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Hedge fund managers are incentivized to take big risks, even if it leads to losses for investors, due to performance bonuses. via Marginal REVOLUTION.

Ronald Bailey of Reason magazine cheers the defeat of Albemarle County, Virginia Commonwealth Attorney Jim Camblos in his bid for re-election.

Jacob Sullum discusses the case of a computer programmer fired for using medical marijuana in California, even though it was legal in the state.

Ron Paul's chances of winning the Republican nomination were looking up on November 5, 2007, with Intrade reporting his chances had risen to 8.8%. via Marginal REVOLUTION

Reason.com reports on Ron Paul's record-breaking fundraising for his presidential campaign, highlighting reactions and contrasting his success with his opponents' struggles.

via Reason.com

A former minister in Macau is facing corruption charges, accused of taking $100 million in bribes while approving construction deals. via BBC News

The Colombian navy discovered two homemade submarines believed to be built by the Farc rebel group to smuggle cocaine. One of the vessels was ready for launch.

OPEC claims geopolitical events are driving rising oil prices, but a former Saudi Aramco executive suggests oil-producing nations may be exaggerating their reserves.

via The Oil Drum

California Governor Arnold Schwarzenegger's marijuana comments have sparked criticism from those who want him to take a stronger stance against the war on drugs.

Comedy Central hired an election law firm to make sure Stephen Colbert's satirical presidential campaign doesn't break any campaign finance laws. via POLITICO

Microsoft purchased a 1.6% stake in Facebook for $240 million, valuing the social media platform at $15 billion.

via BBC NEWS.

Following an attack that killed 12 Turkish soldiers, Turkey launched airstrikes against Kurdish PKK rebel positions in Iraq, prompting international pressure to avoid further escalation.