PRESS DIGEST - New York Times business news - Jan 16
Jan 16 (Reuters) - The following were the top stories in the New York Times business pages on Friday. Reuters has not verified these stories and does not vouch for their accuracy.
* Losses have become so large that the U.S. government may have no choice but to take majority stakes in some banks.
* The government would provide a $20 billion capital injection for Bank of America Corp (BAC.N: Cotización) and absorb as much as $98.2 billion in losses.
* President-elect Barack Obama's economic agenda advanced rapidly in Congress as the Senate voted to release the second half of the financial industry bailout fund and House Democrats unveiled an $825 billion fiscal recovery plan aimed at putting millions of unemployed Americans back to work.
* Many point to the talent available at Apple (AAPL.O: Cotización) as reassurance as Steve Jobs takes a medical leave of absence from the company. But others are looking at the company's history with worry.
* The New York attorney general has issued subpoenas to determine whether J. Ezra Merkin defrauded universities and charities when he invested their money with Bernard Madoff.
* General Motors Corp (GM.N: Cotización) said it now expected that automakers would sell just 10.5 million vehicles in the United States this year, a number it had labeled its worst-case possibility in the restructuring plan submitted to Congress last month.
* State regulators in Massachusetts have accused top executives of the Reserve Fund with lying to shareholders about the safety of their investments.
* The cuts, through buyouts and possibly layoffs, are the latest example of a sharp contraction in the size of American newspapers as they grapple with falling advertising and circulation.
© Thomson Reuters 2017 All rights reserved.