• The market has been up big the last few weeks. But the ride may be over. "The market has gone too far, too fast," as one fund manager puts it. [BN]
• Following the stress tests last week, a number of banks have been busy de-stressing: Both Morgan Stanley and Wells Fargo raised billions late last week to satisfy new capital requirements mandated by the Fed. [NYT]
• Meanwhile, Bank of America, which needs to raise $34 billion (down from the $50 billion it could have been forced to raise) is looking to offload its stake in China Construction Bank, although finding takers isn't easy. [WSJ]
• Warning: Turning around AIG may take a bit longer than expected. [WSJ]

• Satellite Asset Management, which was co-founded by Soros protégé Lief Rosenblatt, is shutting down the hedge fund after client withdrawals. [Reuters]
• The SEC is expected to propose new rules to more tightly regulate how investment advisers manage public pension-fund money. [WSJ]
• The next challenge for banks: dealing with billions in credit card losses. [NYT]
• Three other banks are planning to repay TARP funds. [DB]
• GMAC may get a $7.5 billion infusion from Washington this week. [Reuters]
• Hedge fund managers are annoyed with President Obama at the moment, which is why two hedge fund lobbying groups were in DC last week. [WSJ]
• Activist investor Bill Ackman is still focusing his attention on Target; he'll introduce a new slate of directors (including himself) today. [WSJ]
• The financial crisis is easing, says George Soros. Sweet! [DB]