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It's sentencing day for Bernard Madoff, the world's business press trumpet this morning. According to Reuters, the 71-year-old "admitted thief" (he's also a "swindler") can expect to be sentenced to life for masterminding the largest-ever Ponzi scheme, bilking his clients of billions.

Word that the House has narrowly passed a (historic! landmark!) climate change bill that would employ a cap-and-trade system to reduce greenhouse gases in the United States to 83 percent below 2005 levels by mid-century, touches down on the front pages of each major paper and finds a top spot on most business news Web sites.

The finger-pointing seems to have just begun in the months-old acquisition of Merrill Lynch by Bank of America (BAC)—and now in the spotlight is Federal Reserve Chairman Ben Bernanke. Today, the papers report, Bernanke will testify in front of the House oversight and government reform committee on the Fed's role in the messy takeover, as Republican lawmakers accuse him of orchestrating a cover-up of Merrill's worsening financial situation. Bernanke has denied any wrongdoing.

Akio Toyoda, grandson of the founder of Toyota Motor Corp. (TM), has officially been handed the reins of his family's auto empire after a 25-year apprenticeship, Reuters reports in an in-depth look at the issues facing Toyota as it tries to find its footing amid the global recession.

Contraction of the U.S. auto business has made Japanese car maker Toyota Motor Corp. (TM) the new industry front-runner, the Wall Street Journal reports. The paper has declared Toyota to be the "No. 1 winner" out of the many companines benefiting from the bankruptcies of General Motors (GM) and Chrysler. Its share of the North American light-truck and car market may rise to around 20 percent.

The Obama administration's new financial system overhaul is drawing fire from both the private sector and politicians, the business press report today. According to the Wall Street Journal, corporate lenders would feel the pinch from the new plan as they would be required to register with the Federal Reserve if they are in the practice of issuing their customers credit cards, making loans, and providing other financial transactions.

More details of President Obama's plan to dial up federal oversight of Wall Street continue to emerge Wednesday morning, hours before he is set to formally announce them. The Wall Street Journal and Reuters got a sneak peek at the blueprints. The juiciest change, according to Reuters and the WSJ, is to grant new policing powers to the Fed.

The Wall Street Journal this morning scoops the details of President Obama's landmark plan to regulate Wall Street.

The Dow Jones Industrial Average has pushed into the positive for the first time since January, CNNMoney.com reports. The Dow increased by 28 points, or 0.3 percent, ending higher than its 2008 close of 8,776.39. The Dow has now risen in 12 of the past 14 weeks, a sign that some are attributing to an imminent rebound in the economy.

The Obama administration has named its enforcer of fat-cat pay. He is Washington attorney Kenneth R.

News that Supreme Court Justice Ruth Bader Ginsburg has granted a stay on Chrysler's sale to Fiat makes a cameo appearance on the front page of the New York Times, the Wall Street Journal, and the Washington Post. The surprise action caught even the creditors, led by three Indiana pension funds, off-guard.