24/7 Wall St.

According to Reuters, Citigroup (C) will sell $12 billion in troubled loans to a group of private equity firms.

Reuters reports that some members of the Fed believe that the US will hit a sharp downturn.

Reuters writes that Alan Greenspan has said the US is in recession.

Reuters reports that Washington Mutual (WM) got a $7 billion cash infusion and cut a number of jobs.

Reuters writes that American Air (AMR) cancelled a number of flights to inspect MD-80 aircraft.

The Wall Street Journal writes that the Fed is weighing options of what it might do if the credit crunch becomes more severe.

The Walls Street Journal reports that Washington Mutual turned down a takeover bid from JP Morgan (JPM).

The Wall Street Journal reports that US energy officials say the price of oil will average $101 a barrel this year.

The Wall Street Journal writes that Legg Mason would support Yahoo! (YHOO) remaining independent if Microsoft (MSFT) drops its offer.

The Wall Street Journal writes that Delta (DAL) is working with its pilots to help complete  a merger with Northwest (NWA).

The WSJ reports that the IMF believes total losses from the housing crisis could hit $945 billion.

The Wall Street Journal writes that Sun (JAVA) has improved the performance of its servers.

The Wall Street Journal writes that Intel (INTC) Capital is betting on growth in China.

The Wall Street Journal writes that Dell (DELL) is in talks with the Dubai sovereign fund about an investment to improve the PC company’s sales in the Middle East.

The Wall Street Journal reports that officials have tripled the number of people killed by tainted heparin.

The Wall Street Journal writes that AMD’s (AMD) server chip is set for broad distribution

The New York Times writes that BP (BP) and ConocoPhillips (COP) plan a new Alaska pipeline.

According to the FT, John Mack survived a shareholder revolt at JP Morgan (JPM) to keep his job

Bloomberg writes that the Fed may slow rate cuts in the face of the shrinking economy.

Douglas A .McIntyre.