• Bank of America raised another $13.47 billion last night. [Reuters]
• How are banks making money these days? They're taking out life-insurance policies on their workers, with themselves listed as beneficiaries. [WSJ]
• The Obama administration may strip the SEC of some of its powers. [BN]

• JPMorgan's shareholder meeting yesterday was pretty upbeat: "This might have been our finest year ever," said the bank's chief Jamie Dimon. [WSJ]
• A handful of financial firms are interested in giving back their bailout money; regulators, however, have yet to decide how that's going to happen. [NYT]
• Hedge funds are dropping restrictions that were once hallmarks of the industry, like telling investors they couldn't touch their money for years. [BN]
• John Paulson is starting a distressed real estate fund. [DB]