by Calculated Risk on 12/11/2008 09:06:00 PM

A couple of stories to discuss ...

SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme

According to regulatory filings, the Madoff firm had more than $17 billion in assets under management as of the beginning of 2008. It appears that virtually all assets of the advisory business are missing.

And from the WSJ: GM Retains Bankruptcy Counsel; Tentative Pact Reached on Bailout

General Motors Corp. has hired lawyers and bankers to consider whether to file for bankruptcy protection, said several people familiar with the matter, while Senate lawmakers neared a tentative agreement on an emergency auto-bailout package that could see a vote Thursday night.