First Pass

And again...Paulson & Co cleaning up the UK banking sector [ftalphaville]
A nice discussion of AIG, CDSs and moral hazard [Econbrowser]
More on moral hazard [CafeHayek]
John Galt would hate this bill [Report on Business]
Libor rate are indicating that credit markets are still frozen [Bloomberg]

Hedge Funds

Another good piece, here, from Bethany McLean on hedge funds. One thing that stood out was the fact that no hedge fund manager has asked for their industry to be bailed out.