* Wharton: Who benefits from the shrinking U.S. banking sector?
* David Sokol responds, from underneath the Berkshire Hathaway bus
* Investor sues PE firm Lincolnshire Management for charging bogus fees
* MG Siegler: The frenzy over iPhone’s geolocation capabilities is much ado about not much
* Morning Call: U.S. futures rise ahead of GDP data, London opens strong, European shares climb and the Nikkei gains 1.6%.
* Taleb & Blyth: The black swan of Cairo
* Renaissance Capital: IPO filing activity surged in April
* Barwise & Meehan: Why Nokia’s collapse should scare Apple
* Study: IQ test results are higher among those who really want high scores
* Dean Takahashi: The royal wedding will be live Internet video’s next great test
* Preqin: Private equity firms are sitting on $20 billion in dry powder meant for India
* Welcome to the Time Warner family: Erin Burnett is poised to jump from CNBC to CNN
* Tweet of the Day: @agwarner Would be beyond awesome if Bernanke answered question with “The Bears were who we thought they were” $FED
* Tweet of the Day II: @AntDeRosa: The President fails to understand that they never wanted more proof, they just want him to leave.
* TechCrunch boss Mike Arrington says he plans to increase his startup investment activity, and dismisses most of the criticism as competitive jealousy (a convenient out, but not a compelling one). Most interesting part of post: He’s a limited partner with Benchmark Capital and SoftTech VC… Would love to know why they let him in that club. What exactly do they hope to get for his (relatively) small commitment?