• 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]

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• The giant Burberry sign was illuminated atop its new HQ last night, and a big party at the Palace Hotel followed. [WWD, SF, FWD, NYM, Fashionista]
• Calvin Klein is launching a new scent called "Free," which it most certainly will not be. And Kate Moss also has a new fragrance planned. [WWD, Grazia]
• A company is making "tan through" swimwear! "The fabric allows 80% of sunlight through the bathing suit, so you don't get tan lines." [Cut]

• State tax agents shut down H&H on the UWS for three hours today over an outstanding tax bill, but it's now back in business. [NYT]
• Zoë in Soho has filed for bankruptcy protection. [Crain's]
• Sad: A roundup of recent closings around town. [Eater]
• Happy: A roundup of places opening in the Hamptons this weekend. [Curbed]

Prince Harry touched down in New York City today. He paid a visit to ground zero and met with several family members of 9/11 victims before stopping off at a fire station across the street. Then it was off to plant a magnolia tree at the British Memorial Garden and a quick car ride to the VA hospital to visit injured veterans. It was part celebrity visit (crowds appeared at each stop; women screamed "I love you!"); part campaigning politician (he bowed his head at ground zero and kissed a few babies); and part James Bond (dressed in a natty blue suit and blue striped shirt, a contingent of British agents trailed behind him every step of the way). After the jump, a few photos from the first official U.S. visit of His Royal Highness Prince Henry Charles Albert David of Wales.

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!

Don't you just hate it when you're walking down the street and someone's umbrella pokes you in the eye? "JooYoun Paek has devised a brilliantly simple solution to this issue. With the pull of a cord attached to the handle, her Polite Umbrella shrinks and morphs its shape to reduce occupied space, and help users maneuver around others and protect themselves from wind." [PSFK]

• It's not just TLC that is happy about the Jon & Kate nonsense. Putting them on the cover of Us six times in a row has been a "windfall" for Janice Min. [NYP]
• Get ready to pay for People.com: Time Warner chief Jeff Bewkes says the company may begin charging for access to online magazine content. [AP]
• With book sales plunging and attendance down at BookExpo America, the mood in the publishing industry is kinda gloomy at the moment. [NYT]
• Keith Olbermann is in hot water again. The waterboarding video on his show last week was staged, it turns out, and MSNBC was made aware of that fact before the show, but they went ahead with it anyway. [Gawker]

Record producer Phil Spector was sentenced to 19 years to life in prison for the murder of actress Lana Clarkson. He'll be eligible for parole in 2028, when he'll be 88. [AP]

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]

Soho House has instituted a "No Suit" rule in order to reduce the number of bankers who have invaded the members-only club in recent years. Per the memo: "We recently celebrated our fifth anniversary and want to make sure we are staying true to our creative roots. We are not pinpointing specific industries, but want to make sure that our members are great creative types." [Gawker]

We knew Michael Gross's exposé of the Metropolitan Museum of Art would ruffle feathers. It's juicy stuff, clearly. But we didn't expect it would be banned. But that's what seems to be happening. The Independent reports that Amazon's British arm has stopped selling Gross's Rogues' Gallery "for fear of action from a libel tourist," namely Annette de la Renta, the museum vice chair and wife of designer Oscar de la Renta, who has threatened Gross with a libel suit. The ban isn't limited to foreign retail outlets, however.

Padma Lakshmi is no longer the owner of a spacious, full-floor loft at 211 East 2nd Street. The author and TV hostess has turned the apartment over to what we're guessing is a personal trust, considering it was sold to something called "The Delicious Trust" for the pricely sum of $0. (Delicious, indeed!) Lakshmi purchased the loft in early 2008 for $1.65 million; in addition to spectacular views from north, west and east exposures, it also features a "wonderful windowed cook's kitchen with butternut cabinetry, basalt countertops and modern appliances." After the jump, a few photos of Padma's "delicious" loft, as well as her autograph on the official property transfer report.

