According to Reuters, Goldman Sachs (GS) and Morgan Stanley (MS) will give up their investment banking status and become bank holding companies to have access to the government’s proposed $700 billion bailout fund.

Reuters reports that Nomura reached a deal to buy Lehman’s (LEH) Asia assets.

Reuters says that tax-exempt funds will have access to the Treasury’s new rescue facility.

Reuters reports that AIG (AIG) may face more credit agency downgrades.

The SEC will make public the short positions of some firms, according to Reuters.

Reuters reports that the U.S. government may have little choice but to use an auction process to price up to $700 billion of toxic mortgage debt it is buying from financial institutions.

The Wall Street Journal reports that legislators are working to put their own stamps on the rescue bill, probably complicating the process of it being passed this week.

The Wall Street Journal reports that Washington Mutual (WM) is in aggressive talks to decide its fate.

The Wall Street Journal reports that Lehman transferred billions of dollars from its London operation to the US, raising issues with IJK authorities.

The Wall Street Journal reports that AIG (AIG) shareholders are working on paying back the insurance company’s loan to keep the firm independent.

The Wall Street Journal says that a number of countries adopted the short sales ban over the weekend.

The Wall Street Journal reports that GM’s (GM) $3.5 billion credit line is worrying investors.

The Wall Street Journal says that stores are preparing for weak holiday sales.

The Wall Street Journal reports that Lowe’s (LOW) may cut its store growth plan.

The Wall Street Journal reports that many financial companies are lobbying to be included in the government’s $700 billion bailout.

The Wall Street Journal reports that the cost of the bailout will put pressure on the dollar.

The New York Times reports that financial companies are looking for ways to benefit from the $700 billion federal bailout.

The New York Times says that the financial rescue may include foreign banks with US  operations.

The New York Times reports that GE (GE) has been dragged down in the current market because of its status as a lender.

The FT reports that the bailout plan has put a Wachovia’s (WB) merger with Morgan Stanly on hold.

The FT reports that emerging markets face $111 billion in maturing debt.

The FT reports that the demand for autos in Russia is slowing.

Bloomberg reports that a plan to include purchases of instruments such as car loans, credit-card debt and other devalued assets to the rescue may force an increase in the size of the package as the legislation proceeds through Congress.

Douglas A. McIntyre

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