• Everyone on Wall Street is waiting for Tim Geithner to take to the stage at 11am to outline the administration's new bailout plan. Among other things, he'll be announcing a new name for the bailout: TARP (or Troubled Asset Relief Program) will be FSP (or Financial Stability Plan) from now on. [BN, DB, CNN]
• UBS announced a quarterly loss of $6.9 billion and now says it plans to cut another 2,000 more jobs at the bank. Is there anyone left? [NYT, WSJ]
• Linda Chatman Thomsen, who has led the SEC's enforcement division since 2005, has stepped down from the job amid criticism. [NYT, NYP]
• One thing Wall Street has clearly screwed up as of late? Its PR efforts. [TDB]
• Private equity firm Fortress has slashed 11 percent of its staff. [DB]
• Strangely, there are few buyers for the crappy assets AIG is selling. [BN]

If you're a banker facing the very dire prospect of having your salary capped at $500,000 a year, it probably seems as if the absolute nadir has been reached. Sadly, though, there's yet a further spiritual level to sink to: the one where Slate's Jacob Weisberg comes riding in on his chariot to defend your honor with an earnest editorial.

• Details about the Obama administration's plan to revise the bailout are still sketchy, but more will be revealed by Tim Geithner tomorrow. [WSJ, BN, DB]
• UBS is slashing bonuses by 80 percent, but the bank says it does not have plans to get out of investment banking altogether. [BN]
• Barclays announced that quarterly profits exceeded analysts' estimates. [BN]
• More trouble for Bill Ackman's Pershing Square Capital. [DB, NYP]
• Goldman chief Lloyd Blankfein addresses what went wrong on Wall Street in a op-ed piece for the Financial Times. [FT, FT]
• Sunday's New York Times, meanwhile, provides an account of what went wrong between Merrill's John Thain and BofA's Ken Lewis. [NYT]

• Some 3.6 million jobs have now been lost due to the recession. [WSJ]
• BofA chief Ken Lewis purchased 200,000 shares of the bank this week in an effort to convince the world he's bullish about BofA's future. [WSJ]
• Good work, Hank. The Treasury Department overpaid by about $78 billion when it handed over all that cash to big banks last year. [Reuters]
• A hedge fund manager, a brokerage trader and a financial adviser were charged on Thursday for taking part in an insider trading scheme. [DB]
• The feds have also accused two people in the M&A groups at UBS and the Blackstone Group of handing over info to an insider trading ring. [NYP]
• Fraud investigator Harry Markopolos, who testified on Capitol Hill yesterday, says he's turned over evidence of several other big frauds to the SEC. [CNN]
• The markets have been up amid speculation the grim unemployment numbers will force Congress to pass an economic stimulus package. [BN]

Now that President Obama has announced a $500,000 compensation cap for senior Wall Street execs who work for banks that receive assistance from the federal government, Goldman Sachs has decided it would like give its bailout billions back. "It would send a very good signal if the firm could repay the money," said David Viniar, Goldman's chief financial officer. Guess this means Jon Winkelried can take his Nantucket estate off the market! [Bloomberg via Dealbreaker]

Don't expect to see a smile on Vikram Pandit's face in the hallways of Citigroup today. President Obama will announce later this morning that he's imposing a cap of $500,000 on the compensation of top executives at companies that receive a large amount of bailout money. The new rules will also require greater transparency on the use of corporate jets, splashy parties, office renovations and conferences. [Reuters, NYT]

Here we were thinking that the nation's porn industry was recession-proof. Guess not! According to TMZ, Joe Francis and Larry Flynt are now seeking a $5 billion bailout for the adult entertainment industry since X-rated DVD sales are down 22 percent from a year ago. "Congress seems willing to help shore up our nation's most important businesses; we feel we deserve the same consideration," Francis explained, adding that he plans to head to Capitol Hill to make his appeal in person. Get ready for record ratings, C-SPAN! [TMZ]

Where is the government's bank-bailout money going? In part to pay for Wall Street banker Peter Kraus's $37 million Park Avenue spread.

Isn't socialism fun? The government now owns four-fifths of AIG, the insurance giant whose foray into complex financial contracts required a $150 billion bailout. And we may be stuck with it for years!

• Next in line for a bailout: Step right up, real estate developers! [WSJ]
• Currency traders have been least affected by the gloomy bonus season. [BN]
• JPMorgan is purchasing two business units from UBS. [MW]
• The banks that have received taxpayer bailouts paid their top executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007. [DB]
• John Thain's tarnished legacy at Merrill Lynch. [Bloomberg]
• 40 partners have bailed from crumbling law firm Thacher Proffitt. [NYT]
• Tim Geithner's daunting new job: Secretary of Saving the World. [Slate]

Imagine Father Coughlin, the hateful radio demagogue of the 1930s, spewing vitriol on YouTube. That's why poor people can't be trusted with the Internet, says Andrew Keen, author of The Cult of the Amateur.

