The Greek elections do little to ease problems facing Spain or Italy.

French Socialists once a majority in parliamentary elections, giving President François Hollande a supportive legislature.

The Citigroup analysts who put the chances of a Grexit at 50 to 75 percent are sticking with those odds, despite the results of yesterday's elections.

Lion's share: Morgan Stanley sought to be the "sole driver" of the Facebook IPO, positioning itself to collect the bulk of fees—and criticism for the company's plummeting share price in the weeks after the offering. We've heard that line before, of course, but The Wall Street Journal puts Morgan Stanley banker Michael Grimes back through the paces.

Post-Facebook, investment bankers may need to replace "oversubscribed" as a line for marketing offerings.

HARP helping banks: A federal program that allows struggling homeowners to refinance mortgages at prevailing low interest rates may be helping banks more than borrowers, according to a Nomura research report. Borrowers who participate in HARP are compelled to refinance with existing lenders, and banks are taking advantage by charging above-market interest rates, The Wall Street Journal reports. The upshot: HARP may save homeowners $2.5 to $5 billion this year, while banks stand to gain $12 billion in additional revenues through the program.

Gupta's fate: Rajat Gupta was found guilty of three counts of fraud and one count of conspiracy at his insider trading trial Friday, and barring a successful appeal, the fate of the former McKinsey & Co. CEO now rests with Judge Jed Rakoff. That might not be the worst thing, as Judge Rakoff has shown some leniency in sentencing insider-trading convicts. Mr. Gupta's sentencing hearing is scheduled for Oct. 18.

The Times reports that jurors were conflicted, with some shedding tears during the reading of the verdict.

Paperboy:The New York Times looks at Warren Buffett's affinity for newspapers, and hears nary a discouraging word about the legendary investor's management of The Buffalo News, which Mr. Buffett acquired in 1977.

Pop quiz: If you're thinking about day trading, The Big Picture has a quick quiz for you.

Reporter passes: "Market-moving" reporter Dan Dorfman died at 80.

The downgrade didn't prevent Spain's Amancio Ortega, founder of retail giant Inditex, from becoming Europe's richest person, according to the Bloomberg Billionaire Index.

“We have no sense that European partners will follow this tactic of blackmail heard from some quarters and stop funding,” Alex Tsipras, leader of Greece's anti-bailout Syriza party told Bloomberg Television. Rather, Mr. Tsipras thinks that Greece can break the terms of the European rescue agreement signed by a previous Greek government without being forced to exit the eurozone.

"If the Greeks do not meet the commitments they have made, do not meet their financial commitments, do not repay loans, Slovakia will demand that Greece leaves the euro zone," Slovakia Prime Minister Robert Fico said at a news conference today.

Credit Agricole's Grexit contingency plans include walking away from Greek assets, The Wall Street Journal reports.

Germany beat the Netherlands 2-1 on goals by Mario Gomez.

Softballs: Jamie Dimon got in and out of Senate Banking Committee hearings without being pressed too hard on JPMorgan's recent trading losses, and Heidi Moore says it comes down to one chief reason: No amount of regulation can prevent banks from making stupid decisions.

Mr. Dimon's recent troubles may have created space for another Wall Street boss to claim the title of America's Least Hated Banker.

Emerging market: Large institutional investors and the Wall Street firms that bank them are talking about creating an electronic marketplace for corporate bonds, The Journal reports. BlackRock and Goldman Sachs are among firms that have begun building their own platforms.

Lawyer's suit: Former Dewey & Labouef partner Henry Bunsow is suing the law firm, which filed for bankruptcy on May 28, charging that the firm encouraged partners to make capital investments in the firm in what amounted to a pyramid scheme. "Defendants used partner capital investments as a form of revenue to enrich themselves and to hide the dire condition of the firm from the public,” read Mr. Bunsow's complaint.

Tear-jerker:Wily defense counsel Gary P. Naftalis drew tears from client Rajat Gupta, the former McKinsey & Co. founder accused of passing corporate secrets to Galleon Group's Raj Rajaratnam, during closing remarks of the insider-trading trial at the U.S. Southern District courthouse in downtown Manhattan. “Whatever you do here will mark whatever future he [Gupta] has left,” Mr. Naftalis said. “To believe the argument of the defense team, you’d have to believe Mr. Gupta is one of the unluckiest men in the world,” prosecutor Reed Brodsky told the jury.