• The Treasury is expected to announce this morning that 10 banks have been given the go-ahead to repay their Troubled Asset Relief Program funds. [BN]
• The Supreme Court put the acquisition of Chrysler by Fiat on hold yesterday pending objections from three state pension funds and consumer groups. Fiat, however, says it has no plans to abandon the deal. [WSJ, NYT, DB]
• The Obama administration appears to be backing away from plans to reduce the number of three-letter agencies that oversee U.S. financial markets. [WSJ]
• Citigroup isn't paying out big bonuses in the U.S. But that isn't the case in London, where the bank has been luring traders with fat pay packages. [DB]
• Don't expect to see former Tyco chief Dennis Kozlowski walking the streets in the near future. The Supreme Court rejected his appeal yesterday. [NYP]

This isn't shaping up to be a good day for Citigroup chief Vikram Pandit. Sheila Bair, the chair of the FDIC, is now looking to change up the bank's management team, per today's Wall Street Journal, and has even reached out someone else—Jerry Grundhofer, the former CEO of U.S. Bancorp—to "gauge his interest" in the top job. No word on how likely this scenario is. But if Vikram really unleashed an "obscenity-laced tirade about the FDIC chairman" last fall when Citigroup lost out in its bid to acquire Wachovia—as the Journal recounts—it's safe to say his neighbors got an earful this morning when he picked up the copy of the Journal on his doorstep. [WSJ]

• JPMorgan Chase, American Express and Morgan Stanley all announced plans to raise fresh capital today, so they're prepared to repay the taxpayer money they've received as soon as Washington gives them the go-ahead. [WSJ, BN]
• Related: The Federal Reserve says next week it will announce an initial set of banks that have been approved to exit the bailout program. [NYT]
• Citigroup has stopped paying out massive severance payouts to a handful of execs who recently left the company. Is it legal? Not really, but they're betting that it would be too embarrassing for them "to file lawsuits against the struggling, taxpayer-backed company seeking the money." [WSJ]
• Ex-Bear Stearns chief Alan Schwartz is joining Guggenheim Partners. [WSJ]
• After a good day on Monday, stocks are taking a breather today. [NYT]
• GM says it has a deal to sell Hummer, but won't disclose the buyer. If you were buying Hummer, would you want your name publicized? [WSJ]

• As expected, General Motors filed for bankruptcy protection this morning, citing more than $172 billion in debts. [WSJ, NYT, CNN, BN]
• Despite GM's filing, stocks managed to post gains on Monday morning. [NYT]
• Consumer spending fell for the second straight month in April. [AP]
• Another Bank of America board member stepped down on Friday. [NYT]
• AIG is supposedly looking to get back some of the millions it has handed out to charity so the money can be better spent paying out bonuses. [NYP]
• Banks are planning to fight Washington's threat of increased regulation. [NYT]
• GM and Citi have been booted from the Dow Jones Industrial Average. [BN]

When we mentioned yesterday that Pfizer had put two of its planes up for sale, we were reminded of that moment in late 2008 when every company in America seemed determined to dump their flying palaces in response to the downturn. That had us wondering about the fate of some of the jets that had been placed on the market in the waning days of 2008. Did Citigroup's Vikram Pandit manage to dupe someone into taking a couple of planes and a helicopter off his hands? What about that New York Times Co. jet? Sadly, very few of them have found a new home (or hanger) yet. But some of them are cheaper than ever! And since the thought of these jets sitting forlornly at Teterboro pains us all, we've rounded up a bunch of corporate planes that remain on the market. Print out the used-plane ad above, hand it around the office, and spread the word: A little word-of-mouth marketing goes a long way!

