♦ With so many companies looking to tap into the $700 billion bailout, it's clear there won't be enough to go around, and a lot more work (and cash) is going to be needed to fix the problem. [WSJ]
♦ The latest company to convert itself into a bank to tap into government funds: American Express, which earned approval from the Fed to become a commercial bank yesterday as it seeks to cover rising credit card defaults. [Bloomberg]
♦ GM's possible bankruptcy was a major topic of conversation at the White House yesterday when Barack Obama met with George Bush. Meanwhile, shares of GM fell to $3.36 yesterday, its lowest level since 1949. [WSJ, Bloomberg]

♦ Fears about massive hedge fund redemptions are "overblown," says hedgie Barton Biggs, who points out that it's not like there are too many other options for investors these days. [Fortune]
♦ Goldman Sachs has cut 10 percent of its investment banking staff in Tokyo. [DB]
♦ An indictment may be imminent in the case of the UBS execs who allegedly helped Americans illegally hide their cash in offshore accounts. [NYT]
Chuck Schumer says he sees great regulatory oversight of hedge funds and private equity firms in the future. [The Deal]
♦ Analysts are predicting a 30 percent drop in the value of college and university endowments this fiscal year. [DB]
♦ Starbucks reported that fourth quarter profits tumbled 97 percent as the chain closed stores. [AP]
♦ Citigroup says it plans to help homeowners renegotiate $20 billion in mortgages to prevent a surge in foreclosures. [Bloomberg]