• AIG's Ed Liddy now says the company will need three to five years to carry out its restructuring plan and repay taxpayer bailout money. [NYT]
• Hedge funds actually saw returns rise more than three percent in April. [DB]
• Walter Noel's Fairfield Greenwich hedge fund is no more. The disgraced firm is handing over its remaining $2.5 billion to Sciens Capital. [NYP]
• The rich get richer: As financial firms raise capital and pay back TARP money, it's Goldman, Morgan Stanley and JPMorgan that are profiting. [Fortune]

• The number of workers filing new jobless claims climbed last week. [WSJ]
• Lehman Brothers is planning to spin off the firm's remaining assets. [peHUB]"
• The SEC will probably file civil fraud charges against Angelo Mozilo, the former CEO of Countrywide, the near future. [NYP]
• Banks are selling lots of unguaranteed debt, which puts cash in their coffers and demonstrates they don't need the government any more. Convenient! [AP]
• Ex-Treasury Secretary Hank Paulson told the heads of nine banks to take government aid or be forced to by regulators, according to a just-revealed memo. Anyone who wants to "force" us to their money should touch base. [BN]