• The U.S. deficit reduction super committee continues to be at an impasse over tax hikes. They have until next week to figure something out. The bare minimum required for cuts, $1.2 billion over 10 years, is only a small fraction of what has to be cut in the long-term. Across-the-board cuts kick in if the committee fails. From the Wall Street Journal.
• The ongoing probe at MF Global indicates that the brokerage firm shifted funds from its customer accounts. It’s not clear if this was the result of fraudulent behavior, but the breach is clearly a stain on the industry. From the Wall Street Journal.
• The ECB’s Draghi bemoaned delays in implementing the European Union’s bail-out fund and resisted calls for the bank to take a larger role in resolving the debt crisis. From the Financial Times.