More Bad News for Citigroup

Things may be about to get worse at Citigroup: The Times reports that the bank may be forced to lay off another 25 percent of its workforce as it deals with continued losses, a plunging stock price, and a lack of investor confidence. [NYT]
In a show of faith, Citi CEO Vikram Pandit and three deputies bought a total of 1.3 million shares yesterday after the stock fell below $9 for the first time in 12 years. [Bloomberg]
Is the $700 billion bailout working? Not so much: More than a month and nearly $300 billion into it, "many of the nation's financial arteries seem nearly as sclerotic as they were before. Some of them, in fact, appear to be hardening more." [NYT]

Hedge funders are particularly anxious these days since tomorrow is the day when investors will be officially entitled to withdraw their cash. [DB]
Fortress Investment Group's hedge fund clients have indicated they plan to withdraw $4.5 billion, or 25 percent of their money. [NYP]
About 90% of Merrill Lynch's brokers have agreed to take deals with Bank of America. [WSJ]
Shares of Warren Buffett's Berkshire Hathaway fell below $100 for the first time in more than two years. [DB]
The CEO of MGM Mirage has stepped down after it was uncovered that he hasn't earned an MBA from USC after all. [WSJ]