Benzinga's Political Round Up

Ratings agency Fitch said the credit worthiness of U.S. banks faces a "serious risk" if the Eurozone problems spread. The Congressional "supercommittee" is still deadlocked on how to get $1.2 trillion in deficit reduction. Energy Secretary Stephen Chu is appearing before a Congressional...

Mario Monti appears likely to form his new technocratic government in Italy. The U.S. Postal Service said it lost $5.1 billion in 2011, and may lose even more in 2012.

The Federal Housing Administration may need a government bailout next year. Congress agreed to extend funding for certain government agencies until mid-December. China's banking system "could be severely impacted" if a number of problems occur at the same time.

Mario Monti is close to being appointed the new Italian Prime Minister. Japan's economy grew at an annualized 6% pace in the third quarter, thanks in part to recovery from its March earthquake. Iraq has told Exxon (NYSE: XOM) to choose between its deal with Kurdistan and its deal with Iraq.

Italy's Senate approved economic austerity measures today. The Daily Telegraph reported France is formulating plans to breakaway from the European Union and form a new union. President Obama is under pressure to get the yuan to appreciate higher, to help America be more competitive with...

Italian bond yields have fallen below the 7% level. Jefferson County in Alabama yesterday filed for chapter 9 bankruptcy protection. California is going to go before the state's Supreme Court today to persuade it to uphold two laws that would eliminate 400 redevelopment agencies.

Fannie Mae said it will seek an additional $7.8 billion in U.S. taxpayer aid in additional federal aid to help stay afloat. Yields on Italian 10-year government bonds have moved past 7%, as the bond vigilantes are attacking Italy. Raj Rajaratnam was ordered to pay a record $92.8 million fine in...

A judge has granted a temporary injunction that would have made tobacco companies such as Altria (NYSE: MO), Lorillard (NYSE: LO), and Reynolds American (NYSE: RAI) put graphic images on cigarette packages starting next year. Italian Prime Minister Silvio Berlusconi won a budget vote today, but...

The SEC is reviewing trades in MF Global's (MFGLQ.PK) convertible bonds on potential access to insider information. Greece is going to hold a vote of confidence in parliament later today. The G20 is considering allowing the IMF to print up to $250 billion more of its own currency to help solve...

A federal judge allowed Sprint (NYSE: S) to go ahead with a part of its lawsuit to block AT&T's (NYSE: T) deal to buy T-Mobile USA. Russia is getting closer to joining the WTO after it agreed to a trade deal with Georgia. Greek Prime Minister George Papandreou looks to be withdrawing his...

States may want insurers to boost reserves by billions of dollars if regulators insist on a stricter approach, according to The Wall Street Journal. Greece may hold a referendum on the severe austerity measures, but that is looking increasingly unlikely. This shocked the markets yesterday and...

Beacon Power (NASDAQ: BCON), which received a $43 million loan guarantee from the Department of Energy, filed for bankruptcy yesterday. This is the second bankruptcy filing for a company that had a government-guaranteed loan, including the much maligned Solyndra. Due to poor market conditions, the...

Australian fund Basis Yield Alpha Fund is suing Goldman Sachs (NYSE: GS) for $1 billion for selling it CDOs. The yield on Italian ten year debt is now over 6%, the highest yield it has had since the country the Eurozone.

EU leaders said they made progress over the weekend on how to solve the eurozone's debt crisis. President Obama is going to unveil an overhaul of the HARP program to make refinancing your home easier, if you are underwater on your mortgage.

France and Germany yesterday pledged to have a plan to help the Eurozone by Wednesday. Senate Democrats and Republicans continue to block each others' fiscal plans in Congress.