PRESS DIGEST - Wall Street Journal - March 19
March 19 (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.
* Bear Stearns Cos Inc's BSC.N shares soared 23 percent on Tuesday on bets that JP Morgan Chase & Co (JPM.N: Cotización) will have to pay more for the firm, setting up a high-stakes game of brinksmanship between investors, the Fed and JP Morgan.
* Wall Street firms have been reluctant to borrow from the program established by the U.S. Federal Reserve last weekend. Lehman Brothers Holdings Inc LEH.N has borrowed a small amount and Goldman Sachs Group Inc (GS.N: Cotización) is likely to do the same.
* The Fed continued its two-front attack on the credit crunch by cutting rates three-quarters of a percentage point to 2.25 percent, and central bankers hinted of more cuts to come.
* Senator Barrack Obama addressed the volatile issue of race amid controversy over remarks by his former pastor. He strongly disagreed with Rev. Jeremiah Wright on some occasions, but said the nation must address resentments of both blacks and whites and end its "racial stalemate."
* Fannie Mae FNM.N and Freddie Mac's FRE.N regulator is set to unveil a plan to ease the companies' capital requirements.
* U.S. President George W. Bush and congressional Democrats are in talks on a plan designed to stave off hundreds of thousands of home foreclosures.
* GMAC LLC named Alvaro de Molina to succeed Eric Feldstein as chief executive officer of the loan provider, which has had its share of subprime problems. De Molina, a former Bank of America executive, joined Cerberus Capital Management LP [CBS.UL]-controlled GMAC last summer.
* The U.S. government's airwaves auction for new broadband wireless networks raised almost $20 billion. While Federal Communications Commission officials said they were pleased, the auction didn't attract new competition the agency desired. Continuación...