* Congressman Elijah Cummings calls on AIG chief Edward Liddy to step down. Maybe his leave from buyout firm CD&R will be short-lived…
* James Henry & Jim Manzi: Forget the bailouts, invest in innovation.
* A new TARP requirement that recipients must first prove able to raise private capital? In other words, PE firms are about to find a new source of “leverage.”
* Sign of the times: Exclusive ski and golf community Yellowstone Club files for bankruptcy.
* Morning Call: U.S. Futures down (although they seem to have since flattened out), Europe up on pharma and telecom, Hong Kong and Japan both fall.
* Henry Blodget: Facebook shares are changing hands at $4 billion valuations, while the company’s CFO searches for new cash in Dubai.
* Venture capitalist Patricia Naskache knows about CraigsList, but is backing startups that ask online users to pay for higher-quality, screened classified ads.
* I-bank revenue shrinks in the Middle East.
* Wallstrip on Female Health Company:
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