Frontrunning: May 7

• Fed's bank results reassuring [and a joke at the same time], show no insolvency (Bloomberg)
• GM posts $6 billion loss as bankruptcy looms (FT)
• SPG boosts size of follow on offering to $1 billion (Bloomberg) [only about $30 billion more to be raised by MeREIT Lynch before the rally is over]
• Trichet says ECB will buy bonds, says "rates appropriate" (Bloomberg)
• Billions required to bolster US banks (FT) [how about non-US banks?]
• The promise of shifting alliances (Finem Respice)
• Jonathan Weil: Lehman bosses walk, while small fry walk plan (Bloomberg)
• Blackstone, Fortress seek distressed debt hedge fund takeovers (Bloomberg)
• The ongoing structured finance mess at Barclays (FT)
• Roubini says Asia export-led growth model is now broken (Bloomberg)
• Cashing in on Government Sachs (The Nation)