* James Pethokoukis: Bill Clinton for Fed chairman.
* David Margolick: What did Madoff’s sons know?
* Paul Kedrosky: The case for California defaulting, even if it won’t.
* A group of E Ink shareholders may try to block the company’s $215 million sale to Prime View International.
* Morning Call: U.S. futures point higher, London slides, European stocks hit 3-week low, the Nikkei edges up and Hong Kong drops.
* Goldman Sachs regrets that it “participated in market euphoria.”
* 3i Group’s annual report says that senior executives will not receive bonuses or raises this year.
* European CEOs do not believe a recovery has begun.
* Michael Lewis on the end of Wall Street, and the people who saw it coming: