Deutsche Bank Loses Swaps Case (WSJ)
The German Federal Court of Justice ruled that Deutsche Bank inappropriately advised bathroom-supplies company Ille Papier Service GmbH on the risks involved in buying a complex financial derivative known as a "spread-ladder swap," which the company purchased in 2005 to limit interest payments on its loans. The court ruled that Deutsche Bank must pay €541,000 ($769,356), plus interest, in damages.

Steam Rises from Japan Plant; New 6.4 Quake off Coast (Reuters)
According to the U.S. Geological Survey Web site, a 6.4 magnitude earthquake struck near the east coast of Honshu. The earthquake struck at 6.19 pm (0919 GMT) 90 kilometers east of Iwaki, Honshu at a depth of 27 kilometers, the USGS said...Smoke and steam rose from two of the most threatening reactors at Japan's quake-crippled nuclear plant, suggesting the battle to avert a disastrous meltdown and stop the spread of radiation was far from won.

Altman’s Evercore Climbs Wall Street’s M&A Ranks With AT&T Coup (Bloomberg)
The company’s stock jumped 12 percent yesterday as investors anticipated a boost in fee revenue from the firm’s work on AT&T Inc. (T)’s $39 billion takeover of T-Mobile USA, this year’s biggest acquisition. “We are not a small boutique anymore,” Altman, 64, said in an interview. “We now have advised on three of the five largest global merger agreements of 2011.”

Pimco Said to Raise $1.5 Billion for Fund Targeting Bank Assets (Bloomberg)
The Pimco Bravo fund, short for Bank Recapitalization and Value Opportunities, will buy debt such as troubled commercial and residential mortgages, and may invest directly in banks through securities including warrants and convertible debt. Pimco is still accepting money and expects to raise $2 billion to $3 billion in total before a final close later this year.

Goldman Partnership Memo Stirs Succession Talk (Dealbook)
Goldman sent a brief e-mail to employees on Monday announcing that Michael S. Sherwood would succeed the firm’s president, Gary D. Cohn, as chairman of the partnership committee.

Japan Maintains Threat Of Further G-7 Action (WSJ)
Japanese currency officials on Tuesday maintained the threat of further yen-selling intervention by the Group of Seven leading industrialized nations, saying joint action isn't limited to last week's coordinated market intervention.

AIG May Face Rivals in $15.7 Billion Bid for Assets Held by Fed (Bloomberg)
Barclays is among investors considering making a counter offer, the Financial Times reported.
“We have been told that someone else was putting together a bid,” AIG Chief Executive Officer Robert Benmosche, 66, said in an interview. “I think we can offer a little more, but the price we offered is about it. Until I see a competing bid, I’d have to wait and see.”

Man arrives to Sullivan court for DWI hearing drunk, carrying beer (Times Herald)
A Swan Lake man facing a felony driving while intoxicated charge showed up to Sullivan County Court on Monday with a bag full of beer and was promptly thrown in jail without bail. Keith Gruber, 49, had a scheduled 10:30 a.m. pretrial hearing. Gruber came to court about an hour and a half late carrying a black bag that contained four cans of Busch beer. He also was carrying an open can of Busch beer and was drunk, authorities say. He tried to throw away the can.

US Banks Oppose Tighter Money Rules (WSJ)
Even as governments freeze assets tied to regimes in Libya, Egypt and Tunisia, U.S. banks are resisting efforts to tighten international rules to prevent the flow of money from corrupt politicians. The Financial Action Task Force, part of the Organization for Economic Co-operation and Development that sets international standards for money-laundering laws, is conducting a review of its guidelines aimed at closing loopholes.The review, due to be completed later this year, comes amid criticism of banks for holding billions of dollars in assets allegedly belonging to regimes in Libya, Egypt and Tunisia. Swiss bank regulators are looking into whether a dozen Swiss banks followed antimoney-laundering laws in accepting money from officials in those three countries.

Gaddafi Attacks Rebel Towns, US Plane Down (Reuters)
A U.S. Air Force F-15E crashed in Libya overnight and one crewman had been recovered and the other was "in the process of recovery," the U.S. military said. The crash was likely caused by mechanical failure and not hostile fire, it said.

King of Rabbits: Ancient, Gigantic Bunny Discovered (LS)
Just in time for Easter, the skeleton of a giant rabbit has been discovered, one that was once about six times the size of today's bunnies. The fossils of the giant were discovered on the island of Minorca off the coast of Spain, a fact reflected in the rabbit's scientific name, Nuralagus rex, "the Minorcan king of the rabbits."