ALSO NOTED: Ambac takes $3 billion in charges; Microsoft has no plans to raise Yahoo bid; and much more...

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Company News:
> Ambac takes $3 billion in charges. Article
> SunTrust gets an upgrade based on valuation. Article 
> UBS memo bares all. Article
> Calamos earnings tank. Article
> Tough questions for Bank of America board. Article

Industry News:
> PR folks take note: Inside the WSJ shuffle. Article
> Credit problems just beginning for regional banks. Article
> Microsoft has no plans to raise Yahoo bid. Article
> Big deal: Liberty Mutual to buy Safeco for $6.2 billion. Article

Regulatory News:
> Fed auction to ease credit woes. Article
> SEC mum on why it closed Bear Stearns probe. Article

And Finally... How to get raise in tough times. Article