts for new drugs. [DealBook]

Madoff Busts Banks, Hedge Funds: They 'had to know;' were 'complicit'. [NY Times]

Goldman to shut down fixed income prop desk.[Bloomberg]

JPMorgan has three perfect quarters of trading—without a single negative day. [Bloomberg] Here are, perhaps, the key two sentences: "The perfect trading results are rare and were primarily driven by the Federal Reserve’s programs buying mortgage bonds and U.S. Treasury securities. That’s driven trading volumes higher, boosted asset values and provided backup liquidity in the markets, analysts say. " [Bloomberg | Hat Tip: Deal Breaker]

"Protests Swell as Bahrain Demonstrators Mourn" [WSJ]

Riots spread to Libya. [FT]

Speculation and myopia drive a new internet bubble. [Gigaom | Hat Tip Abnormal Returns]

Calling out Ferrari. [Jalopnik | Hat Tip: Felix Salmon] (I'm not exactly sure how this relates to Wall Street—but there's an allegory to be found somewhere. 'Tuning' numbers is a phenomenon we're certainly familiar with. Plus, it's about Ferarris)

Michael Lewis's scathing essay on 'Why Things Fell Apart' [Bloomberg]