The Big Two?

With debtholder agreement unlikely, Chrysler expected to seek bankruptcy protection today. (NYT) WHO warns first pandemic since 1968 is imminent. (Bloomberg) Shareholders oust Lewis as chair of BofA through proxy vote at annual meeting. (NYT) House and Senate approve $3.5 trillion Obama budget. (WSJ) Justice, Breuer seek to eliminate crack/cocaine sentencing disparities. (WSJ) …

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Switcharoo

Specter switches parties, potentially giving Democrats 60 votes in Senate. (NYT) Economy shrinks at higher-than-expected 6.1% pace in first quarter according to Commerce. (AP) Pandit asked Geithner for special approval of bonuses for Citi‘s energy trading unit earlier this month. (AP) Paulson‘s head of bank rescue prepares to leave, making way for Allison. (Reuters) Sebelius …

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Drastic measures

Under new GM plan, US to take majority stake in much smaller company. (FT) 100 protesters, including Representatives Edwards, Ellison, Lewis, McGovern, Woolsey arrested at Sudan demonstration. (WaPo) Regulators tell BofA and Citi to increase capital reserves. (AP) Deutsche Bank posts $1.6 billion profit in first quarter. (FT) The derivatives that Buffett called “time bombs” …

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Pig problems

Geithner‘s ties to captains of finance scrutinized by Times. (NYT) Swine flu spurs Obama to declare public health emergency. (WSJ) Fed study concludes ideal interest rate is -5%. (FT) UAW reaches tentative agreement with Chrysler. (Reuters) Thain claims bank lied about his role in Merrill bonuses. (WSJ) …

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Bernanke and Paulson: disclosure poses systemic risk

BofA chief testifies that Bernanke and Paulson told him to stay mum on Merrill deal. (WSJ) Senate report: Rice and Cheney approved waterboarding in summer 2002. (CNN) Frank puts brakes on Treasury-backed receivership legislation. (WSJ) Pelosi had been informed of wiretap of Harman three years ago. (NYT) Chu and Jackson offer support of Waxman–Markey climate …

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Torture report points to top

Rumsfeld approved harsh interrogation tactics used at Guantanamo and Abu Ghraib, according to Senate committee report to be released today. (NYT) Rattner‘s Quadrangle employed son of Senator from New Mexico; state pension funds invested in the firm. (NYT) Citigroup skips coffee and doughnuts, hires 50 security guards to handle angry investors at annual meeting.  (NYT) …

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NSA wiretap intrigue deepens

Pelosi donor used as leverage in AIPAC–Harman negotiation identified as Forbes 400 member Haim Saban. (NYT) Bailout watchdog says Chrysler turned down government loan because of executive pay limits. (WaPo) Lanny Breuer, Christine Varney, Tony West confirmed for Justice posts. (AP) NYSE warns McClatchy that it may be delisted. (MarketWatch) Citigroup annual meeting is today; …

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Circular intelligence

NSA wiretap recorded Rep. Harman agreeing to quid pro quo with Israeli agent. (CQ Politics via TPM) White House and Treasury officials now favoring stabilizing banks by converting loans to shares. (NYT) Bank of America profits triple to $4.24 billion in first quarter. (Bloomberg) Private equity firms Quadrangle Group, Carlyle Group – already under investigation …

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Too much listening

Domestic eavesdropping program at NSA exceeded limits set by Congress. (NYT) Law firm to rake in record $55 million quarterly fee for Lehman bankruptcy. (WSJ) JPMorgan becomes latest bank to beat expectations, announcing $2.1 billion in first quarter profits. (FT) Foreclosures up 24% in first quarter; Donovan sees increasing foreclosures in coming months. (AP) Texas …

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Transparency for Wall Street?

Treasury planning to reveal data on conditions of big banks. (NYT) FDIC backing for debt amounts to massive subsidy for Goldman Sachs, Bank of America, JP Morgan, and other banks. (NYT) Obama leans toward maintaining secrecy of CIA interrogation tactics. (WSJ) Harvard to cut Arts and Sciences budget by $220 million, or 19%. (Bloomberg) The …

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Goldman profits, Allison to TARP, Franken over Coleman

Goldman turns profit and plans to use share sale to return taxpayer money. (NYT) Former Fannie CEO chosen to replace Kashkari as head TARP. (WSJ) Minnesota court rules in favor of Franken in unending Senate race; Coleman has ten days to appeal. (WaPo) AFL and Change to Win agree to work together on immigration reform. …

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Surgical decision

Treasury tells GM to prepare for surgical bankruptcy by June 1. (NYT) Navy rescues captain, kills pirates. (Reuters) Goldman to launch major private equity fund that will buy discounted assets. (WSJ) AIG financial products unit opts out of new derivatives protocol. (FT) TARP inspector investigating banks to determine whether they cooked their books. (FT) …

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