A few of the more important reading items and links for December 15th :

• State budgets expected to drop for first time in a generation – Short 'em
• Bernard Madoff arrested over alleged $50 billion fraud | Reuters – This is the worst news I have heard so far. This guy was/is/was a legend….This is not funny…
• GMAC bond exchange flop threatens bank bid – This is a big holding of some of the mutual funds… Why we short 'em!
• Treasury Criticized on Hill Over TARP – In a hearing Wednesday, members of the House Financial Services Committee questioned Treasury Assistant Secretary Neel Kashkari over his agency's handling of the Troubled Asset Relief Program
• House approves rescue package for Big Three automakers – Senate is going to be tougher though.. Choppy week ahead..