Stock futures were down on Wednesday morning as investors focused on the challenges facing President-elect Obama. Yesterday's gain, however, was the largest Election Day rally in 24 years. [Reuters, NYT]
The former chief risk officer at Bear Stearns is now a senior official at the Fed where he's part of the division that supervises U.S. banks. [DB]
US companies cut 157,000 jobs in October. [Bloomberg]

Two senior New Jersey Democrats say Jon Corzine is being vetted for Treasury Secretary. [Star-Ledger]
Obama may ultimately preside over an enormous bull market. [Bloomberg]
Naked short selling has declined dramatically. [NYP]
Bloggers are often the first to report layoffs. [NYT]
Time Warner posted flat third-quarter results and readjusted its 2008 forecast. [WSJ, Bloomberg]
The FCC has approved Sprint's purchase of Clearwire. [MW]