Moody’s cuts Italy’s rating by two notches and indicates the cuts may not be finished. (Reuters)

Treasury Secretary Geithner pressed UK regulators on Libor in 2008. (Reuters)

A hack of Yahoo!’s (NASDAQ: YHOO) email system allows hackers to get passwords from other large sites that have email, including Microsoft (NASDAQ: MSFT), AOL (NYSE: AOL) and Google (NASDAQ: GOOG). (Reuters)

Traders who ran trades in London that cost JP Morgan (NYSE: JPM) billions of dollars have left the company. (WSJ)

Liberty Media (NASDAQ: LMCA) chief John Malone attacks the management style of Mel Karmizan, head of Sirius XM Radio (NASDAQ: SIRI). Liberty owns part of the satellite radio firm. (WSJ)

General Motors (NYSE: GM), which fired its European chief, and Peugeot aggressively attack their losses in the region. (WSJ)

Activist investor Bill Ackman has built a stake in Procter & Gamble (NYSE: PG) and may press for changes in the way the consumer-products giant is run. (WSJ)

Chesapeake Energy’s (NYSE: CHK) oil and gas reserves are questioned by experts. (WSJ)

Mortgage banking continues to help results at Wells Fargo (NYSE: WFC). (WSJ)

Some economists believe oil prices and car and home sales may help the U.S. economy. (NYT)

Penalties for Libor manipulation could cost banks as much as $22 billion. (FT)

The United States sets more sanctions for Iran oil exports. (FT)

Italy will sell $6.1 billion in bonds immediately after its rating was cut. (Bloomberg)

Boeing (NYSE: BA) and Airbus may have trouble delivering jets due to backlogs. (Bloomberg)

More economists question China’s growth rate as its use of electricity falters. (Bloomberg)

Douglas A. McIntyre

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