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.

Change of tide? François Hollande defeated Nicolas Sarkozy, as expected, in a runoff election, installing as French president a socialist party leader who has promised to revisit austerity plans negotiated between Mr. Sarkozy and German Chancellor Angela Merkel. In Greece, voters shifted support away from political mainstays to extreme parties, placing the future of austerity in that country in question. The "bitter reality" of the European economic situation may preclude Mr. Hollande from straying too far from his predecessor's path.

In Greece, on the other hand, the election results increase chances that the country will exit the euro to 50-75 percent, according to two Citigroup economists, though they say that a broad break-up of the monetary union is unlikely.

Zero Hedge has your guide to Europe for Dummies.

Preferred customers: Some MF Global clients have recovered holdings from the failed broker, while others have yet to see a dollar, the Wall Street Journal reports. The difference: where the clients invested their money. Funds invested in the U.S. have been at repaid 72 percent, but regulatory quirks leave those with money invested overseas waiting to recover funds.

Seeking allies: Reuters digs into the state of affairs at Ally Financial, "one of the least scrutinized bailouts of the financial crisis," and hears that mortgage-lending unit ResCap may be placed in bankruptcy within the next week. Ally, meanwhile, has been the victim of competing interests internally and lax government oversight. With indications that General Motors and Chrysler are less likely to auto loans to Ally, the Treasury's 74 percent stake in the company could lose value.

Buffett bailouts: Warren Buffett said his investments in Goldman Sachs and General Electric were of little importance to Berkshire Hathaway when compared to longer-term stock holdings and company acquisitions. Buffett invested a combined $8 billion in the two companies in the depths of the financial crisis, but profits from those deals are just "peanuts," according to Bloomberg. “They’re not remotely as important as buying Coca-Cola stock,” Buffett said at Berkshire's annual meeting on Saturday. “The values in Berkshire that have been accumulated by some special security transaction are really just peanuts compared to buying businesses like Geico, or Iscar or BNSF.”

Public equity: The Washington Post gains access to the Carlyle Group dealmakers behind the 2005 takeover of a beleaguered auto parts company, and finds unsentimental capitalists wielding "a blunt instrument to reorder unproductive businesses and create vast wealth." Which is a mighty good thing, when it works.

Hiring rebound: New job openings in the City of London rose 9 percent in April from the month prior, as liquidity from the European Central Bank drove staffing in fixed income units, and lenders continued to take on compliance experts in adapting to new regulations. Openings are still down 27 percent from the year before, according to the Financial Times.

Bang the drum slowly: Management at embattled Dewey & LeBouef acknowledged in a Friday afternoon memo that the firm may close and employees may lose their jobs, Dealbook reports. They might have guessed something was up when the firm closed the mailroom and copy center.

[KENZO TRIBOUILLARD/AFP/GettyImages]

So long, Mr. Sarkozy.

François Hollande beat Nicolas Sarkozy to become the 2nd Socialist French president Sunday night. Mr. Hollande garnered nearly 52% of the vote compared to Mr. Sarkozy's 48%. Mr. Hollande, who follows in the footsteps of the previous Socialist who led France for most of the 1980s, François Mitterrand, declared himself in a victorious speech "the president of the youth of France." CBS reports Mr. Hollande's platform targeted the austerity measures so hated by much of Europe. In a speech Mr. Hollande vowed to increase production, deficit reduction and preservation of equal access to public services.

President Barack Obama has reached out to Mr. Hollande after his win and has invited the president-elect to visit the White House.

Political changes in Greece were perhaps more overtly ominous, as the neo-Nazi Golden Dawn party achieved a firm foothold in the Greek parliament. Golden Dawn's leader, Nikos Michaloliakos, seemed to speak directly to Greeks angry about that country's severe financial situation and the related social unrest:

"The time for fear has come for those who betrayed this homeland," Golden Dawn leader Nikos Michaloliakos told a news conference at an Athens hotel, flanked by menacing shaven-headed young men.

"We are coming," the 55-year-old said as supporters threw firecrackers outside.

Mr. Michaloliakos also promised that Greece was 'just the beginning' and  quoted Julius Caesar for good measure, ominously quoting Caesar's famous "I came, I saw, I conquered."