• The Treasury Department announced a plan to save Citigroup from near-certain doom. The government will take a 36 percent stake in the company, three-quarters of the bank's shareholders will be wiped out, and the board will be overhauled. Vikram Pandit? He keeps his job. [WSJ, BN, NYT]
• New GDP figures indicate "the U.S. recession deepened a lot more in late 2008 than first reported." The figures haven't been this bad since '82. [WSJ]
• Stocks tumbled this morning on the Citigroup and GDP news. [BN]
• Andrew Cuomo has subpoenaed Bank of America seeking the names of the Merrill execs who received $3.6 billion in bonuses. This comes after BofA CEO Ken Lewis failed to provide the details during his deposition yesterday. [DB]
• A "mutiny is brewing" within UBS's investment banking unit following the ouster of the bank's CEO, Marcel Rohner. [NYP]
• Blackstone reported a fourth-quarter loss of $827.1 million. [BN]
• Bernie Madoff moved $164 million from London to New York in the weeks before he was busted, according to new court documents. [NYP]
• Scammer Sam Israel has moved from a prison hospital back to prison. [AP]