Panobinostat and Everolimus in Treating Patients With Relapsed or Refractory Lymphoma or Multiple Myeloma

DISEASE CHARACTERISTICS: * Histologically confirmed diagnosis of one of the following: * Hodgkin or non-Hodgkin lymphoma (including small lymphocytic lymphoma \[SLL\]) * Any histology, including B, T, or NK/T cell allowed * Multiple myeloma (MM) * Relapsed or refractory disease * Patients with lymphoma must have relapsed after or be refractory to an upfront regimen (e.g., CHOP or ABVD) and a salvage regimen (e.g., ICE or ESHAP) * Patients with SLL should have relapsed after a fludarabine-containing regimen * Patients with MM must have progressed within 100 days after receiving a regimen containing bortezomib and either thalidomide or lenalidomide AND have a 25% increase in serum paraproteins, urinary light chains, or plasma cell number in the bone marrow * No active CNS disease PATIENT CHARACTERISTICS: * ECOG performance status 0-2 * ANC ≥ 1,500/mm³ * Platelet count ≥ 75,000/mm³ (transfusion allowed in patients with biopsy-proven bone marrow involvement) * AST and ALT ≤ 2.5 times upper limit of normal (ULN) (≤ 5.0 times ULN if elevation due to leukemic involvement) * Serum bilirubin ≤ 1.5 times ULN * Serum creatinine ≤ 1.5 times ULN OR creatinine clearance ≥ 50 mL/min * Serum potassium normal * Serum phosphorous normal * Serum total calcium (corrected for serum albumin) or serum ionized calcium normal * Serum magnesium normal * TSH and free T4 normal (thyroid hormone replacement allowed) * Fasting serum cholesterol ≤ 300 mg/dL (or ≤ 7.75 mmol/L) AND fasting triglycerides ≤ 2.5 times ULN (elevated levels allowed provided an appropriate lipid-lowering medication has been initiated) * LVEF normal by MUGA or ECHO * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective double-method (including barrier method) contraception during and for 3 months after completion of study treatment * No impaired cardiac function, including any of the following: * QTc \> 450 msec by screening ECG * Congenital long QT syndrome * History of sustained ventricular tachycardia * History of ventricular fibrillation or torsades de pointes * Bradycardia, defined as heart rate (HR) \< 50 beats/min (pacemaker allowed provided HR ≥ 50 beats/min) * Myocardial infarction or unstable angina within the past 6 months * NYHA class III-IV congestive heart failure * Right bundle branch block and left anterior hemiblock (bifascicular block) * No uncontrolled hypertension * No unresolved diarrhea \> CTCAE grade 1 * No impairment of gastrointestinal (GI) function or GI disease that may significantly alter the absorption of oral agents (e.g., ulcerative disease, uncontrolled nausea, vomiting, diarrhea, malabsorption syndrome, or small bowel resection) * No other concurrent severe or uncontrolled medical condition * No other primary malignancy within the past 5 years other than curatively treated carcinoma in situ of the cervix or basal cell or squamous cell carcinoma of the skin * No known HIV or hepatitis C positivity * No significant history of non-compliance to medical regimens * No known hypersensitivity to everolimus, other rapamycins (e.g., sirolimus or temsirolimus), or their excipients PRIOR CONCURRENT THERAPY: * See Disease Characteristics * Prior autologous or allogeneic stem cell transplantation allowed * More than 3 weeks since prior chemotherapy (6 weeks for nitrosoureas or mitomycin C) or radiotherapy and recovered * More than 1 week since prior and no concurrent immunization with live attenuated vaccines * More than 4 weeks since prior valproic acid * No other prior histone deacetylase inhibitors * No concurrent chronic systemic corticosteroids or another immunosuppressive agent, other than for control of itching (as in cutaneous T-cell lymphoma) * Concurrent corticosteroids allowed provided patient has been on a stable dosage regimen for ≥ 2 weeks before study entry * Topical or inhaled corticosteroids allowed * No concurrent drugs that may induce torsades de pointes * No concurrent CYP3A4 inhibitors * No concurrent radiotherapy or other anticancer therapy * No concurrent grapefruit, grapefruit juice, or seville (sour) oranges * No concurrent medications that may cause QTc prolongation * No other concurrent investigational therapy