The effort by U.S. automakers to secure a bailout hit a major roadblock after execs from the Big Three were sent home by Congress empty-handed. The behind-the-scenes negotiations continue. [WSJ, Bloomberg]
Shares of JPMorgan Chase, Citigroup and Bank of America are at multi-year lows as the Dow hovers at a six-year low of its own. [DB, DB]
GMAC, controlled by Steve Feinberg's Cerberus Capital, says it's applied to become a bank holding company so it will be eligible for bailout cash. [DB]
GE has turned to China and Singapore as it looks to raise cash. [Bloomberg]
Harbinger's Phil Falcone is pulling back on his media investments. He's reduced his exposure to the New York Times and Media General, just months after fighting for board representation. [WSJ]
Deutsche Bank plans to cut 900 more jobs. [NYP]
Weekly jobless claims have reached a 16-year high. [MW]