• As expected, General Motors filed for bankruptcy protection this morning, citing more than $172 billion in debts. [WSJ, NYT, CNN, BN]
• Despite GM's filing, stocks managed to post gains on Monday morning. [NYT]
• Consumer spending fell for the second straight month in April. [AP]
• Another Bank of America board member stepped down on Friday. [NYT]
• AIG is supposedly looking to get back some of the millions it has handed out to charity so the money can be better spent paying out bonuses. [NYP]
• Banks are planning to fight Washington's threat of increased regulation. [NYT]
• GM and Citi have been booted from the Dow Jones Industrial Average. [BN]