Mailing it in

Letter from CEO of failing bank announcing pre-writedown profits lifts markets worldwide. (NYT)

Madoff expected to plead guilty. (WSJ)

Boxes and bins tip off Seattle Post-Intelligencer staff that Hearst will shut it down soon. (Seattle P-I)

Sachs won’t be nominated for Treasury undersecretary for domestic finance, will remain as counselor; Brainard to be nominated for undersecretary of international affairs. (WSJ)

Builders Pulte Homes and KB Home can’t compete with foreclosure. (WSJ)