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The Weekly Crib Sheet for May 3rd-7th: We are posting a streamlined Weekly Crib Sheet this week – less commentary, more dates.  That said, here’s what we think will be leading the newscasts and land above the fold in the papers this week:  1) Times Square terror attempt, 2) Gulf of Mexico oil clean up, 3) Iranian President Mahmoud Ahmadinejad at the UN for nuclear non-proliferation conference (goes all month), 4) immigration policy in Arizona, and 5) the U.K. general elections (with the potential for a third party break out).  Still, financial regulatory reform is going to command a few headlines…

WHY YOU CARE:  As we publish Capitol Hill, Wall Street and K Street are holding their collective breath for Senate Banking Cmte. Chmn. Christopher Dodd’s manager’s amendment.  It is conventional wisdom that what will come out of the Dodd bill is the $50 billion prefunded break up fund for failing financial institutions.  What is less than conventional wisdom is how Democrats will deal with their behind doors growing ranks who think certain language in the Dodd bill (which came out of the Senate Agriculture Cmte.) will drive derivatives trading into dark corners where regulators can’t reach.  We think it is an interesting legal and political question for the Senate to sort through.  THAT’s why we think the Weekly Crib Sheet (albeit late) matters this week.  You will want to follow who says what about different portions of the bill this week.  We’ve got the best road map for that below.  See ya when the manager’s amendment comes out…

MONDAY 5/3

Economic Reports:  Car/Truck Sales (for Mar.), Construction Spending (for Mar.), Personal Income/Spending (for Mar.).

Pres. Obama:  Dines with CEOs associated with the Business Council.

Where the Governors are:  Chamber of Commerce, talking job creation.  Attendees include:  Gov. Tim Pawlenty (R-MN), Gov. Haley Barbour (R-MS), Gov. Bill Richardson (D-NM), Gov. Rick Perry (R-TX), Chamber Pres. Tom Donohue, and fmr. Education Secy. Margaret Spellings.

UN Non-Proliferation Conference:  Iranian President Mahmoud Ahmadinejad attends, so does Secy. of State Hillary Clinton (no we don’t expect them to talk derivatives, but this will soak up some headlines this week).

TUESDAY 5/4

Economic Reports: Pending Home Sales (for Mar.).

Pres. Obama:  Addresses the Business Council in Washington, DC.

Senate Finance Reform Bill:  Resumes debate at 2:15p ET.

Senate Hearing:  Senate Judiciary Cmte’s Crime and Drugs Subcmte. on “Wall Street Fraud and Fiduciary Duties: Can Jail Time Serve as an Adequate Deterrent for Willful Violations?”  Witnesses include:  Conn. Atty. Gen. Richard Blumenthal and Assistant Attorney General Lanny Breuer.

Senate Hearing:  Senate Finance Cmte. on “The President’s Proposed Fee on Financial Institutions Regarding TARP, Part 2.”  Witnesses include:  Treasury Secy. Geithner, Financial Services Roundtable Pres. Steve Bartlett, and Iowa Bankers Assoc. Pres. John Sorensen.

WEDNESDAY 5/5

Financial Inquiry Commission Hearing Day 1: On “the system of bank-like financial institutions and markets operating outside of the regulatory structure fort rational banking activities.”.  Witnesses:

Panel 1:

Paul Friedman, Bear Stearns’ fmr. chief operating officer of fixed income.

Samuel Molinaro Jr., Bear Stearns’ fmr. chief financial officer and chief operating officer.

Warren Spector, Bear Stearns’ fmr. president and co-chief operating officer.

Panel 2:

James Cayne, Bear Stearns’ fmr. chairman and CEO.

Alan Schwartz, Bear Stearns’ fmr. CEO.

Panel 3:

Charles Christopher Cox, fmr. SEC Chmn.

William Donaldson, fmr. SEC Chmn.

David Kotz, SEC Inspector General.

Erik Sirri, fmr. SEC Dir., Division of Trading and Markets.

Joint Economic Cmte. Hearing:  On “Avoiding Another Lost Decade: How to Promote Job Creation.”  Witness:  Asst. Treasury Secy. for Economic Policy and Chief Economist Alan Krueger.

THURSDAY 5/6

Financial Inquiry Commission Hearing Day 2: On “the system of bank-like financial institutions and markets operating outside of the regulatory structure fort rational banking activities.”.  Witnesses:

Panel 1: Henry Paulson Jr.,fmr. Treasury Secy.

Panel 2: Timothy Geithner , Treasury Secy.

Panel 3:

Michael Neal, GE Vice Chmn. & CEO of GE Capital.

Mark Barber, GE Capital Vice Pres. and Deputy Treasurer.

Paul McCulley, PIMCO Managing Director.

Steven Meier, State Street chief investment officer

House Financial Services Cmte. Hearing:  Oversight and Investigations Subcmte on “The End of Excess (Part One): Reversing Our Addiction to Debt and Leverage.”

U.K. General Elections: Held this day – keep an eye on third party candidate.

FRIDAY 5/7

Economic Report: Employment Rate (for Apr.).

Treasury Watch:  Asst. Treasury Secy. for Economic Policy and Chief Economist Alan Krueger holds briefing on employment numbers.