• President Obama will propose new laws today to crack down on companies and wealthy individuals who use a variety of tax loopholes to move their assets offshore and avoid paying taxes. [WSJ, BN]
• Citigroup and Bank of America are both rumored to be working on plans to raise more than $10 billion in fresh capital a piece, although Bank of America is now denying that such a plan is underway. [FT, DB, BI]
• Questions are being raised about New York Fed chairman Stephen Friedman's ties to Goldman Sachs and possible conflicts of interest. [WSJ]

• Berkshire Hathaway's shareholders' meeting wasn't quite as cheery this past weekend given 2008 went down as Berkshire's worst year ever. [WSJ]
• Meanwhile, Berkshire Hathaway chairman Warren Buffett blasted bankers, insurers and regulators at the meeting, and said they were responsible for causing "the worst recession in half a century." [BN]
• AIG is selling its Japanese headquarters for $1 billion. [DB]
• The White House is denying that auto task force chief Steve Rattner threatened a firm that vowed to oppose Obama's auto industry plan. [DB]
• The SEC is seeking greater oversight over hedge funds. [BN]
• Investors are growing concerned about mounting US debt. [NYT]
• Some rare good news: The stock market posted its best monthly return in April since 1991. [NYT]