• The U.S. economy slowed sharply in the third quarter, according the new figures released by the Commerce Department this morning. [MW]
• Lehman Brothers has won bankruptcy court approval to sell its investment management assets, including Neuberger Berman. [DB]
• What did banks do with their bailout billions? They're not saying. [AP]
• A record number of M&A deals were cancelled in 2009. [FT]
• Investigators looking into the Madoff mess continue to focus their attention on a key Madoff lieutenant, Frank DiPascali. [WSJ]
• A Madoff investor has filed suit against the SEC, the first attempt by a victim of the scheme to go after regulators. [Reuters]

♦ Layoff announcements, grim unemployment data, and dismal retail sales figures should lead to another nasty trading session on Wall Street. [CNN]
♦ A group of managers and senior execs from Neuberger Berman won the auction to take over Lehman's money management business. [NYT]
♦ Credit Suisse is laying off 5,300 people. [Reuters]
♦ Citigroup's top execs like Vikram Pandit and Bob Rubin say they're willing to forgo annual bonuses. How generous of them! [FT]
♦ Thomas H. Lee may shut down two hedge funds it launched recently. [WSJ]
♦ Poor Steve Schwarzman is "knocking on more doors and pressing more flesh than ever" to get business done these days. [NYP]
♦ Fortress Investment Group is falling apart fast. [NYT]
♦ Carlyle Group LLC is cutting 10 percent of its staff. [WSJ]