• President Bush announced a rescue plan for General Motors and Chrysler that will provide $13.4 billion in federal loans. [CNN]
• Jamie Dimon and Bob Rubin will go bonus-less this year. [Reuters]
• Not surprisingly, Credit Suisse's plan to pay out bonuses with "toxic" securities has "elicited livid reactions from senior bankers." [WSJ]
• A former Lehman employee has been charged with insider trading. [CNN]
• One person who will profit from the Madoff mess: Bruce Wasserstein. Lazard has been appointed to sell the trading operations of Madoff's company. [WSJ]
• There are two—yes, two—books already in the works about Madoff. [TBS]

• The last-minute rejection of the auto bailout yesterday has pretty much guaranteed that this will be a miserable day on Wall Street. [NYT, WSJ]
• Marc Dreier, the lawyer accused of stealing hundreds of millions from investors, was denied bail yesterday. The Post suggests "suicide hotlines in Greenwich could be lit up today as investors begin to realize how much they've lost in the rip-off scheme." [NYT, NYP]
• U.S. retail sales dropped 1.8 percent last month. [WSJ]
• Goldman Sachs has set aside $12 billion for bonuses, down from $20 billion last year. [Reuters]
• Bonuses on Wall Street are expected to be down 50 percent this year. [DB]
• Good news for ex-Merrill CEO Stan O'Neal: He may have a new job. [FIN]

• The House approved the auto bailout bill yesterday; what will happen when it gets to the Senate is still up in the air. [NYT]
• The number of Americans filing new unemployment insurance claims last week jumped to a 26-year high. [CNN]
• Stocks slipped in early trading as investors waited to see if the auto bailout gets Senate approval, and because of discouraging economic data. [CNN]

♦ Congressional Democrats and the Bush administration are in the final stages of negotiating an auto bailout package. A vote in the House is expected as soon as Wednesday afternoon. [NYT]
♦ Bad news for GMAC: The auto and consumer lender failed to secure additional financial and will not be able to transition to a bank holding company. [CNNMoney]
♦ Yahoo! is expected to hand out 1,500 pink slips today. [CNN]

♦ Detroit's Big Three automakers presented new turnaround plans (and their request for $34 billion) to Congress yesterday. [WSJ, Bloomberg]
♦ Merrill Lynch plans to cut year-end bonuses in half. [Bloomberg]
♦ Now that it's turned itself into a commercial bank, Goldman Sachs is thinking about starting an online banking operation, too. [DB]
♦ Goldman is tapping Gerald Corrigan, a former head of the Federal Reserve Bank of New York, to serve as chairman of its bank holding company. [FT]
♦ Billionaire financier face-off: One of Carl Icahn's companies is suing a firm owned by Leon Black. [NYT, NYP]
♦ Ramius Capital, the struggling hedge fund operated by Peter Cohen, is closing four of its funds. [WSJ]

In news that should come as no surprise to anyone who has turned on the TV or opened a newspaper in the past six months, Merriam-Webster has named "bailout" the most popular word of 2008, based on the word's "highest intensity of lookups" over the course of the year. Here's hoping 2009's word is something a little bit more cheerful and not, say, "depression" or "apocalypse." [Reuters]

Want to snag a slice of the $700 billion bailout so you can be sure you can cover your credit card bills this holiday season? You're in luck. Vanity Fair's Bruce Fierstein has gotten his hands on the "the one-page EZ-CASH form that's been making the rounds at corporate board rooms, weekend ski chalets, and NetJets waiting rooms all across America." [VF.com]

♦ The Big Three automakers are putting finishing touches on new business plans to take to Congress this week, part of a last-ditch effort to secure a federal bailout. [WSJ, Bloomberg, NYT]
♦ Shoppers spent $41 billion over the four-day weekend, up 7.2 percent from the year before. That was better than expected, but retail experts are still pessimistic about the holiday season outlook. [CNNMoney, WSJ]
♦ Hedge funder Paul Tudor Jones has suspended withdrawals as he splits his $10 billion flagship fund into two. [FT]
♦ The bailout has already cost more than World War II, in case you're keeping count at home. [Clusterstock]

Charlie Rose interviewed Citigroup CEO Vikram Pandit on his PBS program last night. It was Pandit's first extended TV interview, and one he clearly prepped for with the help of Citi's communications department, given his insistence on starting off every response with Charlie's name. Unfortunately, Pandit seems to have also been advised not to answer any questions and stick to canned statements instead, so poor Charlie (and the viewing audience) didn't get to find out what exactly transpired behind the scenes last weekend when Citi was rescued by Washington, or what Pandit thought of the Times' crushing account of the bank's failures last Sunday. (This also explains why Charlie looks so grumpy for most of the interview.) Points to Vikram for sitting through 54 minutes without saying anything substantial. And he did wear a nice blue suit and red tie, if that's any consolation. Video of the non-interview after the jump.