♦ Prosecutors have subpoenaed a dozen Lehman executives, including Dick Fuld, as part of three grand jury probes into the bankruptcy of the investment bank. [NYP]
♦ Warren Buffett has faith: "Buy American. I am." [NYT]
♦ Andrew Cuomo met with AIG's new CEO yesterday, who assured the attorney general the insurance giant would account for excessive executive compensation and will also cancel upcoming conferences. [NYT, Bloomberg]

♦ Today in ugly hedge fund news: Timothy Barakett and his brother Bret Barakett have sustained huge losses. [NYP]
♦ Two more big hedge funds that have tanked: Highland Capital Management and Dinakar Singh's TPG-Axon. [DB]
♦ Ironic, disturbing: The market is so screwed up that some companies that plan to file for bankruptcy can't even come up with the money to do so. [WSJ]
♦ Microsoft seemingly renewed interest in acquiring Yahoo sent Yahoo shares up yesterday, although now Microsoft appears to be retreating. [WSJ]
♦ Talks between GM and Chrysler have intensified. [NYT]
♦ The $700 billion handed over to financial institutions may not get dished out all that quickly. Are you surprised? [NYT]