Bernanke: Recession 'Likely Over' (WSJ)

Says it's over "from a technical perspective," though unemployment, a predictor and result of recession, is still increasing and up to 10 percent. More than 5 million Americans lost their jobs from December 2007 through March 2009. Now it's up to Americans who still have jobs to spend more money to pull Wall Street completely free of the recession.

Is the Recession Really Over? (Seeking Alpha, Jeff Miller)

"The announcement marks the start of a new 'silly season' where people argue about recession dating, and misconstrue statements, taking them out of context."

Vance Is Winner in Primary Vote to Replace Morgenthau (NYT)

Son of a powerful international pol (Cyrus Vance) succeeds the son of a powerful international pol (Henry Morgenthau Jr.). None of the three candidates for Manhattan D.A. (Cy Jr., Leslie Crocker Snyder, Richard Aborn) seemed to give a damn about Wall Street shenanigans or other white-collar crime, so it'll be business as usual.

Return of Day Traders Drives Rise in Volume (WSJ)

They're trying to cash in on volatile financial stocks, while the big, long-term money stays on the sidelines.

Senate Health Bill Draws Fire on Both Sides (NYT)

Liberals and conservatives hate it, so it might be pretty good.

Allen Stanford claims he cannot afford a lawyer (Times U.K.)

Thin and unshaven like an anorectic supermodel guy, Sir Allen cuts quite a figure in his off-the-rack classic orange prison jumpsuit. Forget about the pro bono stuff: High-priced firm Patton Boggs will represent him only if an insurance policy covering Stanford is applicable. In the meantime, a Houston public defender is stuck with the deadbeat.

Diamonds Post-Lehman Have No Aura (Bloomberg)

Speaking of the collapsed diamond-market bubble, Boston investment banker Christopher Ellis says:

Tories accuse Gordon Brown of lying to Parliament on cuts (Times U.K.)

Historically rude pols in parliamentary democracies have no problem with accusations of lies and other telling-it-like-it-is. Apparently, neither does at least one American: Barack Obama called Kanye West a "jackass."

A Derivatives Myth Exposed (Seeking Alpha, Jeff Nielson)

Fascinating, fear-mongering assessment of the global derivatives market, the bankers' private "casino," which has an extremely shaky, "notional" value of $1.1 quadrillion, which Nielson notes is more than 20 times the size of the entire global economy.

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Mandated Health Insurance Squeezes Those in the Middle (WSJ)

Warning to the underpaid employed, millions of whom make too much dough to get government help but not enough to buy new policies on their own: "[O]ne of the most sweeping proposals has so far stoked relatively little debate: a requirement that nearly all Americans carry health insurance, much like drivers are required to have car insurance." In the rest of the industrialized world, universal health care is a given; in the U.S., it's universal health insurance, not care.

Murdoch Sees Ad Recession Bottom (Multichannel News)

"We're well ahead of last year," sly Fox chief says.

Time for the Feds to Finally Get Tough with Troubled Bank Giants (Seeking Alpha, Matthew Goldstein)

"... way too soon for the federal government to contemplate reducing its considerable equity stake in Citigroup." Put another way: "Any "too big to fail" bank that gets bailed out shouldn't be able to simply walk away to live another day as if nothing has happened."

Lies and cover-up at MG Rover exposed by report (Times U.K.)

And the cost of upkeep and repairs on an MG have always been a killer.

Fight Looms in Congress on Tax Break for Home Buyers (NYT)

Can the housing market function without the tax credit for first-time home buyers? An indication of how tenuous the "recovery" is.

Suicide Victim May Have Hidden Millions Abroad (NYT)

Old-money heir Finn Caspersen was suspected of dodging millions in taxes, and feds were closing in.

Billion-Dollar Pyramid Scheme Rivets Lebanon (NYT)

Rare Coins: Family Treasure or Ill-Gotten Goods? (NYT)

Family found rare coins in safe-deposit box, took them to Mint for appraisal, Mint kept them, saying they were stolen property. Just one of the coins could bring more than $7 million on the market.

The New Post-Lehman Capitalist World (Forbes, Shaun Rein)

"... if anything, capitalism is at its strongest right now. ... We are in a vary Darwinian period, with the smartest and the cash-rich, like Kraft, scooping up assets on the cheap, while the weak and overleveraged, like Linens 'n Things, collapse."

Credit Spread Update: Market Still Priced to Fearful Expectations (Seeking Alpha, Calafia Beach Pundit)

Financial Reform: The Moment Has Passed but the Need Is Clear (Seeking Alpha, Edward Harrison)

Smart, clever piece that points to a smart, clever piece by Steve Keen in Keen's blog on the global debt bubble.

NY Times sees suitors shrink in Boston Globe sale (NY Post)

Anemic wannabes include a Boston pol who wants to turn it into a non-profit venture, which it already is.

LI's Pharaoh 'Phraudster': Ex-museum big nailed in Egypt-art theft (NY Post)

Barry Stern, long-time director of LIU's Hillwood Museum, accused of swiping artifacts from the museum and funneling them to Christie's, listing them as "From the Collection of Barry Stern."