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Write-Offs: 05.10.11

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$$$ NY Fed 'Pleased' With Sale of Ex-AIG Subprime Bonds (WSJ)

$$$At around 10 last night, Lady Gaga arrived in a glowing egg positioned on top of a cart filled with cakes and macaroons. Escorted by brawny men in sleeveless Roman tunics, the cart rolled past hedge-fund founders Dan Och, David Einhorn, Steven A. Cohen, Ken Griffin, and more than 4,000 others gathered in the Jacob K. Javits Convention Center for the Robin Hood Foundation benefit. Soon “the Gaga,” as emcee Brian Williams called her, emerged onstage wearing a cream outfit that exposed her midriff. “I’d like to thank all the rich people for donating tonight,” she said. “And when I say rich, I mean rich in spirit.” (Bloomberg)

$$$Goldman Sachs Cuts First-Quarter Estimate for Possible Legal Losses by 21% (Bloomberg)

$$$ Goldman Goes Long US Government Debt (CNBC)

$$$ JPMorgan denies gouging Lehman in $8.6 billion fight (Reuters)

$$$Bank of America Billions in Losses at Stake on Moynihan Outlook (Bloomberg)

$$$Charity to auction lunch date with Warren Buffett (Reuters)

$$$Junk bond yields hit record lows (FT)

$$$Whistleblowers in muniland (FT Alphaville)

$$$ Ireland to Impose Levy on Pension Funds to Finance Jobs Plan (Bloomberg)

$$$Microsoft-Skype Deal May Upset AT&T, Verizon Relations (Bloomberg)

$$$ Google launches music service without labels (Reuters)

$$$ Japan Scraps Plan for New Nuclear Plants (NYT)

$$$Donald Trump's poll numbers collapse (Politico)

$$$ Northwestern University Cancels Human Sexuality Class After Explicit Sex Toy Demonstration (Fox)