♦ The events of the past few months signal that "there is no more Wall Street," according to Ace Greenberg, the former chief of Bear Stearns. [Bloomberg]
♦ Hedge funds dropped another 2.7 percent last month. [WSJ]
♦ Morgan Stanley's new bonus plan has a "claw-back" provision. [NYT]
♦ The hedge fund Copper River Management has closed its doors. [WSJ]
♦ Cowen Group has rejected an unsolicited takeover offer. [MW]
♦ In corporate layoff news, Sony plans to cut 8,000 full-time workers and the same number of part-timers. Other companies cutting back today: Wyndham Worldwide and Danaher Corp. [Bloomberg, CNN]
♦ Citi may be keeping its high-priced sponsorship of the new Mets stadium, but a holiday toy-train exhibit wasn't quite as lucky. [Bloomberg]

♦ This could get messy: Asian and European markets were mauled on Friday, pointing to another monumental beating for the U.S. market today. [MW]
♦ A recap of Alan Greenspan's humiliating day in front of members of a congressional panel yesterday. [NYT, NYP]
♦ One of the very few people who is having an exceptional year: John Paulson, whose three funds are up between 15 and 25 percent. [WSJ]

Page Six Magazine published a handy little charticle on some of the most powerful co-op boards in town and the board members who stand between you and that $20 million co-op.