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• House GOP Panel Moves on Deep Budget Cuts
  Republicans controlling the House pressed ahead Tuesday with slashing cuts to domestic programs far deeper than the cuts departments like Education, Interior and State are facing under an already painful round of automatic austerity.
• Pa. Hospital Files Chapter 11, Blames Government Cuts
  KidsPeace Corp., the owner of a nonprofit psychiatric hospital for teenagers in Pennsylvania, filed for bankruptcy protection, blaming government spending cuts.
• JC Penney Said to Reduce Rate on $2.25 Billion Term Loan Deal
  J.C. Penney Co. cut the rate on a loan it's seeking after increasing it to $2.25 billion from $1.75 billion, according to two people with knowledge of the matter.
• Fed's Dudley Isn't Sure if Next QE Move Is 'Up or Down'
  Federal Reserve Bank of New York President William C. Dudley said he has not decided whether the Fed s next move should be to enlarge or to shrink its bond buying program as he called for a fresh look at its eventual retreat from record asset purchases. Because the outlook...
• Herbalife Hires PricewaterhouseCoopers as Auditor After KPMG
  Herbalife Ltd. says it has hired PricewaterhouseCoopers to be its new auditor.
• JPMorgan Shareholders Support Dimon's Dual Roles in Vote
  Shareholders at JPMorgan Chase will let Jamie Dimon, the chairman and CEO, keep both his jobs.
• Bullard: Fed Should Maintain 'Effective' Bond Buying Program
  Federal Reserve Bank of St. Louis President James Bullard said the central bank should continue its bond buying because it s the best available option for policy makers to boost growth that is slower than expected.The purchases known as quantitative easing should be...
• Treasury Takes Extra Steps to Stay Under Federal Debt Limit
  The Treasury Department announced further steps to keep funding the government without going over the nation s debt limit, amid a stalemate between Congress and the Obama administration on approving an increase in the ceiling.
• NYT: CFTC's Derivatives Regulations Are 'Setback for Financial Reform'
  New regulations from the Commodity Futures Trading Commission (CFTC) on derivatives are "a victory for Wall Street and a setback for financial reform," asserts The New York Times in an editorial, asserting the rules "may also signal worse things to come."
• US Asks Judge to Deny S&P's Motion to Dismiss Fraud Lawsuit
  The Justice Department has asked a federal judge to deny Standard & Poor's motion to dismiss a government lawsuit against the ratings agency, saying its statements on certain financial products were fraudulent and not mere "puffery."
• Economist Xie: Failure in Shadow Banking Would Be 'Dangerous'
  Governments, which have yet to resolve the problem that some banks are too big to fail, face another potentially larger problem — the shadow banking system has also become too big to fail warns Shanghai-based economist Andy Xie in an article for Caixin Online.
• Senate's McCain: Apple 'Among America’s Largest Tax Avoiders'
  Apple Inc. has created a web of offshore entities to avoid paying billions of dollars in U.S. taxes, including three foreign subsidiaries the company says have no home country for tax purposes, congressional investigators say.
• Fed's Evans: Economy Has Been 'Improving Quite a Lot'
  Federal Reserve Bank of Chicago President Charles Evans said the U.S. economy has improved quite a lot as the central bank maintains record stimulus.
• Calpers Votes in Favor of Splitting Dimon’s Dual JPMorgan Roles
  The California Public Employees Retirement System voted in favor of splitting Jamie Dimon's dual roles as chairman and chief executive officer ahead of JPMorgan Chase & Co.'s annual shareholder meeting tomorrow.
• Moody's: US Faces Downgrade Without Budget Deal
  U.S. policymakers must address debt loads projected to rise later this decade to avoid a 2013 downgrade, even as the latest budget projections are credit positive, according to Moody's Investors Service.
• Ebbing Deficit Likely to Keep Rates Low When Fed Tapers
  Federal Reserve policymakers say they want to avoid a sudden increase in interest rates when the time comes to start unwinding record monetary easing.
• Justices Rule for PPL in Overseas Tax Case
  The U.S. Supreme Court ruled for utility PPL Corp. in its dispute with the U.S. Internal Revenue Service over credits the company claimed to offset overseas tax payments.
• Pimco Favors Brazil, Mexico Bonds as Yields Overtake US Junk
  Pacific Investment Management Co. is favoring local bonds in Brazil, Mexico and South Africa as emerging-market notes pay more than U.S. high-yield corporate debt for the first time in two years.
• Former GOP Senator Gregg Named CEO of Lobbying Group SIFMA
  The Securities Industry and Financial Markets Association named former Republican Senator Judd Gregg as its chief executive officer, the lobbying group said Monday.
• Omens From Pimco's Gross to Buffett Disregarded as Bond Sales Soar
  Sales of corporate bonds in the U.S. are surging toward the busiest May ever as borrowers race to the market before demand dries up with Bill Gross and Warren Buffett cautioning against buying debt at all-time low yields.
• Dallas Fed Chief: QE Has Only Made 'Rich People Richer'
  While the Federal Reserve's accommodative policies have boosted stocks and helped the rich, it is unclear whether they are doing enough for the broader U.S. economy, a top central bank official said on Monday. We've made rich people richer..., Dallas Fed President Richard...
• WSJ: NY Regulator Questions Investment Firms' Ties to Insurers
  New York's top financial regulator has sent subpoenas to several firms seeking information on investments that guarantee steady payments to hundreds of thousands of retirees and other consumers, the Wall Street Journal reported.
• Goldman Sachs Said Aiming to Sell Remaining $1.1 Billion Stake in ICBC
  Goldman Sachs Group Inc. is seeking to sell its remaining $1.1 billion stake in Industrial Commercial Bank of China Ltd., ending a seven-year investment in the world s largest lender by market value.The New York-based bank is offering its remaining shares in ICBC at...
• TrimTabs’ Biderman: Dip in Budget Deficit Is a Flash in the Pan
  Investors celebrating the news of a suddenly shrinking deficit should hold the champagne. It's due not to higher tax payments amid a recovering economy but to taxpayer efforts to avoid capital gains levies and other one-time factors, according to TrimTabs' founder Charles Biderman.
• Jim Rogers to Moneynews: Bernanke to Leave Fed to Avoid 'Hangover'
  The Federal Reserve is pumping up the economy and financial markets with its massive easing tactics, and Chairman Ben Bernanke might not seek another term because he doesn't want to deal with the "hangover" aftermath of his policies, says legendary investor Jim Rogers.

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