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Evening Leaders: Bunga Bunga Parties On, IBM Offers To Settle, Capital One “Not Sound,” U.S. Probes Ratings-Cut Trades, Goodell Named Chairman

Bunga Bunga Parties On While S&P and Germany Slash Italy’s Credit (Insider Monkey)

Bunga Bunga Parties! Silvio Berlosconi, Italy’s Prime Minister and international class act must feel like he’s on the wrong end of a Bunga Bunga party today after Standard & Poor’s downgrade of Italy.

International Business Machines Corp. (NYSE:IBM)

IBM Offers to Settle EU Antitrust Probe, Second Case Closed (Businessweek)

IBM Corp. offered to resolve a European Union investigation into claims the company blocked competition from rival providers of maintenance services for mainframe computers.

Capital One’s Business Model “Not Sound,” Community Groups Tell Fed (Washington Post)

Before a sparse crowd at the Federal Reserve’s first of three public hearings, Capital One Financial Corp. officials defended the proposed purchase of ING Direct as a marriage of simple, traditional institutions that pose no risk to the financial system, but great public benefit.

U.S. Probes Ratings-Cut Trades (WSJ)
Securities regulators have sent subpoenas to hedge funds, specialized trading shops and other firms as they probe possible insider trading before the U.S. government’s long-term credit rating was cut last month, people familiar with the matter said.

Maverick’s Goodell Named Hedge Fund Chairman (WSJ)

The Managed Funds Association, a leading hedge-fund industry trade group, is shuffling its board as members brace for a slew of new regulations in the U.S. and abroad. The organization elected Maverick Capital Ltd.’s William Goodell as chairman, bolstered European fund managers’ presence on the board, and for the first time added institutional investors as directors.

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