• It looks like General Motors will file for bankruptcy on Monday. [WSJ]
• Bill Ackman, the activist investor who's been taking aim at Target for months now, lost his battle to remake the company's board yesterday. [Fortune]
• A group of banks and money managers are now trying to "fend off" some of the new trading rules proposed by the Obama administration. [WSJ]
• The U.S. economy shrank at a 5.7 percent annual pace in the first quarter, which makes it the worst six-month performance in five decades. [BN]

• David Einhorn, the hedge fund boss who bet big against Lehman in the months before it went under, is now going after Moody's. [DB]
• Insurance/financial services watchdog Eric Dinallo is stepping down. [NYT]
• The private equity giant Carlyle Group says 2008 was a "humbling" year, which sounds about right since three of its companies have gone bust. [BN]
• Odd: Morgan Stanley has hired former New York Jets wide receiver Wayne Chrebet as a financial adviser in one of its New Jersey offices. [BN]