Auto adviser invested big in Chrysler owner

Obama auto adviser Rattner was investor in Cerberus, private equity firm with large stakes in GMAC and Chrysler. (NYT) Sotomayor‘s stance on abortion rights unclear. (NYT) Faced with federal insider-trading investigation, Samberg shuts down hedge fund Pequot. (Bloomberg) Obama chooses five ambassadors, including Citigroup‘s Susman and former Rep. Roemer. (AP) Citigroup and SEC in talks …

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Mixed but mainstream

In Wall Street-related and class action rulings, Sotomayor tends to side with corporate defendants, according to Journal; most positions are firmly in Democratic mainstream.  (WSJ) California Supreme Court upholds gay marriage ban, but preserves 18,000 marriages performed before Prop 8 passed. (NYT) Banking trade group lobbying FDIC to let banks bid on the same assets …

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Obama picks Sotomayor

Sotomayor is Obama‘s pick for Supreme Court. (WaPo) Korea stages most powerful nuclear test yet; Rice says international community is united in opposing tests. (WSJ) Frank drafting bill to make Fed stand behind muni bonds. (NYT) California court will make decision on Prop 8 today. (NYT) Justice cracking down on international corporate bribery. (WSJ) …

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Where’s PPIP?

For several weeks beginning in late March, Tim Geithner and others on the Rubin wing of the White House expended significant political capital convincing the listless business press and the broader electorate that PPIP, the taxpayer-subsidized toxic asset removal program, was the only way forward. Two months later, and without any PPIP toxic transfers, Geithner …

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The empire strikes Barack

Obama v. Cheney. (ABC News) Supreme Court buzz focuses on Wood and Kagan. (WaPo) GMAC will get second bailout of $7.5 billion from Treasury. (NYT) Mulcahy to leave Xerox, will be replaced by Burns. (AP) Google, Schmidt decide against newspaper purchase. (FT) …

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Ships of fools

Pointing to the lack of a comprehensive plan, Senate Democrats, led by Reid, block Guantanamo closing. (NYT) Volcker-led economic panel will discuss green jobs at first open meeting today. (Reuters) Joined by Schwarzenegger, Mulally, and others, Obama announces new fuel efficiency alliance. (FT) Fund managers Schultze, PIMCO, Barclays Capital, and Fridson say they may avoid …

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Dual BlackRock role in spotlight

Wall Street asset manager draws attention for dual role as government adviser and contractor. (NYT, WSJ) With legacy on the line, Schwarzenegger is poised to lose key budget vote. (WSJ) Trustee sues Madoff loser Fairfield Greenwich over $3.2 billion in withdrawals and fictional trades. (NYT) Commerce Dept: housing construction in April hit record low. (AP) …

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Ponzi probe widens

Madoff investors Picower, Chais, and Shapiro under investigation by NY US Attorney. (WSJ) In deposition, Trump says he calculates net worth based on “feeling.” (WSJ) Google will face antitrust scrutiny from Obama administration. (NYT) In graduation speech at Notre Dame, Obama urges respectful compromise on abortion. (FT) Treasury staffing shortfalls hold up key decisions; White …

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Supreme Six

Obama considers six for Supreme Court pick, according to AP: Granholm, Napolitano, Sotomayor, Wood, Kagan, Moreno. (AP) SEC preparing to charge Mozilo with fraud. (WSJ) Cheney emerges from the shadows. (WaPo) Congressional Democrats, including Nadler and Obey, register unease with Obama national security policies.  (NYT) Schapiro considers transparency requirements for over-the-counter derivatives that may reduce …

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Intel busted

Intel fined $1.45 billion by EU for antitrust violations. (NYT) $12 billion withdrawn from Madoff accounts in 3 months before his arrest. (NYT) NY Fed aware of AIG bonuses five months before firestorm. (WaPo) Citi shareholders call on directors Deutch and Armstrong to resign immediately. (FT) Waxman may weaken climate bill to move it out …

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Ouster in Afghanistan

Top American commander in Afghanistan fired by Gates. (NYT) Nephew of Murtha took advantage of family ties as defense contractor. (WaPo) NTSB to hold hearing on safety issues related to Buffalo crash, including pilot failures. (WaPo) Dreier pleads guilty to $400 million fraud involving sale of fake notes. (Reuters) Geffen expresses interest in NYT stake. …

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Leaks reveal holes in Wall St bucket

Treasury stress test results to be released today; Wells Fargo and GMAC among entities needing more capital. (NYT) Maine governor reverses position, signs same sex marriage bill. (NYT) GM lost $6 billion in first quarter. (NYT) Senate panel, convened by Kerry, grapples with future of news. (WSJ) Major Obama backers Pritzker, Crown, and Bluhm working …

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