♦ 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…
♦ Treasury officials say as many as 1,800 institutions may apply for government investments in the next few weeks. [WSJ]
♦ GM hasn't been so lucky extracting cash: The Treasury has turned down a request by the automaker for $10 billion to help finance a merger with Chrysler. [NYT]
♦ Henry Kravis's KKR is delaying…
♦ Yesterday's sell-off is expected to continue today. [WSJ]
♦ Even Goldman Sachs is cutting. The firm plans to cut 10 percent of its 32,000 employees. [WSJ]
♦ The glory days of hedge funds are over, as you're probably aware. [NYT]
♦ Credit Suisse reported a $1.08 billion loss during the third quarter. [DB]
♦ The…
The financial crisis is having some unexpected effects on the American people, but now things are getting disturbing: Instead of doing the sensible thing and searching for answers at the bottom of a glass, people are turning to reading, of all things. Both Borders and Amazon, reports Reuters, continue to see a trend…
♦ Prosecutors have subpoenaed a dozen Lehman executives, including Dick Fuld, as part of three grand jury probes into the bankruptcy of the investment bank. [NYP]
♦ Warren Buffett has faith: "Buy American. I am." [NYT]
♦ Andrew Cuomo met with AIG's new CEO yesterday, who assured the attorney general the insurance…
When Fortune asked Martha Stewart to give a presentation at its "Most Powerful Women Summit" last weekend, the mag probably assumed she'd instruct the group on how to prepare the perfect rhubarb pie. Instead, Martha went all new-agey and decided what everyone really needed was to learn how to do a proper downward dog.…
If John McCain gets into the White House, he probably won't ask Treasury secretary Henry Paulson to stay. "I think it would be someone that Americans would recognize that would inspire trust and confidence. There's people like John Chambers, there's people like Meg Whitman, there's people like Warren Buffett," McCain…
♦ Now comes the hard part. After winning the vote in the Senate last night, the bailout bill will head to the House for a Friday vote. [NYT, WSJ]
♦ John Thain will be staying put at Bank of America, contrary to initial rumors. He'll become the combined company's president of global banking, securities and wealth…
In a matter of minutes (or anyway, units of time) the Senate is expected to vote on a bailout package. Much like the bailout package that just got voted down the other day and sent all your stocks back in time to September 11. So what's changed since then? We've been sorta paying attention. Here's a comprehensive…
Warren Buffet, the richest man in the world and the only person we can think of off the top of our heads who lives in Omaha, is investing $3 billion in beleaguered GE. [Dealbook]
♦ Charges will not be filed against Shia LaBeouf in connection with his car accident in LA in July. He may still lose his license, though, for failing to submit to a blood-alcohol test after the crash. [E!]
♦ Lindsay Lohan is so scared of her dad that she may take out an order of protection against him. [P6]
♦ …
♦ President Bush urged Americans to support the $700 billion bailout during his televised address last night, the first time he's ever devoted a primetime speech to the economy. Meanwhile, thousands of politicians continue to clash over the specifics. [NYT]
♦ Warren Buffet was drinking a cherry coke and eating mixed…
Warren Buffett, the world's richest man and the founder of Berkshire Hathaway, is planning to invest $5 billion in Goldman Sachs. That sound you just heard? That's Lloyd Blankfein exhaling. [NYT, WSJ]
Two people who are both a little too told to be doing what they're doing are celebrating birthdays today. John McCain turns 72 today and Michael Jackson is 50. Also celebrating today: Bob Rubin is 70, hedge fund manager Eric Mindich is 41, Hollywood director Joel Schumacher is 69, choreographer Mark Morris is 52, and…
Forbes magazine reports that, worth $58 billion, Bill Gates is no longer the world's richest man. He's the third-richest. Although more than half of his wealth is invested outside Microsoft, Gates can likely blame the bad news on his oldest buddy. Steve Ballmer's unsolicited bid for Yahoo tanked Gates's net worth.…
Who needs journalists, really? That's what Business Wire argues. Warren Buffett, the billionaire CEO of Berkshire Hathaway, picked up Business Wire in 2006. He claims not to be tech-savvy, but this investment suggests otherwise. Press releases distributed by Business Wire are picked up directly by services like…
Thank you for seeing me, doctor. Right here on the couch, turned away from you? I read that doctors do that to eliminate the burden of eye contact. Ha, or in case they don't like your face, good one. Actually I don't like my face much either. That's what I'm here about.
Google's stock price has passed the psychologically important but otherwise meaningless $600 barrier for the first time. Want some other high-flying tickers? Try the Washington Post Company at $803 or Warren Buffett's Berkshire Hathaway — currently trading around $121,000 per share. Of course, despite the difference…
TIM FAULKNER — Fortune reports that Anne Wojcicki's 23 And Me, a genetic genealogy startup, is getting press attention for something other than her billionaire husband, Sergey Brin, and connections to his company, Google. The firm has determined that Warren Buffett, billionaire investor and philanthropist, and Jimmy…
It's next week already, and dark lord Rupert Murdoch still craves Dow Jones. On Friday, the first shareholder, a minor one, filed suit against the standing-firm Bancroft family for not considering the Murdoch offer: That shareholder is a whiny little bitch from New Jersey and we imagine that claim will be thrown out…
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