1.  Obama Does Not Need Congress To Fund IMF and WB, Barney Frank Shocked, Compares Obama To W. – Posted by Tyler Durden – Barney Frank puts on his indignation hat on after realizing that the President has decided he doesn’t need congressional approval on funding international financial institutions including the IMF and the World Bank. Here is the ensuing response when Barney realizes that for all his posturing, he is a third (and quite overinflated at that) wheel … – Zero Hedge

2.  Ron Paul’s 3 Minute Summary Of The Causes And Effects Of The Crash
Posted by Tyler Durden   – Zero Hedge 

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Fannie Mae and Freddie Mac Bailouts Keep Growing in Cost – … Fannie has received $34.2 billion and Freddie has gotten $51.7 billion in bailout money. … the totals are significantly higher than the original estimate. Congress originally said it would probably cost taxpayers $25 billion, with a 5% chance of reaching $100 billion. … – SmarTrend(R) News Watch via COMTEX) – Fox News

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!.  Illinois to offer $6,000 (interest free) loans for down payments on homes – By Mary Ellen Podmolik – Chicago Tribune

2.  Federal loan programs not stemming foreclosures – By Jim Puzzanghera – Fed proposal would require that mortgage terms be easier to understand – Chicago Tribune

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Freddie Mac turns to YouTube to help troubled homeowners – BY FRANCINE KNOWLES – … The two-minute video, available in English and Spanish, can be seen at youtube . … – Chicago Sun Times 

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US Treasury develops nonbank mortgage lender rules – (Reuters) - Cash reporting requirements for U.S. banks may be expanded to non-bank residential mortgage lenders and originators, a federal agency that polices financial crimes said on Wednesday. 

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1.  Five Firms Hold 80% of Derivatives Risk, Fitch Report Finds – David M. Katz  – First-quarter financials mark the first time that comprehensive derivatives disclosure was mandated for all  U.S. companies. – CFO.com

2.  How to Avoid Bank Bailouts - Marie Leone – CFOs and treasurers that do business with the biggest banks, insurers, and hedge funds may find it comforting if sputtering ones are red-flagged. – CFO.com

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Reappointing Ben Bernanke?
Anna Schwartz, economist and 93 year old widow of Milton Friedman wrote this – Man Without a Plan – By ANNA JACOBSON SCHWARTZ – AS Federal Reserve chairman, Ben Bernanke has committed serious sins of commission and omission — and for those many sins, he does not deserve reappointment. – NY Times Opinion
vs
The Great Preventer – By NOURIEL ROUBINI - … Still, the basic point remains: The Fed’s creative and aggressive actions have significantly reduced the risks of a near depression. For this reason alone Mr. Bernanke deserves to be reappointed so that he can manage the Fed’s exit from its most radical economic intervention since its creation in 1913. … – NY Times Opinion