Can we interest you in one of Mark Madoff's business cards? Just $4.99 plus $1 for shipping, according to this listing on EBay! We have no idea what you'd do with the business card belonging to the disgraced son of admitted fraudster Bernie Madoff, but if you already have cards from Dennis Kozlowski at Tyco and Ken Lay at Enron, you might as well add it to the collection, no? Oh, and in case you're wondering, if you call the number printed on Mark's card, you'll get an automated message that suggests "trying again later." How optimistic! You may have better luck emailing him. We didn't get a reply when we sent over a little note this morning, but it didn't bounce either, so it's possible that Mark is still online. Developing! [EBay]

Shoshanna Gruss—socialite, designer, ex-girlfriend of Jerry, and wife of Josh—turns 34 today. Former investment banker and U.S. Ambassador to France, Felix Rohatyn, is 81. Time Inc. chief Ann Moore is turning 59. Former News Corp. exec Peter Chernin is 57. Interior designer/Target fave Thomas O'Brien is turning 48. Actress Annette Bening is 51. Melanie Brown ("Scary Spice") is turning 34. Noel Gallagher of Oasis is turning 42. Fellow Brit Rupert Everett is 50. Brazilian model Ana Beatriz Barros turns 27. Lisa Whelchel of Facts of Life fame is 46. And La Toya Jackson is celebrating her 53rd birthday today. Weekend birthdays below.

• It looks like it's war between two Hamptons magazines that no one actually reads: A title called Hamptonite is now accusing Devorah Rose's Social Life of destroying copies of its debut issue last weekend. Social Life denies the accusation, although when members of the Real Housewives are involved, anything is possible, really. [P6]
• In A-Rod/Madonna news, the Yankee is still dating Kate Hudson and she's already started "following [him] around." For her part, Madonna is reportedly "livid" at Gwyneth Paltrow because she blames her for setting the two up. [P6, NYDN]
• Rihanna may finally open up about the alleged assault on her by Chris Brown: Prosecutors say they'll subpoena her to appear at a June 22 hearing to decide if there's enough evidence to move ahead with the case. [People]

• It looks like General Motors will file for bankruptcy on Monday. [WSJ]
• Bill Ackman, the activist investor who's been taking aim at Target for months now, lost his battle to remake the company's board yesterday. [Fortune]
• A group of banks and money managers are now trying to "fend off" some of the new trading rules proposed by the Obama administration. [WSJ]
• The U.S. economy shrank at a 5.7 percent annual pace in the first quarter, which makes it the worst six-month performance in five decades. [BN]

• Forbes's annual list of the highest-paid models is online and poor Gisele Bundchen has taken a blow: She's only made $25 million over the past year, down from $35 million the year before. Heidi Klum and Kate Moss were both up for the year, however, so it isn't all bad news, thank goodness. [Forbes]
• Speaking of Gisele, she is not pregnant, at least according to husband Tom Brady. [Us]
• Christian Lacroix's fashion house filed for bankruptcy in Paris today. [NYT]
• Project Runway will be the same show it's always been when it finally returns to the air later this summer. [Cut]

• A peek inside Avenue, the new "gastrolounge" by Noah Tepperberg. [GS]
• Brooklyn is not getting a Shake Shack for the time being, alas. [Gothamist]
• Nightlife impresario Mike Satsky on Lily Pond: "My waitresses are hands-down the most beautiful waitress staff in the Hamptons." [NYO]
• Terrance Brennan's Bar Artisanal is now serving lunch. [TONY]
• Tim Zagat lists his favorite restaurants in NYC. [Urbanite]
• The husband and wife behind Sfoglia open Civetta in Nolita next week. [NYM]
• Park Avenue Spring is now Park Avenue Summer. [GS]
• End times! Wine consumption in France was down 10% last year. [AP]

Were you aware that the Gansevoort Hotel is "the new Hamptons"? We had no idea either. But if that isn't an exciting enough prospect for you, the hotel also says its new weekend rooftop pool party is going to bring "the sexy St. Tropez feel to New York City every weekend." The Hamptons and St. Tropez all in one place? How convenient! Details below.