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 for pay-to-play pension deals – hired indicted political adviser to help get pension business. (WSJ)

Volcker criticizes Fed‘s target inflation rate of 2% in Q & A with Kohn. (WSJ)