The Smart Money

# Warren Buffet says "there's going to be more pain" and that the Bear Stearns bailout "doesn't mean the losses are over by a long shot."
# After taking $45 billion in write-downs and losses over the past nine months, Citigroup announces plans to sell $400 billion in assets in an attempt to keep itself afloat.
# American International Group announced another round of record quarterly losses, detailed plans to raise $12.5 billion in capital, and said that there can be "no assurance" that the losses are over.
# The Financial Times reported that "Bankruptcies and Defaults Gather Pace"