♦ The Bank of England slashed its key interest rate to 3 percent. And it may go even lower. [Marketwatch]
♦ The short list for Treasury Secretary: Larry Summers, Tim Geithner, Paul Volcker, and Bob Rubin. [WSJ]
♦ Steve Schwarzman's Blackstone Group reported a $502.5 million loss for the third quarter. [DB]
♦ More chatter about falling bonuses: One study says the drop could be 20 and 35 percent on average with a 70 percent fall-off for some top execs. [NYT]

♦ Rupert Murdoch's News Corp. has cut its forecast and predicts double-digit declines in operating income for this fiscal year. [FT]
♦ Cerberus Capital Management, led by Steve Feinberg, may give up control of GMAC in order to gain access to government funds. [Bloomberg]
♦ Toyota slashed its profit forecast by more than half. [NYT]
♦ As expected, retailers posted weak October sales. [WSJ]
♦ Cliff Asness's AQR Capital is layoff off staff. [Clusterstock]
♦ LinkedIn is laying off 10 percent of its staff. [CNET]