The month of May was memorable but not for the reason that investors were hoping for.  The S&P 500 lost 8.0% (total return) in May 2010, its worst monthly performance since February 2009 and its worst May result in 48 years.  After 5 months of calendar year 2010, the stock index is down 1.5% YTD (source: BTN Research).  
 
Treasury Secretary Tim Geithner started last week in China and ended it with a visit to Europe.  The annual sit-down with top Chinese officials seems to always conclude with the USA lecturing China about the need for free market forces to direct the value of the Chinese currency, a speech that was lacking from this year's summit.  Instead Geithner acknowledged the progress that China's economy has made in reducing their dependency on exports sold to America.  The lecturing was saved for later in the week in London, Frankfort and Berlin when Geithner scolded European leaders for reacting slow to their growing debt crisis, unlike what he believes the US government has been able to implement in response to our own financial woes (source: BTN Research). 
 
The world's 3rd richest person will testify before the Financial Crisis Inquiry Commission on Wednesday (6/02/10), albeit reluctantly.  Warren Buffett turned down the commission's request initially, saying he had a "full plate' of activities.  But a subpoena will ensure that Buffett is present when the commission investigates the role of credit rating agencies in the global meltdown (source: Financial Crisis Inquiry Commission).