Frontrunning: May 5

• GMAC posts $675 million Q1 loss as defaults rise (Bloomberg)
• UBS posts $1.8 Billion loss despite bad bank offset (NYTimes)
• Legg Mason reports fifth straight loss, cuts dividend (Bloomberg)
• Wall Street set for post-rally slide (FT)
• Bankruptcy sleuths find cash in trader receipts for lap dancers (Bloomberg)
• Green shoots won’t lead economies out of the woods (Bloomberg)
• Thoughts on the 35% stock rally (Forbes)
• Unintended humorous consequences: Recession Is Over (Forbes)

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