Did you miss Treasury Secretary Tim Geithner testifying today before members of the Senate Banking Committee? You can read about all the excitement here, but today was actually supposed to be a double-header for Geithner: He was scheduled to head over the House afterwards to testify before the Financial Services Committee. But then the committee decided it had something more important to do and postponed it for "a later date." No rush, guys. Really. [CNN]

It's been a couple of months since we've had a juicy Wall Street bonus scandal. The Post is hoping to reignite the drama today by reporting that Bank of America—which was not one of the financial institutions that returned its bailout cash this week—is continuing to hand out big checks to senior execs. Bank of America insists it has no choice, and that if it doesn't hand out the money, people will flee the firm and work someplace else. You can decide for yourself who you want to feel most sorry for today: the American taxpayer, who's funding these payouts; BofA employees who need to be overcompensated to get them to work at Wall Street's equivalent of the Titantic; or the poor BofA public relations person who doesn't qualify for a big bonus but clearly has the crappiest job at the bank. [NYP]

In an effort to prevent some of the events that led to the financial crisis in the future, the White House will unveil a sweeping overhaul of the nation's financial regulatory system tomorrow. Suck it Wall Street!

"Investors say they are getting more promotional material from hedge funds than ever before, as funds seek to replenish assets withdrawn or lost because of negative performance during the financial crisis." Does this mean you may find Dan Loeb shoving a flyer under your door in the near future? Not necessarily. But you probably shouldn't rule it out either. [Reuters]

The seemingly-populist, very evil Bank of America is a hive of rat bastards, and anyone that's ever done any kind of business with them will understand this sentiment. But they're now taking mercy on their sad, recession-hit customers.

• BlackRock has reached a deal to buy Barclays Global Investors for $13.5 billion, making BlackRock the world's largest money management firm. [WSJ]
• Lawmakers grilled Bank of America chief Ken Lewis in Capitol Hill yesterday, although he defended his decision to go ahead with the acquisition of Merrill Lynch and placed blame on Ben Bernanke and Hank Paulson. [NYT, WSJ]
• John Paulson's hedge fund, which made $3+ billion betting the housing market would collapse, is now scooping up lots of distressed debt. [BN]
• Goldman was an investment bank before becoming a commercial bank. Now that it's free from the bailout, it may go back to being an I-bank. [Reuters]
• US households lost $1.33 trillion of wealth in the first 3 months of '09. [DB]
• Foreclosures fell during May, not that things have improved much. [CNN]

• Showdown in DC: Bank of America CEO Ken Lewis is testifying before a House committee today and getting a pounding, as expected. [WSJ, Dealbreaker]
• Will Citigroup ever get its house in order? FDIC boss Sheila Bair would like some answers, not that the board—or Vikram Pandit—have any. [NYT]
• Jim Simons held talks recently to sell a stake in his hedge fund, Renaissance Technologies, but has decided against retiring for the time being. [WSJ]
• BlackRock is close to a deal to acquire Barclays Global Investors for $13 billion; the deal would make the Larry Fink-led company the world's largest money manager, with $2.8 trillion in assets under management. [WSJ]
• JPMorgan Chase is acquiring the piece of Glenn Dubin and Henry Swieca's Highbridge Capital Management that it does not already own. [DB]
• AIG is moving out of its downtown HQ now that the company has sold off the real estate to a Korean bank and a US developer for $100+ million. [FT]
• Better than expected unemployment data and retail sales figures have lifted the major markets this morning. [CNN, BN, CNN]

Citigroup could be focusing its attention on salvaging what remains of the broken bank, or restoring what remains of its reputation. Or it could just keep filing lawsuits against people over silly little things and charge it back to taxpayers. Not content, apparently, with flexing its muscle in the mobile billboard market and illustrious pawn shop industry, Citigroup's team of $900-an hour attorneys is now focusing its firepower on a website called Womenco.com, which bills itself as a networking site for "career-minded women," and is owned by Monster.com. Citi, you see, operates a female-centric money management business called Women & Co. and the bank is now concerned that the public will confuse its "women" with their "women." So Citi slapped the company with a lawsuit on Monday, arguing that WomenCo.com violated its trademark and is threatening its status as "one of the largest and most renowned banking and financial institutions in the United States and throughout the world." (Citigroup's words, not ours, obviously.) The full suit is below, if you'd like to have a look. You might as well. You paid for it.

• Chrysler's alliance with Fiat is a done deal. [CNN]
• Good news, bankers: The Obama administration is dropping its plan to cap salaries at firms receiving government bailout money. [WSJ]
• Citigroup is swapping $58 billion of preferred stock into common shares, a move that will make the U.S. government the bank's largest shareholder. [BN]
• The ten banks that were given to go-ahead to repay U.S. aid had planned on returning a combined $68.3 billion. Add another $4.6 billion to the tab! [DB]
• FDIC chair Sheila Bair stirred the pot the other day when she said she hoped to oust Citi's Vikram Pandit. Now both sides are defusing tensions. [FT]
• Hedgie John Paulson is investing $100 million in CB Richard Ellis. [WSJ]

Meet Glen Whitney. The 40-year-old Long Island native made a fortune working at a hedge fund, but he quit his job recently so he could pursue a dream he's been nursing for years. (Although the article doesn't indicate where he worked, it was Jim Simons's nerd-factory, Renaissance Technologies.) Whitney's lifelong—and as-of-yet unrealized—goal? He's hoping to open a math museum in the middle of Manhattan. Can't you just feel the excitement?

