• Bank of America chief Ken Lewis has been subpoenaed by Attorney General Andrew Cuomo over bonuses and losses at Merrill Lynch. [WSJ, Reuters]
• Citigroup is raising more cash by selling off more assets. [WSJ, DB]
• More on the efforts to compel UBS to divulge the identities of 52,000 Americans suspected of using offshore accounts to dodge taxes. [NYT]
• Jon Winkelried may have left Goldman Sachs because he realized he wasn't in line to take over for Lloyd Blankfein as CEO. [Clusterstock]
• There's evidence that the credit markets are thawing a bit. [BN]
• The cost of living rose in January for the first time in six months. [BN]

The Dow Jones industrial average tumbled to its lowest close in more than six years today, dropping 89.68 points, or 1.2%, to close at 7,465. Financial stocks were the hardest hit: Citigroup closed at $2.51, the lowest it's been in the bank's history. American Express dropped 8.7% to end the day at $12.87, a level it hasn't seen since 1972. In more positive news, this NYSE floor trader is totally getting lucky tonight, so at least he's got that going for him. [NYP, MW]

Bernie Madoff has turned into the devil incarnate for stealing money from various charity groups and schools. As of today, though, he may no longer be the most evil Ponzi schemer around. Meet Marvin Cooper. The founder of a company called Billion Coupons—the name alone should have been a warning sign, no?—Cooper now stands accused of bilking deaf people by holding investment seminars at deaf community centers. And here we were thinking we'd already reached the bottom of human depravity! [NYT/Dealbook]

• Financial fraudster Allen Stanford remains missing. He's also now under investigation for his possible involvement in laundering money for Mexican drug cartels. [ABC News, Dealbook]
• More on how Stanford lured in clients and what he was promising them. [BN]
• UBS will pay $780 million to settle claims it helped its clients evade taxes. It also agreed to disclose the names of some secret account holders. [BN, NYT]
• Oppenheimer & Co.'s famously bearish bank analyst, Meredith Whitney, is leaving to start her own firm. [NYP, Dealbreaker]
• The scandal over Citigroup's lavish perks continues. [BN]
• The Fed has downgraded its outlook for the economy this year. It's now forecasting an unemployment rate near 9% by the end of the year. [WSJ]
• Take a moment to reflect on how the cuts to bonuses are affecting people beyond Wall Street, won't you? [NYT]

Mayor Bloomberg announced today that the city plans to invest $45 million to "retrain investment bankers, traders and others who have lost jobs on Wall Street." What will they retrain these people to do, exactly? Here are a few ideas. [NYT]

Jon Winkelried suddenly announced yesterday he was retiring, and now there's more bad news for Goldman Sachs: CNBC's Charlie Gasparino reports that a number of partners at the firm have been forced to borrow money to cover margin calls. Several senior execs used Goldman stock to buy into hedge funds and the like, but with shares down 50 percent since last spring, "Goldman Sachs is in the awkward position of making margin calls on its own partners, who can't meet those calls because their alternative investments are underwater and they don't have enough cash on hand." How crappy a situation is this? Talk to Sumner Redstone. [CNBC]

• President Obama is unveiling a $75 billion plan today to help struggling homeowners. A press conference is scheduled for 12:15pm. [WSJ, NYT, CNN]
• The Dow fell 3.8% yesterday to close at its lowest point since November. How today goes hinges on the response to Obama's housing rescue plan. [CNN]
• More on the life and times of Allen Stanford, the Texas financier who may have presided over an $8 billion fraud. [BN, NYT, WSJ]
• GM says it needs another $16 billion to stay in business. Oh, but it's still going to slash 47,000 jobs and close five plants anyway. [WSJ, NYT]
• GE's Jeff Immelt is waiving his $11.7 million bonus. [FT]
• Home construction fell a seventh straight month during January. [WSJ]
• Former CNBC anchor Ron Insana is leaving SAC Capital. [DB]
• More on Jon Winkelried's retirement from Goldman Sachs. [WSJ]

• Stocks are down sharply today over concern about the deepening recession. The stimulus package last week? So much for it restoring confidence. [BN, WSJ]
• Need more proof of mismanagement at Citigroup? Chuck Prince was ousted as CEO 15 months ago but he still has an office and secretary at the company. So does John Reed, Citi's former CEO who left nearly nine years ago. [BN]
• The stimulus package that cleared Congress Friday includes hefty new restrictions on bonuses and perks at Wall Street firms. [WSJ]
• GM will file the largest restructuring plan of its 100-year history today. [DB]
• Hedge funds may lose as much as 35% of their assets this quarter. [Reuters]
• Citi is having a hard time finding anyone to buy their junky assets. [NYP]
• Banco Santander, Europe's second largest bank, is offering a generous compensation deal for clients who lost money to Bernie Madoff. [WSJ]

Hedge fund titan John Paulson has even more reason to beef up the landscaping outside his $41 million Southampton home today. As shares of the British bank Lloyds plummeted by more than 40 percent this afternoon, the billionaire short-seller made $67 million in less than 25 minutes. So how did your day go? [Bloomberg via Dealbreaker]

