Overallotment: May 12

• US AAA credit rating at risk, former GAO director claims (Reuters)
• GM sinks to fresh low as Chapter 11 looms (FT)
• Social Security, Medicare will be depleted much earlier than expected (Bloomberg)
• Airbus orders nosedive, profit tumbles (Daily Telegraph)
• What foreclosures? After brand spanking new megaloss, Freddie Mac net worth is below $0 (FT)
• FDIC planning for huge bank failure? (The Pragmatic Capitalist)
• U.K. unemployment jumps to 13 year high (Daily Telegraph)
• Taylor says Fed may not have much time before rate rise needed (Bloomberg)
• US foreclosure program may be insufficient (FT)
• AIG trustees should answer to taxpayers, not Fed (Bloomberg)
• IMF urges stress tests on European banks (FT)