Citigroup Inc faced a crisis of confidence on Wednesday as investors questioned the survival prospects of the U.S. banking giant, and its shares tumbled 23 percent to a 13-year low. The second-largest U.S. bank by assets has been reeling on concerns that mounting losses from credit cards, mortgages and toxic debt could overwhelm its efforts to slash costs and add deposits. Last month, Wells Fargo & Co dealt a blow by derailing Citigroup’s bid to buy Wachovia Corp. Full: http://tinyurl.com/68h435 Buffett�

Chairman and Chief Executive Officer Of GE  Jack Welch said the U.S. economy faces a deep downturn in coming quarters, and he supports a proposed $700 billion government rescue package for the financial sector. “I now believe we are in for one hell of a deep downturn,” Welch told the World Business Forum in New York on Wednesday, adding that the first quarter of 2009 will likely be “brutal.” Full read : http://tinyurl.com/438j34 Reid: Bush Guilty of ‘Fiscal Dereliction of Duty’ Senate Majority

A recap of the goings on and articles from around the web. “Heading into a recession” ? S&P 500 Sinks Most Since 2001 Terror Attacks Stocks erased more than $600 billion in value as financial shares in the S&P 500 decreased the most since at least 1989, according to data compiled by Bloomberg. American International Group Inc. sank 61 % and Washington Mutual Inc. decreased 27 $. Concern the U.S. is heading for a recession pushed oil lower, prompting a drop in energy stocks, and sent General Electric Co

Tiny Companies - Huge Potential Although security is an admirable concern in a down market, investors could be doing something better with the $3.5 trillion dollars they’ve tucked away in money-market funds. You won’t get rich earning 1.9%, the recent average money-fund yield. Rather, you’ll make the big bucks with bold moves that may appear foolhardy at first. Today, one of those moves appears to be stashing money in micro caps - the smallest of small companies. Full read: http://tinyurl.com/52z43y O

Maybe they should just halt Lehman Brothers already(LEH) , the stock already looking to open very low this morning , in the three dollar range. All other financials are looking super bloody this am as well, with Merrill Lynch(MER) in the teens, Citigroup (C) trading around $17 per share and Washington Mutual(WM) approaching penny stock status!  “Lehman failed to find anyone to invest necessary capital. With Washington Mutual potentially needing some in the future, the market is taking the opportunity to

Will today be as crazy as yesterday was? Probably not, but here’s what breaking this AM : Oil prices slumped closer to $100 dollars a barrel today ahead of the start of today’s Opec meeing in Vienna, putting more pressure on the oil producers’ cartel to cut supply to the markets. read Full Story As heard in the room @ IP “NVDA strength attributed to chatter of a story out of Asia suggesting co could be acquired” “dont be surprised if EFUT takes off” ” DIA 115.80ish the number to beat today

The FDIC has been keeping a close eye on banks and thrifts with high levels of exposure to the riskiest borrowers and markets, officials say, including sub prime mortgages and construction loans in overbuilt areas. http://tinyurl.com/5qteaq

Some symbols to keep your eyes on: EN PAY DECK LM GPS HEK GW IWM USO YHOO SINA QQQQ PDS LLY CSCO NYT