Take note, beleaguered Wall Streeters: Your girlfriend may have left you (now that you're unemployed) and your therapist may no longer be taking your calls (now that you're no longer paying your bills), but there's at least one person out there who wants to hear all about your troubles: Michael Moore! The filmmaker says he's currently looking for "a few brave people who work on Wall Street" to interview for his upcoming documentary on the financial meltdown. Hey, it's not like you have anything better to do, right? [NYT]

• Have you heard? Our banks are insolvent. Happy Friday to you, too. [NYT]
• The markets are down this morning as the House and Senate prepare to vote on the $789 billion economic stimulus package. [CNN]
• It's still unclear whether Wall Street got the message that "that high living on the corporate tab is now unacceptable." That's comforting to hear. [Reuters]
• Leon Black's Apollo has tapped Henry Silverman as COO. [WSJ]
• AIG's financial products unit is now under investigation in Britain. [DB]
• Morgan Stanley has suspended its global head of real estate investing. [FT]
• Prosecutors have started interviewing employees of Bernie Madoff. [WSJ]
• Tim Geithner and Fed chairman Ben Bernanke are in Rome today and tomorrow to meet their G-7 counterparts to discuss the stimulus plan. [WSJ]
• Time's list of 25 people to blame for the economic crisis. [Time]

What's this, Tina Brown's internet project The Daily Beast is trying to get a business model? I thought it was all just for kicks! Nevertheless, the Beast is considering selling some "advertisements." While staying pure:

Dealbreaker has some very useful "dos" and "don'ts" if you happen to be a financial fraudster still at large, and you're currently planning your flight from justice. "Don't: Wear expensive cowboy boots and show the flight crew your hoard of $4 to $5 million in gold. Yes. They are very impressed. And now they will never, ever forget your face." [Dealbreaker]

Is the bad economy a turn-on, or a turn-off? With a fake recession trend story, either can be true! Just study this easy guide to manufacturing trends in these tough times. Everybody's doing it:

• After their CEOs took a pounding yesterday, it's possible that banks like JP Morgan and Morgan Stanley would just as soon give the bailout money back rather than have to battle legislators at every turn. [BN]
• More on yesterday's Wall Street-Washington showdown. [WSJ]
• Nearly 700 people made $1 million or more at Merrill in 2008. [DB, WSJ]
• Stocks have been falling over concern about rising unemployment numbers and fear that the stimulus plan just won't be enough to right the ship. [BN]
• Tim Geithner is responding to critics over his revised bailout plan. [NYT]
• Yet another large investment firm is now under investigation. [BN]
• A Morgan Stanley exec in China is under investigation by the SEC. [DB]
• In slightly better news, retail sales are up slightly. [BN]

The CEOs of eight big banks appeared on Capitol Hill today to take a beating before the House Financial Services Committee. Not surprisingly, members of the committee spent much of the day squeezing in bits designed to earn points with constituents, an amusing reminder that the only thing worse than Wall Street chief executives taking taxpayer dollars to lavish them on employees are semi-literate Washington bureaucrats in cheap ties looking to score airtime on KWCH in Wichita.

The world is coming to an end! Prepare for the apocalypse! Okay, not really, but you'd be excused for feeling that way if you've been listening to anything that Nouriel Roubini, Nassim Nicholas Taleb, or James Grant has to say these days. Fortunately, you can separate the people who are expressing legitimate worry from the people who are just making a mint by scaring the shit out of you with this handy list of "seven attention-hungry doomsayers." [TDB]

• Eight bank CEOs will appear in front of the House this morning to defend their use of billions in bailout money. Expect serious fireworks. [Reuters, BN, WSJ]
• Four top execs at Merrill Lynch took home $121 million in bonuses just before the firm was sold to Bank of America. [WSJ, BN, NYDN]
• More on the lukewarm reception to Tim Geithner yesterday. [NYT, BN]
• Credit Suisse reported a fourth-quarter loss of $5.2 billion. [BN]
• Both Goldman and Morgan Stanley have suggested that they want to give the government back the billions they took in bailout funds. [NYT]
• RBS is cutting 2,300 jobs. [Reuters]

This is the year of new ideas for saving newspapers! Unfortunately, the main solutions seem to be plagued the one thing that led most people into journalism in the first place: lack of math skills.

You can add The Carlyle Group to the long, long list of financial firms looking to cut back on their private jet budgets. The Washington-based private equity giant that counts members of the Bush family as investors is now looking to unload its 2004 Gulfstream G450. Like its rivals, it's been a challenging few months for Carlyle, which was ranked the largest private equity firm last year by Private Equity International. In December, the firm announced plans to slash 10 percent of its staff—the first layoffs in Carlyle's 20-year history—and it also said it planned to close down its Silicon Valley office. The jet broker responsible for selling the G4 didn't indicate how much Carlyle is hoping to get for the plane. (Similar models run about $30 million.) But if you're in the market for a jet that's made its fair share of trips to Kennebunkport and Crawford, you may want to set aside a little extra to replace all the gaudy gold plating in the bathroom and kitchen. Photos and detailed specs after the jump.