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Dick Parsons is the frontrunner to replace Sir Win Bischoff as chairman of Citigroup. [Reuters]
Steve Rattner is shutting down the Quadrangle Group's hedge fund amid weak performance and investor redemptions. [WSJ]
Phil Falcone, Ken Griffin, John Paulson, Jim Simons and George Soros will appear in front of a House panel today. [DB]
♦ Hank Paulson is taking a beating following the news that the Treasury will now focus on struggling consumers, instead of financial institutions. Paulson has become "a reduced figure, damaged by the financial-market meltdown that happened on his watch and by the government's struggles to respond to it." [WSJ, DB, Bloomberg]

♦ Barack Obama is pushing Congress to approve as much as $50 billion. He'd also like an auto industry czar ot oversee things. [Bloomberg]
♦ Citigroup is in talks to buy Chevy Chase Bank, based in Bethesda, MD. [Reuters]
♦ More cuts are expected today at Morgan Stanley. [NYP]
♦ Attorney General Andrew Cuomo issued a subpoena to Bank of America, asking for details on how it allocates its bonuses. [WSJ]
♦ Wal-Mart posted a 9.8 percent rise in third-quarter net income. [WSJ]