Reuters:   The head of Toyota (TM) warned of two more tough years.

Reuters:   Lawmakers accused Fed of a cover-up in dealing with Bank of America (BAC)

Reuters:   California is set to issues IOUs to conserve cash.

Reuters:   The new TARP chief says economy is on the mend.

Reuters:   BP (BP) selected Ericsson’s (ERIC) CEO as its next chairman.

Reuters:   Buffett says that US economy has “no bounce.”

Reuters:   The Fed held policy steady and said the recession is easing.

WSJ:   Driving is dropping as fuel costs alter peoples’ plans.

WSJ:   GMAC is cutting wholesale financing to some dealers.

WSJ:   The economy and housing should rise together.

WSJ:   The OECD says the economy is improving.

WSJ:   The SEC voted to insist money market funds have more liquidity.

WSJ:   KKR will go public in Europe.

WSJ:   Yahoo! (YHOO) is planning a major brand overhaul.

WSJ:   The IRS is stepping up scrutiny of off-shore funds.

WSJ:   Wall St has lost interest in the hotel industry.

WSJ:   Barclays (BCS) is being asked to give more data on Lehman.

WSJ:   Advertisers are giving consumers more power over how their data is used on the web.

WSJ:   Best Buy (BBY) is targeting 15% market share of cellphone industry.

WSJ:   As banks dress up their balance sheets, credit spreads will spike.

WSJ:   Short sellers increased bets on NYSE stocks.

WSJ:   Time Warner Cable (TWC) and Comcast (CMCSA) are not doing enough to protect their programs on the web.

WSJ:   Delays in the Boeing (BA) 787 could hurt airlines in Asia.

WSJ:   Monsanto (MON) will restructure its herbicide business.

WSJ:   Nike’s (NKE) net fell 30% on restructuring.

WSJ:   Sanofi will cut research and dive into generic drugs.

NYT:   The GOP will paint Bernanke as a friend of big government.

NYT:   The developing world is seen as an engine for the recovery.

NYT:   The World Bank says Russia faces a long recession.

NYT:   A CME group disputed the notion that speculators drove up oil prices.

FT:   The ECB is pumping 442 billion euros into the banking system.

FT:   Critics emerged about Citigroup’s (C) plan to raise pay of some executives.

Bloomberg:   Treasuries fell as new auction added to supply concerns.

Douglas A. McIntyre