Key Feature Of Obama Health Plan May Be Out (WashPost)

"White House may be willing to jettison a controversial government-run insurance plan favored by liberals."

Citigroup May Shift Phibro Trader Hall's Pay to Stock From Cash (Bloomberg)

Regular investors don't think much of Citigroup stock right now (it fell 3.9 percent this morning in early NY trading), and energy trader Andy Hall got $100 million last year, so why should he do this? Traders like Hall don't have to disclose their compensation and don't fall under the aegis of pay czar Ken Feinberg, so the feds may have to send some leg-breakers to Hall's mansion.

Thick Fashion Magazines Are So Last Year (WSJ)

Advertisers not only suddenly frugal but also increasingly turning to the Web. Uh-oh. The Internet virus is spreading from the newspaper industry (which started to waste away before the recession) to the slicks.

A Detailed Look At The Stratified U.S. Consumer (Zero Hedge, Tyler Durden)

Extremely long and extremely interesting analysis of why most of you are fucked.

Wall Street Stimulus Buoys Continental Airlines, Prudential, Goldman Sachs (Bloomberg)

The S&P 500 "has soared 48 percent since it reached a 13-year low on March 9." That says something about the manic-depressive economy. Read the rest of this overview by Michael J. Moore. Goldman's equities revenue was up 59 percent over the first quarter, Wall Street firms have raked in $4.2 billion in underwriting fees because of all the action. The rally bolsters confidence in companies "that cater to wealthy and corporate clients." But, speaking of manic-depression, see this WSJ story: "After Dow's 42% Run, Roadblocks Looming." Lithium may be indicated.

Death of a Rally (Seeking Alpha, Alan Brochstein)

"It's easier to call the economy than stocks, and the economy has been experiencing a dead-cat bounce. I have some charts that I looked at recently, and I think that the likelihood of a normal post-recession bounce is very low."

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SEC RUNS FRAUD-FEST DAY CAMP (NY Post)

Fraud experts tutor Mary Schapiro's kids.

Not that that's good news. "Huge swaths of the financial system have been damaged, which could lock consumers and businesses out of loans for years to come." Usually, deep downturns are followed by "robust" recoveries. In this case, economists are "bracing for head winds."

Commodity Traders' $1 Million Bonus as Oil Doubles (Bloomberg)

Citigroup's Andy Hall isn't the only energy trader expecting a big payday. Wall Street's "again recruiting commodities traders with promises of $1 million bonuses." In London, the City's rebelling against the government's anti-bonus stance.

Japan limps out of recession (Agence France Presse)

Earth's second-biggest economy "rebounded for the first time in five quarters," faring better than any other major economy, but an analyst warns that "this is still a recovery underpinned by government policy measures and far from a self-sustaining turnaround."

Cuomo Seen Filing Suit Against Charles Schwab (WSJ)

Once again, the New York AG shows great timing, getting prime news play because of a temporary lull in the reporting of other probes of other alleged wrongdoings. But Cuomo's getting to the heart of the matter, alleging fraud in Schwab's marketing of auction-rate securities.

Failed Banks Weighing on FDIC (WSJ)

Now this is ominous: "U.S. banks that failed in the past two years were in far worse shape than those that died during the S&L crisis." The most costly flop, in percentage terms, is naturally in Vegas: The Community Bank of Nevada has $1.52 billion in assets and will cost the FDIC deposit insurance fund nearly $800 million. Three hundred more banks and thrifts are what the story calls "problem institutions." Reporter Joe Bel Bruno: "One problem is that so many banks took risks when the economy was booming, and are seeing their capital dissipate with alarming speed." U.K. banks may have to shut a third of their branches.

Banks profiteering on mortgages with record gap between borrowing and lending rate (Telegraph U.K.)

"Customers are also facing record costs for overdrafts and personal loans."

Hot Money Returns to China (Economic Observer — China)

"In the wake of the US financial crisis, hot money rapidly exited China's markets last September, but as property market began to heat up, speculative funds have returned. Although these funds at first entered the real estate market, they are now moving towards the stock market. Analysts predict that the speculative funds will later switch to the commodity markets."

Apple In iPhone Talks With China Carrier (Information Week)

Second-biggest wireless carrier in world's biggest country — "could be a major coup for Apple."

Brooklyn man accused of $40m Ponzi scheme (NY Daily News)

"Philip Barry may be the Bernie Madoff of Brooklyn, but unlike the universally reviled felon, many people still swear by him."

BLACK OPS MISSION: APOLLO FOUNDER RE-ENTERS THE LEVERAGE MARKET (NY Post)

Talking about Leon Black, "the former head of mergers at Drexel Burnham, who made a fortune repossessing companies that Drexel helped drive into bankruptcy."