Frontrunning: May 4

• BofA and Citi in last push on stress tests, both plan to raise $10 billion in capital (FT)
• General Motors bankruptcy probable as Obama favors UAW over bondholders (Bloomberg)
• How big banks want to game the mortgage mess (WSJ)
• Obama seeks to end tax haven rules that save companies $190 billion (Bloomberg)
• E.U. says Europe faces deep recession, lowers growth forecast (NYT)
• New York Fed chairman's ties to Goldman raise questions (WSJ)
• Major change in PPIP? FDIC may let investors buy toxic assets without treasury stake (Bloomberg)
• Art prices at New York auctions expected to drop by 50% (FT)
• Obama to secured creditors: Drop Dead (Real Clear Markets)
• Only muscle cars will save Detroit (National Post)