CORRECTED - CORRECTED-PRESS DIGEST - Wall Street Journal - Sept 16
(Corrects to remove wrong Reuters Instrument Code from bullet point 13)
Sept 16 (Reuters) - The following were the top stories in The Wall Street Journal on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
* American International Group Inc (AIG.N: Cotización) was facing a severe cash crunch as ratings agencies cut the firm's credit ratings, forcing the giant insurer to raise $14.5 billion to cover its obligations. Its shares fell 61 percent.
* U.S. Federal Reserve officials are not inclined to veer from plans to hold short-term rates steady on Tuesday.
* The balance of power in the banking industry is shifting to the old-fashioned business of chasing customer deposits and building branch networks.
* Bankruptcy expert Harvey Miller of the New York law firm Weil, Gotshal & Manges LLP has been tapped to play a role in financial history once again, this time to carry out the possible liquidation of Lehman Brothers Holdings Inc.
* Top Merrill Lynch executives explored selling a minority stake in the brokerage firm to Goldman Sachs Group Inc (GS.N: Cotización) this past weekend before deciding to negotiate a planned acquisition by Bank of America Corp (BAC.N: Cotización).
* Bank of America's $44 billion deal for Merrill places the bank and its hyper-competitive Chief Executive Ken Lewis at the top of the financial world.
* Lehman's filing for bankruptcy protection and Merrill's rushed sale to Bank of America put pressure on Morgan Stanley (MS.N: Cotización) and Goldman Sachs, the two remaining major US investment banks, to convince investors they will survive the market turmoil. Continuación...