• Washington is now playing hard ball: The Obama administration has forced out GM CEO Rick Wagoner and now says the company has 30 days to finalize its alliance with Fiat if it expects to get more bailout cash. [NYT, WSJ]
• UBS plans to lay off as many as 8,000 more employees worldwide. [Reuters]
• Working at Goldman Sachs has its perks: The bank spent tens of millions bailing out several senior execs facing a personal liquidity squeeze, including former COO Jon Winkelried and general counsel Gregory Palm. [NYT]
• Bank of America plans to increase some bankers' salaries by as much as 70 percent to offset reduced year-end bonuses. [BN]
• The Blackstone Group turned down a request from regulators to disclose the performance of its buyout and hedge funds; Fortress, however, caved. [BN]
• Timothy Geithner says some financial institutions will still need a lot more government aid in the future. You're stunned by that, we're sure. [BN]