According to Reuters, a bailout of US car companies gained support in Congress as GM (GM) and Chrysler said they needed money immediately to stay in business.

Reuters reports that Merrill will cut bonuses by about half.

Reuters writes that Paulson is debating about what to do with the $350 billion remaining in his bailout fund.

Reuters writes that Goldman Sachs (GS) and Morgan Stanley (MS) may have huge Q4 losses.

Reuters reports that Goldman Sachs is looking at creating an internet bank.

Reuters reports that Islamic finances are no longer immune to the downturn.

Reuters writes that RIM (RIMM) cut forecasts for its fiscal third quarter.

Reuters reports that AIG (AIG) and the government have come to an agreement to clear the insurer of about $50 billion in toxic assets.

Reuters writes that The New York Times (NYT) will take a charge for closing it distribution unit.

The WSJ writes that a Mastercard (MA) study shows retail sales dropped sharply in November.

The Wall Street Journal reports that Google (GOOG) is cutting spending as the recession progresses.

The Wall Street Journal reports that UK banks are being hit by defaults.

The Wall Street Journal reports that GE (GE) will revamp its financial unit to improve its results.

The Wall Street Journal reports that the ex-AOL CEO is working on a deal to take control of Yahoo! (YHOO).

The Wall Street Journal reports that a large fund in China said investing in US banks was risky.

The Wall Street Journal reports that HP (HPQ) and Citigroup (C) brought in billions of dollars with bond offerings.

The Wall Street Journal reports that the ISM nonmanufacturing index should show a sharp drop for November.

The Wall Street Journal reports that the Fed’s "beige book" should show a contraction in economic activity.

The Wall Street Journal reports that Fidelity is opening some funds to new investments to offset redemptions.

The Wall Street Journal reports that China is seeking equipment makers to bid on its huge 3G roll-out.

The Wall Street Journal reports that BA (BA) and Qantas are considering a merger.

The Wall Street Journal reports that most airlines will further cut capacity.

The Wall Street Journal reports that MySpace (NWS) will offer a video applications for phones.

The Wall Street Journal reports that chip makers are taking a hit from slowing demand.

The Wall Street Journal reports that Alcatel (ALU) unveiled a deal with China Telecom

The Wall Street Journal reports that retailers are expecting to report more insolvencies this year.

The New York Times reports that UnitedHealth (UNH) "will sell the right to buy an individual health policy in the future even if you become sick."

The New York Times reports that GE (GE) said it would hit the lower end of its profit forecasts for Q4.

The New York Times reports that auditors are urging more controls on the federal bailout.

The FT reports that the Fed will extend some of its emergency lending facilities.

The FT reports that Icahn has filed a suit against Realogy.

Bloomberg reports that UBS says a market recovery could put the S&P up over 50% next year.

Douglas A. McIntyre

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