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♦ The Fed is expected to cut interest rates again today, possibly to as low as 1 percent. [WSJ]
♦ The White House is pushing banks to stop hoarding the bailout billions and start making more loans. [AP]
George Soros says the number of hedge funds "will be reduced in size by anywhere between half and two thirds" over the next few years. [Reuters]
♦ GMAC, which is controlled by GM and Steve Feinberg's Cerberus Capital, is now looking to become a bank holding company so it can tap into the $700 billion bailout pool. [WSJ]
♦ Credit card crunch: Lenders wrote off an estimated $21 billion in bad credit card loans in the first half of 2008. [NYT]

♦ For a few wild moments on Tuesday, Volkswagen became the most valuable company in the world and two big investment banks looked like they were in big trouble again. [NYT, FT]
Bruce Wasserstein-led Lazard said its third-quarter profit fell 34 percent. [DB]
♦ Congressman Henry Waxman has asked a handful of top financial firms to justify the billions of dollars it plans to pay out in salary and bonuses this year. [Telegraph]
♦ Hedge fund star John Paulson is putting his money into energy companies, apparently. [NYP]
♦ "Activist" investor Bill Ackman is pushing Target to sell off its real estate holdings to boost its stock price. [NYP]
♦ The Kremlin took the unusual step of bailing out one of the richest oligarchs in the country, Mikhail Fridman. [WSJ]
Charlie Rose chats about the meltdown (among other things) with Michael Milken. [Wall Street Folly]
♦ Right-wing businessman H. Wayne Huizenga says he wants to sell his 45 percent of the Miami Dolphins to the Related's Steve Ross before Barack Obama is elected. [DB]