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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.

Issues:

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)