* The $250 billion question: Are CLOs heading toward default?
* Apollo and TPG Capital marked down their Harrah’s investment by 20% just months after their $17.3 billion buyout closed this past January, but the WSJ reports that yet another haircut is coming. The article adds that minority shareholder GoldenTree Asset Management has already taken 75% off the top, and I’ve heard that Highland Capital Partners had it marked down by 50% as of last month.
* Morning call: Futures point lower, as recession fears deepen.
* Heidi discusses some Ticketmaster M&A deal, but leads with Guns n’ Roses finally preparing to release Chinese Democracy. I’m trying to figure out if I still care about either of them (I really do like the Madagascar track…).
* The AP reports that the deal for Alaska’s new natural gas pipeline “emerged from a flawed bidding process that narrowed the field to a company with ties to [Governor Palin’s] administration.” An October not-so-surprising…
* Marty Lipton tells a room full of MBA candidates that the hard times will last for several years.
* Is the VC vault closing for cleantech?
* History is no guide for IPO turnaround timing.
* Packer pulls the plug on Australia’s PBL Media, which leaves CVC Asia Pacific holding the bag.
* Nobel Prize winner Paul Krugman sits down with Charlie Rose: