• Bank of America chief Ken Lewis and several federal officials will be asked to testify under oath as part of an investigation into whether BofA was pressured by the government into completing its deal with Merrill Lynch. [WSJ]
• The stress test tally thus far: Of the 19 big banks under review, six don't need to raise capital, seven others need to come up with some cash, and it remains to be seen what category the other six will fall into. [WSJ]
• General Motors, which faces a June 1 deadline to sort out its troubles or file for bankruptcy, reported a $6 billion loss for the first quarter. [NYT]
• The number of people filing initial claims for unemployment benefits fell last week, and to their lowest level in more than 3 months, too. [CNN]

• Experts we've never heard of are saying it, so it must be true: "The worst economic slump since World War II may be ending!" [BN]
• Despite the announcement of a loss in the first quarter, shares of Blackstone jumped yesterday. Why? It's not because Steve Schwarzman and his trusty psychic cast a magic spell on the market, as we initially guessed. [DB]
• AIG is revealing even more bonus payments in 200. [DB]
• The bank with the most accents in its name—Société Générale—posted a net loss in the first quarter, reporting a loss of $370.6 million. [WSJ]
• Hope both Vikram Pandit and Ken Lewis have their resumes polished! [BI]