♦ 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 management. Who wants to hunt for a job in this economy? [MW]
♦ "Warren Buffett has become the new triple-A credit rating system." [NYT]
♦ Dick Fuld's last day in his corner office may come tomorrow. [WSJ]
♦ First-time applications for unemployment benefits rose to the highest level in seven years. [Bloomberg]

♦ The SEC's ban on short-selling hasn't worked and it's made "an already edgy stock market more volatile and has raised trading costs for investors." [WSJ]
♦ UBS is not going bankrupt. [Bloomberg]
♦ "Lehman Brothers has become the Roach Motel of Wall Street: They checked in, but they can't check out." [NYT]
♦ The purchase of Stuyvesant Town-Peter Cooper Village by Tishman Speyer and BlackRock is now in disarray thanks to the economy. [Bloomberg]
♦ Eli Lilly is in advanced talks to buy the ImClone Systems for $70 a share, or $6.1 billion. [Marketwatch]
♦ After failing to find a buyer, Borders has been forced to give an even bigger stake to Bill Ackman's Pershing Capital. [WSJ]