Pre-Marketing: SAC Capital faces insider trading probe

June 1, 2011, 3:25 PM UTC

* What did SAC Capital know, and when did it know it? SEC investigates MedImmune trades from 2007.

* Paul Hyman: Why has H1-B visa demand plummeted?

* Dave Sekera: Is Japan next on the credit downgrade list?

* Morning Call: U.S. futures point lower, London falls earlyEuropean shares retreat and the Nikkei climbs.

* Ben Parr: Microsoft’s Steve Ballmer conundrum

* Fred Wilson: Enough is enough on software patents

* Survey says: Most Americans still believe the country is in a recession

* Rob Morris: Is the SEC prepping an Emily Litella moment on PE firm registration?

* Paul Carr: Airbnb’s $1 billion valuation should be a wakeup call to independent hotels

* Nicholas Carson: A mystery bank is buying up Facebook shares at an $80 billion valuation

* Letter: Private equity trade group comments on Dodd-Frank’s proposed compensation rules

* Get Term Sheet’s daily email on deals and deal-makers, by going to www.GetTermSheet.com 

* Bill Cohan says Elizabeth Warren should bow out. Felix Salmon counters, saying GOP opposition is more about CFPB than Warren.

* Tweet of the Day: @ScottKirsner Funny new term: “divot,” a change in strategic direction based on a screw-up (as opposed to a “pivot.”)