• Fiat will take a 35 percent stake in struggling Chrysler. [WSJ]
• Steve Feinberg's Cerberus Capital Management will cut 10 percent of its staff around the world. [WSJ]
• American Express's Ken Chenault plans to sell the company's stake in Chinese bank Industrial & Commercial Bank of China. [NYP]
• Bank of America may need as much as $80 billion to stay afloat. [BN]
• The hunt is still on for Arthur Nadel, the hedge fund manager from Florida who may have made off with as much as $350 million. [DB, NYP]
• Notwithstanding the bailout, top execs on Wall Street have been some of the biggest donors to the Presidential Inauguration Committee. [NYT]