* Bad news for megabanks: Ex-Citi chief, creator of financial supermarket Sandy Weill wants to break up big banks. “What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail.” And why the glory days of big banks are probably over.
* LIBOR update: British bank Lloyd’s gets a subpoena. Europe wants to criminalize rate manipulation
* Geithner plays defense on LIBOR. Congressman Scott Garrett: “You have been before this committee countless numbers of times since 2008 and if this is the crime of the century, as so many people are reporting today, never once did you ever once come and mention it as being a problem.”
* Insider trading fallout: Kinnucan pleads guilty. Nomura Bank head Watanabe steps down.
* Central bank watch: Policy makers seek new ways to combat the global economic slowdown.
* Bo Xilai developments: Bo’s wife Gu Kailai prosecuted for murder.
* Barry Diller to stop the presses: Mogul sees Newsweek becoming an online-only publication.
* How does Brown feel about soda?: NYC Mayor Bloomberg holds fundraiser for Scott Brown.
* The Return of Rove: From political strategist powerhouse to media wise man and back again.
* Russian spies: They were grooming children.
* Super yachts come to the Olympics. “If you have a medal you can come on board.”
* Divorce, now with federal investigators. Woman files RICO charges against hedge funder ex-husband.