Back in December, real estate kingpin Mort Zuckerman dropped the news that he planned to change the name of Citigroup's headquarters in Midtown. ("We're tired of the fact that every time Citibank has a problem all of the TV cameras come and photograph the Citigroup Center sign on the front of our building," an exec at Zuckerman's Boston Properties confessed to a reporter at the time.) It's a done deal! Although Boston Properties didn't find another company willing to pay to stamp its name on the front of the office complex, as of June 1, it will be known as 601 Lexington Avenue. Citi won't be updating employees' business cards and stationary, which is a good thing since that will save US taxpayers from extending the bank a bailout at Kinko's. The saddest thing? It's Citi defeatist attitude about the switch: "These changes were made by the building's landlord, Boston Properties, to greatly enhance the building and reflect its prestigious tenancy," reads the Citigroup memo. Consider the lack of Citi branding on the front just such an enhancement; now you just need to buy stock in Boston Properties to take advantage of the sudden rise in property values. [Dealbreaker]

"Citigroup Chief Executive Officer Vikram Pandit weathered almost six hours of grilling from shareholders at the bank’s annual meeting on April 21. He had a lot of explaining to do: The company lost $27.7 billion in 2008 and stayed afloat only with help from a $45 billion government bailout. Even as his bank was floundering, Pandit in 2008 earned $38 million in salary and stock, No. 3 among the best-paid CEOs of the top 50 U.S.-based financial companies, according to data compiled by Bloomberg. In February, Pandit told a congressional committee that, starting in 2009, he would take just $1 in annual salary until the bank is profitable again. 'I get the new reality,' he said." Clearly! [Bloomberg]

• Famed hedge fund manager Art Samberg has announced plans to shut down his firm, Pequot Capital Management, after an investigation into possible insider trading at the firm was revived. [NYT, WSJ]
• One person sweating bullets about Pequot's collapse: Morgan Stanley CEO John Mack, who was tied to the mess when it first surfaced in '06. [BI]
• Citigroup is negotiating with the SEC to settle claims it misled investors by not disclosing the extent of its troubled portfolio of mortgage assets. [WSJ]
• Top Obama officials are pushing to create a "banking czar" job. [WSJ]
• The government program designed to help banks get rid of the bad loans on their books "is stalling and may soon be put on hold." [WSJ]

• Following a similar move by Morgan Stanley last week, Citigroup and Bank of America are raising base salaries for bankers. It's designed to make up for the new limits on annual bonuses (and won't make up for the difference, by any means), so don't expect shouts of joy at either bank today. [WSJ]
• Bank of America has scraped together another $5.9 billion, which means it's now 76 percent of the way toward filling its $33.9 billion capital hole. [WSJ]
• New York State Controller Thomas DiNapoli is cutting ties with 10 hedge fund managers as part of the state's pension corruption investigation. [DB]

• The Carlyle Group will pay $20 million to end an investigation by Andrew Cuomo into its dealings with pensions and placement agents. [NYT, WSJ]
• Two attorneys at the SEC are under investigation for insider trading. [CBS]
• Hedge fund manager Jim Simons is facing tough questions from angry investors who put money into one of Simons' under-performing funds. [WSJ]
• Barclays is in talks to sell its Barclays Global Investors. Blackrock and Bank of New York Mellon are two of the bidders. [BN, Reuters]
• Six major insurance companies are getting a bailout. [BN, NYT]

• Bank of America sold off a $7.3 billion stake in China Construction Bank as it seeks to raise cash. Good news: only $26.6 billion to go! [DB]
• Andrew Cuomo is expected to announce that Hank Morris has pleaded guilty in the pension fund probe and will be cooperating with the investigation. [WSJ]
• Citigroup has lent out the same amount it's taken from Washington ($45 billion), a sign that Vikram may have a heart, after all. [AP, Dealbreaker]
• AIG's Ed Liddy will defend his company's rep in front of a Congressional panel today. At the very least, he can report the busted insurance giant is $1.2 billion richer now that it's sold off its Tokyo headquarters. [WSJ, DB]

• The market has been up big the last few weeks. But the ride may be over. "The market has gone too far, too fast," as one fund manager puts it. [BN]
• Following the stress tests last week, a number of banks have been busy de-stressing: Both Morgan Stanley and Wells Fargo raised billions late last week to satisfy new capital requirements mandated by the Fed. [NYT]
• Meanwhile, Bank of America, which needs to raise $34 billion (down from the $50 billion it could have been forced to raise) is looking to offload its stake in China Construction Bank, although finding takers isn't easy. [WSJ]
• Warning: Turning around AIG may take a bit longer than expected. [WSJ]