The Treasury Department has given to go-ahead to ten big banks to begin repaying the billions provided to them by U.S. taxpayers. And for what may be the first time in history, they're expressing delight at the prospect of writing checks instead of collecting them. The Treasury Department didn't release a list this morning of the ten financial institutions that made the cut. But the joyous public statements by their CEOs has helped assemble a list, which is believed to include Goldman Sachs, JPMorgan Chase, Bank of New York Mellon, the State Street Corporation, American Express, the BB&T Corporation, Capital One, and US Bancorp. [Dealbook]

• The Treasury is expected to announce this morning that 10 banks have been given the go-ahead to repay their Troubled Asset Relief Program funds. [BN]
• The Supreme Court put the acquisition of Chrysler by Fiat on hold yesterday pending objections from three state pension funds and consumer groups. Fiat, however, says it has no plans to abandon the deal. [WSJ, NYT, DB]
• The Obama administration appears to be backing away from plans to reduce the number of three-letter agencies that oversee U.S. financial markets. [WSJ]
• Citigroup isn't paying out big bonuses in the U.S. But that isn't the case in London, where the bank has been luring traders with fat pay packages. [DB]
• Don't expect to see former Tyco chief Dennis Kozlowski walking the streets in the near future. The Supreme Court rejected his appeal yesterday. [NYP]

Another rogue Wall Streeter is on the lam: "Ex-Credit Suisse trader and Bulgarian national Julian Tzolov was declared a fugitive by the U.S. government on Friday, three weeks before his trial for fraud related to subprime mortgages and auction rate securities. A document filed in U.S. District Court in Brooklyn said Tzolov, who was under house arrest and electronic monitoring, left his home on May 9 without permission of authorities."

This isn't shaping up to be a good day for Citigroup chief Vikram Pandit. Sheila Bair, the chair of the FDIC, is now looking to change up the bank's management team, per today's Wall Street Journal, and has even reached out someone else—Jerry Grundhofer, the former CEO of U.S. Bancorp—to "gauge his interest" in the top job. No word on how likely this scenario is. But if Vikram really unleashed an "obscenity-laced tirade about the FDIC chairman" last fall when Citigroup lost out in its bid to acquire Wachovia—as the Journal recounts—it's safe to say his neighbors got an earful this morning when he picked up the copy of the Journal on his doorstep. [WSJ]

Things haven't been this good since last fall! According to the U.S. Labor Department, employers "only" cut 325,000 jobs during the month of May, well below the 525,000 cuts that Wall Street analysts had been predicting and the smallest drop since September 2008. This is great news, sure—"the tide seems to be turning," says one economist—although it's not like these companies are actually hiring anyone yet. The unemployment rate climbed to 9.4 percent in May, the highest in more than 25 years. But if you're someone who has been desperately seeking a rationale for returning to the way things were before the downturn, consider this is your lucky day! [WSJ, AP]

The SEC filed filed civil charges this afternoon against former Countrywide chief Angelo Mozilo and two other former executives at the company. The three stand accused of committing fraud by misleading investors; Mozilo also faces insider trading charges for selling Countrywide stock based on nonpublic information and collecting around $140 million in the process. His status as the most overly tanned CEO in American corporate history? That remains undisputed. [WSJ, NYT]

• Morgan Stanley may get out from under the TARP sooner rather than later now that the bank has raised another $2 billion of Japanese cash. [DB]
• AIG was spending a fortune to sponsor the British soccer team Manchester United. Now that it no longer has a fortune to spend, Aon is taking over. [DB]
• Fewer people filed new claims for jobless benefits for a third straight week last week, and worker productivity is up, too, so that's good news. [Reuters]

• JPMorgan Chase, American Express and Morgan Stanley all announced plans to raise fresh capital today, so they're prepared to repay the taxpayer money they've received as soon as Washington gives them the go-ahead. [WSJ, BN]
• Related: The Federal Reserve says next week it will announce an initial set of banks that have been approved to exit the bailout program. [NYT]
• Citigroup has stopped paying out massive severance payouts to a handful of execs who recently left the company. Is it legal? Not really, but they're betting that it would be too embarrassing for them "to file lawsuits against the struggling, taxpayer-backed company seeking the money." [WSJ]
• Ex-Bear Stearns chief Alan Schwartz is joining Guggenheim Partners. [WSJ]
• After a good day on Monday, stocks are taking a breather today. [NYT]
• GM says it has a deal to sell Hummer, but won't disclose the buyer. If you were buying Hummer, would you want your name publicized? [WSJ]

Hedge fund manager Bill Ackman lost his high-profile proxy contest with Target last week, a defeat that reportedly led him to shed a tear or two when he spoke at the company's annual shareholders meeting. It was Ackman's decision to invoke the words of John F. Kennedy, though, that really ticked off New York Times business columnist Joe Nocera, who penned a blistering critique of Ackman's performance on Friday. So how did Ackman respond? He stayed up all night and composed a 5,000-word essay to explain himself: "The tear was not for the loss of a proxy contest as Mr. Nocera implies, but rather in recognition of the significance of JFK's words nearly 50 years ago. It may also have represented some amount of physical and emotional fatigue." Duly noted. [NYT]

• 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]