Panobinostat in Treating Patients With Relapsed or Refractory Acute Lymphoblastic Leukemia or Acute Myeloid Leukemia

DISEASE CHARACTERISTICS: * Histologically or cytologically confirmed acute myeloid leukemia or acute lymphoblastic leukemia (ALL) * Relapsed or refractory disease * Patients with Philadelphia chromosome-positive (Ph+) ALL refractory to BCR/ABL inhibitors are eligible * Patients who have relapsed after prior autologous or allogenic stem cell transplant are eligible * No active CNS disease PATIENT CHARACTERISTICS: * ECOG performance status 0-2 * Serum albumin ≥ 3 g/dL * AST and ALT ≤ 2.5 times upper limit of normal (ULN) (5.0 times ULN if transaminase elevation is due to leukemic involvement) * Bilirubin ≤ 1.5 times ULN * Creatinine ≤ 1.5 times ULN or creatinine clearance ≥ 50 mL/min * Potassium ≥ lower limit of normal (LLN) * Phosphorous ≥ LLN * Serum total calcium (corrected for serum albumin) or serum ionized calcium ≥ LLN * Magnesium ≥ LLN * Thyroid stimulating hormone and free T4 normal (thyroid hormone replacement therapy allowed) * LVEF ≥ LLN by MUGA or ECHO * No impaired cardiac function, including any of the following: * QTc \> 450 msec * Congenital long QT syndrome * History of sustained ventricular tachycardia * History of ventricular fibrillation or torsades de pointes * Bradycardia (i.e., heart rate \< 50 beats per minute) * Pacemaker allowed provided heart rate ≥ 50 beats per minute * Myocardial infarction or unstable angina within the past 6 months * New York Heart Association class III-IV congestive heart failure * Right bundle branch…