PRESS DIGEST - Wall Street Journal - Feb 18
Feb 18 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
* General Motors Corp (GM.N: Cotización) and Chrysler said they may need $21.6 billion more in bailout loans. GM plans to phase out Saturn, shut five more factories and cut 47,000 jobs. Chrysler slated a modest cut to production capacity.
* The Securities and Exchange Commission charged Texas financier Allen Stanford with an $8 billion fraud, alleging in a civil complaint that he lured investors with promises of high returns on certificates of deposit but poured their money into a "black box" of hard-to-trade assets.
* Accounting firms that missed alleged fraud in Madoff's books could be liable to claims they should have spotted red flags, say experts.
* John Malone's Liberty Media Corp LINTA.O scooped Sirius XM Radio Inc (SIRI.O: Cotización) from the clutches of bankruptcy. The move was classic Malone: squeezing a deal from a distressed company while thwarting the advances of a rival.
* Goldman Sachs (GS.N: Cotización) Co-President Jon Winkelried, a 26-year veteran of the Wall Street firm, is stepping down, putting more power in the hands of the other co-president, Gary Cohn.
* Executive-pay restrictions in the economic stimulus package could reach much further into the ranks of affected companies than previously believed, depending on how a crucial but confusingly written provision is interpreted, lawyers and compensation consultants said.
* The founder of NVR Inc (NVR.N: Cotización) sold $139 million of the home builder's stock this month, sending what an analyst called "a pretty bad signal" to investors.
* After weeks of intense negotiations with the U.K. government, Royal Bank of Scotland Group (RBS.L: Cotización) said it had agreed to reduce cash bonuses by 90 percent and freeze pay for directors and executives world-wide. Continuación...