According to Reuters, Bank of America (BAC) reported weak earnings and cut its dividend.

Reuters reports that Wells Fargo (WFC) and Citigroup (C) agreed to drop litigation for now and negotiate over a deal to buy Wachovia (WB).

Reuters reports that members of the Fed are divided on a rate cut.

Reuters writes that New York insurance chief Eric Dinallo told Congress that the bailout of AIG (AIG) was the only option to save the company.

Reuters reports that Mastercard (MA) data shows consumer spending dropped sharply in September.

The Wall Street Journal reports that a Congressional committee attacked Lehman’s Richard Fuld over his handling of the company’s problems and his compensation.

The Wall Street Journal reports that the Fed will pay interest on commercial loan reserves and will expand its program to loan financial firm capital.

The Wall Street Journal reports that a recession is hurting oil prices and driving down shares in oil companies.

The Wall Street Journal reports that Ebay (EBAY) cut 10% of its staff.

The Wall Street Journal writes that AMD (AMD) will spin-off its manufacturing operations.

The Wall Street Journal reports that Eli Lilly (LLY) firmed up it deal to buy Imclone.

The Wall Street Journal reports that US attorneys are looking into whether Lehman mislead investors.

The Wall Street Journal reports that credit card companies are likely to crack down on customer use of cards.

The Wall Street Journal reports that SAP (SAP) cut its forecasts.

The Wall Street Journal reports that Verizon (VZ) lost its VoIP patent lawsuit with Cox.

The New York Times reports that fear of a global recession is growing stronger.

The New York Times reports that the Fed may buy unsecured debt from US companies and municipalities.

The New York Times reports that emerging market stock indexes have been falling more sharply than they have in many years.

The New York Times reports that the IRS has eased restrictions on tax-free loans to US companies from overseas subsidiaries.

The FT reports that a rate cut in Australia helped Asia markets.

The FT reports that the Fed will work with unregulated the huge credit derivatives market to speed up plans for the creation of a central clearing house.

Douglas A. McIntyre

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