PRESS DIGEST - New York Times business news - Sept 16
Sept 16 (Reuters) - The following were the top stories in The New York Times business pages on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
* Despite reassurances by the Bush administration, stocks fell 4.4 percent on Monday, dragged by the bankruptcy of Lehman Brothers and the sale of Merrill Lynch.
* Senator John McCain, an advocate of deregulation, called for more oversight of specific financial issues, while Senator Barack Obama criticized lax regulation during the Bush years.
* American International Group Inc (AIG.N: Cotización) was racing to arrange a $75 billion line of credit after major credit agencies cut their ratings on its debt.
* While Wall Street has gone through tough times before only to emerge bigger and stronger, some question whether the industry can rebound quickly this time.
* The merger gives Bank of America Corp (BAC.N: Cotización) a footprint in almost every facet of the banking business and vaults it into the upper tier of the nation's financial institutions.
* Lehman's bankruptcy filing leaves creditors lining up, employees awaiting word on paychecks and benefits and Lehman's counterparties rushing to limit their exposure.
* The collapse of a titan like Lehman has made the Europeans think about what it portends for Europe's own increasingly global financial institutions.
* After more than six months in triple-digit territory, oil prices dropped sharply, falling under the symbolic $100-a-barrel threshold as financial woes raised concerns about slowing demand. Continuación...