Street Talk: The Day After

A recap of what happened on Wall Street yesterday, just in case you've been asleep for the last 36 hours. [NYT]
In a statement this morning President Bush said he was disappointed the bailout bill didn't pass and warned that "painful and lasting'' economic damage will follow if a settlement isn't reached. Then, like the rest of Congress, he used Rosh Hashanah as an excuse to skip out for the rest of the day. [CNNMoney, Bloomberg]
Wall Street bonuses could be down as much as 50 percent this year. [DB]
Mitsubishi has completed its deal to invest $9 billion in Morgan Stanley; thanks to yesterday's market it's only down $500 million since the deal was announced last week. [NYT]

Belgium and France are bailing out Dexia to the tune of $9.2 billion. [Bloomberg, WSJ]
Shares of National City tumbled 63 percent yesterday as investors predicted it would be the next bank to fail. [Forbes]
A look at how and why Wachovia failed. [WSJ]
Monday's market drop could force hedge-fund managers to sell more holdings in the coming weeks, which would spur further market declines. [WSJ]
A Delaware judge is refusing to allow Leon Black's Apollo Management from walking away from its $6.5 billion acquisition of Huntsman. [WSJ]