PRESS DIGEST - New York Times business news - Sept 22

lunes 22 de septiembre de 2008 07:46 CEST

Sept 22 (Reuters) - The following were the top stories in The New York Times business pages on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

* Goldman Sachs Group Inc (GS.N: Cotización) and Morgan Stanley (MS.N: Cotización), Wall Street's last independent investment banks, will transform themselves into bank holding companies subject to greater regulation.

* A week of intense negotiation is expected as Congressional Democrats said they wanted greater oversight of the U.S. Treasury Department, among other measures.

* Even as all details of the $700 billion bailout of the financial industry had not been hammered out, financial firms were searching for ways to profit from it.

* Senators John McCain and Barack Obama called for more oversight in the bailout but said the expenditure would not force them to scale back their ambitious agendas.

* The American bailout plan, which originally excluded foreign banks with U.S. units, may expand, a move that could raise its cost and intensify scrutiny by Congress and critics.

* Two years ago Henry Paulson took the devalued post of Treasury Secretary. He is now likely to leave as the most powerful in history.

* Hedge funds, which typically thrive in volatile markets, are on course for their worst year on record.

* The crisis on Wall Street is roiling companies around the globe, but bank-financed credit is continuing to flow into the movie business, albeit more moderately.

* While several financial advertisers are seeking to take advantage of the economic turmoil, ad executives worry that no amount of advertising may reassure the public.

* After a lawsuit from a Christian anti-abortion group, Google Inc (GOOG.O: Cotización) is now allowing religious organizations to take out ads using the keyword "abortion."