Breakfast Buffet, Wednesday, April 22

Banks with Chutzpah: Treasury is up for a fight on the Detroit front, after banks and other lenders came back with a meager counteroffer on canceling most of Chrysler's debt. Word on the street is that the big dogs--JP Morgan and Citi--were convinced by the little guys to be more aggressive. Apparently they didn't get the memo about not biting the hand that feeds.

And the (Closest Thing We Have to a) Winner Is...: Mohamed El-Erian is very much looking forward to the release of the results from bank stress tests. He lays out five ways they ought to go down.

German Toxic Waste Seeking Dump: Merkel is getting moving on a plan to take care of banks' toxic assets, which will most likely end up in a series of bad banks rather than one centralized dumping ground. Analysts expect the plan to come together by the summer.

Platinum Concerns: After the polls close and celebrations die down in South Africa, the new government will inherit big troubles in the country's huge mining industry, which employs some 5 million people and has been hit hard by the slump in global demand.

Billionaires No More: Russia's billionaire club has sunk to a third of its size during the boom years, with the country's richest shedding some 70 percent of their wealth.

Who Invited This Guy?: The IMF cut its expectations for global growth--into the negative. Announcing that the world economy had fallen into a severe recession, it announced that the world economy would contract 1.3 percent this year and that financial markets would take longer than expected to stabilize.