ALSO NOTED: Merrill Lynch changes stock rating system; Merrill Lynch, Citigroup execs look to former colleagues for talent; and

Company News:
> Freddie beats expectations. Article
> More on the Clear Channel agreement. Article
> ING reports big drop in earnings. Article
> Merrill Lynch changes stock rating system. Video
> Len Dykstra is bullish on Morgan Stanley. Article
> Merrill Lynch, Citigroup look to former employers for talent. Article
> RBC announces writedowns. Article

Industry News:
> Foreclosures surge in April. Article
> Investors want banks to take back mortgages. Article
> Mortgage weakness takes a regional flavor. Article

Regulatory News:
> More on ex-UBS banker indictment. Article
> Three ex-SEC chiefs endorse Obama. Article

And Finally... You know you're about to get canned when ... Article