• Employers only cut 539,000 in April, which was slightly better than Wall Street expectations and an improvement over the month of March. But the unemployment rate rose to 8.9 percent, which is a 25-year high. [WSJ, NYT]
• Stephen Friedman has resigned as chairman of the board of the Federal Reserve Bank of New York after questions about possible conflicts of interest given his role as a director (and shareholder) of Goldman Sachs. [WSJ]
• It looks like GMAC is going to need another bailout. [NYT, NYP]

• Bank of America chief Ken Lewis won't be in a good mood today, that's for sure. Regulators have informed the bank that it will have to come up with $34 billion in new capital if it expects to weather the downturn. [WSJ, NYT]
• For its part, Citigroup may have to come up with $5-$10 billion. [Reuters]
• Remember all the outrage that followed the disclosure that AIG had paid out more than $100 million in bonuses? It seems the bonus pool was four times larger than previously anticipated. Oh, well. [NYP]
• Companies cut an estimated 491,000 workers in April, which is less than previous months and possibly a sign that the worst is over. [BN]

• About 10 of the 19 largest banks that have undergone "stress tests" will be notified by Washington that they need to raise more capital. [WSJ, BN]
• JPMorgan Chase chief Jamie Dimon isn't expecting to be one of the 10: He said he thinks "there are still too many banks in the United States," and will happily acquire some of the institutions that can't survive on their own. [WSJ]
• UBS announced a first-quarter loss of $1.8 billion as the bank took more writedowns on risky investments and client withdrawals continued. [Reuters]

• 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]

• Who said the good times are over? On the list of the 10 highest-paid CEOs of 2008: Vikram Pandit, Jamie Dimon, Lloyd Blankfein, and Ken Chenault. [AP]
• Bank of America's board continues to stand by CEO Ken Lewis and has no plans to oust him, says "a person familiar with the deliberations." [WSJ]
• Citigroup is raising some desperately needed cash by selling off its Japanese brokerage and investment units for $5.56 billion. [DB]

• At least six of the 19 largest U.S. banks will require additional capital, according to the results of the stress tests conducted by regulators. [BN]
• The U.S. economy took a tumble in the first quarter, with gross domestic product dropping at a 6.1 percent annual rate. [BN, WSJ]
• Citigroup has asked the Treasury department for permission to pay bonuses to a number of key employees. No word on how much or to whom. [WSJ]
• Meanwhile, Citi is looking to raise additional capital now that the bank came up short on its recent stress test. [DB]
• Daniel Bouton, the chairman of Societe General, is stepping down. [WSJ]
• Lazard posted a first quarter loss, and says it plans to cut jobs. [Reuters]
• Neel Kashkari's last day at work is Friday. Don't forget to send a gift! [DB]

• Not such good news for Bank of America and Citigroup this morning: It looks like both have come up short on the so-called stress tests conducted by regulators and may be forced to raise billions in additional capital. [WSJ]
• Will Ken Lewis hang on as Bank of America's CEO when shareholders meet this week at the bank's annual meeting? It's a toss-up at the moment. [NYT]
• The Justice Department is investigating three AIG execs for committing securities fraud and a range of other financial crimes. [CBS News]
• The SEC is investigating 150 hedge funds, including various "Ponzi schemes and misappropriations," according to the agency's chief Mary Schapiro. [DB]
• Not such a hot idea: Mary Schapiro says she's now Twittering. [LAT]

• John Thain is striking back at Bank of America in an effort "to restore his sullied reputation," and accusing BofA's CEO, Ken Lewis, of lying. [WSJ]
• Thanks to rising profits, employees at several banks are on track to earn as much money this year as they did before the financial crisis. [NYT]
• UBS's head of investment banking, Jerker Johansson, is stepping down. [DB]
• Steve Rattner caught a break on Friday when Quadrangle Group investors decided not to shut down his scandal-plagued fund. [NYT, NYP]