PRESS DIGEST - Wall Street Journal - Feb 26
Feb 26 (Reuters) - The following were the top stories in The Wall Street Journal on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
* The Obama administration, in unveiling details of its financial-rescue plan, laid out a dark economic scenario it expects banks to be able to withstand, the starting point for what could become a significant new infusion of government cash into the banking system.
* Citigroup Inc (C.N: Cotización) is closing in on an agreement to boost the federal government's stake in the company to as much as 40 percent.
* Home resales fell 5.3 percent in January amid another steep decline in prices.
* Top executives of Chrysler LLC met with President Barack Obama's auto task force in Washington, where they discussed the company's troubled finances, its proposed alliance with Fiat SpA FIA.MI and fuel-efficient vehicle development, said a person familiar with the session.
* Cisco Systems Inc (CSCO.O: Cotización) laid off several hundred employees this week, joining other tech giants that have cut staff as they deal with the recession.
* Bank of America Corp (BAC.N: Cotización) is looking to sell a private bank it inherited from Merrill Lynch & Co as the bank tries to preserve capital and possibly shed noncore assets, according to people familiar with the situation.
* Apple Inc's (AAPL.O: Cotización) board defended the company's limited disclosures about the health of Chief Executive Steve Jobs, and said Jobs remains deeply involved in strategic matters. But directors declined to give shareholders more details about the CEO's health or discuss the company's succession plans at the annual meeting, leaving some investors frustrated.
* A U.S. appeals court upheld the insider-trading conviction of former Qwest Communications International Inc (Q.N: Cotización) Chief Executive Joseph Nacchio, reinstating his prison sentence and revoking his release on bond. Continuación...