Arthur Nadel, the Florida-based money manager accused of defrauding clients to the tune of $300 million and then suggesting he'd committed suicide when he was first indicted, is now in custody. Nadel surrendered to the FBI today in Tampa. Yea, sure, we were hoping for a more exciting conclusion to this story, too, but we'll cut him a break since he's 76. [Bloomberg]
• 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]
