For Obama, a Chance to Reform the Street Is Fading (NYT)

The president "sternly admonished the financial industry and lawmakers to accept his proposals." Obama says Wall Street is "choosing to ignore" the "lessons of Lehman and the crisis."

Judge Rejects Settlement Over Merrill Bonuses (NYT)

Astonishing, rare, and powerful rebuke of Wall Street by federal judge Jed Rakoff that far outstrips Obama's for-public-consumption scolding — and embarrasses the president and Obama's SEC chief Mary Schapiro. WSJ's "Judge Tosses Out Bonus Deal" points out that the "unusual ruling ... casts doubts about how the [SEC] handles probes of major U.S. companies." Rakoff's ruling strengthens NY AG Andy Cuomo's attempt to file civil-fraud charges against Bank of America's CEO Ken Lewis. Meanwhile, Lewis tells Japan that "there is a potential for a rebound that beats the forecasts." He's talking about the global economy, not his own future.

No Easy Exit for U.S. As Housing's Savior (WSJ)

Housing market's only doing better because the government's propping it up.

Swine Flu Means $25,000 Chartered New York Flights for Senior Executives (Bloomberg)

"Demand for private travel during the swine flu pandemic is boosting the charter business, worth about $33 billion a year worldwide."

For France, a Joie de Vivre Index (WSJ)

"Sarkozy to Add New Indicators, Such as Well-Being, to Measure Economic Health." Clever. Based on Joseph Stiglitz's analysis.

Wells Fargo Dismisses Executive Accused of Using Foreclosed Home for Parties (WSJ)

Bank seized $12 million beach house lost amid Madoff scheme, and senior veep Cheronda Guyton used it to party like it was 1999.

MORE HEADLINES FOLLOW

Lehman's Lesson: Good Companies Will Prevail (TheStreet.com, Dan Freed)

Not really.

Lots of Fear Remains Over Economy, Job Losses (WashPost)

Focuses on poll results.

Senate Acts to Deny Acorn Aid (WSJ) The Senate voted overwhelmingly to prevent Acorn, an umbrella group of community organizers, from being able to bid for federal grant money.

Google Releases News-Reading Service (NYT)

Google anoints what it considers the top news outlets in a messy format that no doubt will improve.

Will Chimerica's Demise Take Down Global Economy? (Seeking Alpha, Edward Harrison)

" ... trade war between China and the United States [is] the biggest threat to global economic recovery." But Obama pooh-poohs chances of trade war (he has to say that, because Chinese government is hanging onto his every word.)

Citigroup Explores Bid to Pare U.S. Stake (WSJ)

Bank wants to get out from under the thumb of the government, plans to push the idea. No doubt it is going to emphasize the tantalizing hint that the taxpayers would make a profit of $10 billion, based on the Obama administration's purchase at $3.25 a share and current value of $4.52. Don't count on it.

Goldman Hedge Fund Report: More Consolidation Ahead (Seeking Alpha, Christopher Holt)

Riffs on Goldman's "Hedge Fund Trend Monitor," which urges investors to buy into the "VIP list" of stocks the hedge funds are heavily invested in, like Bank of America, Microsoft, Google, JPMorgan Chase, Pfizer, Visa and Mastercard. Revealing factoid: Hedge funds own 25 percent of the ailing New York Times Co. stock that outside investors are allowed to own. How long before outside investors force the Sulzberger clan to yield control?

Times Web Ads Show Security Breach (NYT)

Hackers, with malice aforethought.

A Lot of Caveats to This Recovery Scenario (Seeking Alpha, Larry MacDonald)

A Dubai Investment Arm Struggles With Debt Load (NYT)

A $6 billion mountain of debt, bigger than the value of the emirate's investment portfolio. An apparent violation of Islamic banking's self-proclaimed "principles" against interest and usury so common in Jewish and Christian banking, but no fatwa is expected to be issued because the "principles" don't outlaw hubris.

Settlement May Be Near in Bank of New York Case (NYT)

The Wall Street bank buys its way out of a $22.5 billion lawsuit by the Russian government by agreeing to talk about a new deal. This is an outgrowth of the scandalous greed perpetrated after the fall of the Soviet Union when U.S. sharks invaded the Russian economy in the '90s and looted it.

Survey Shows Heart Device Aids Men More Than Women (NYT)

And we've got Viagra, too.

Tire Tariffs Are Cheered by Labor (NYT)

Fine, but complaints from China and corporate America will win out in the end.