PRESS DIGEST - Wall Street Journal - Sept 22
Sept 22 (Reuters) - The following were the top stories in The Wall Street Journal on Monday. Reuters has not verified these stories and does not vouch for their accuracy.
* The U.S. Federal Reserve took the extraordinary step of agreeing to convert the last two major investment banks, Morgan Stanley (MS.N: Cotización) and Goldman Sachs Group Inc (GS.N: Cotización), into traditional bank holding companies. With the move, Wall Street as it has long been known will cease to exist.
* Lawmakers are scrambling to put their mark on a $700 billion plan to save financial markets -- a fast-moving test of wills that could reshape one of the biggest bailouts in U.S. history.
* Washington Mutual Inc (WM.N: Cotización) pushed Sunday to decide its fate, continuing talks with potential buyers amid mounting pressure from federal regulators. The Seattle thrift has drawn interest from potential suitors such as Citigroup Inc (C.N: Cotización), JPMorgan Chase & Co (JPM.N: Cotización), Wells Fargo & Co (WFC.N: Cotización) and Banco Santander SA (SAN.MC: Cotización) of Spain.
* Chinese banks may be in better shape than others to weather the current financial storm, with only minor hits from the collapse of major U.S. institutions.
* Lehman Brothers LEHMQ.PK transferred billions of dollars and assets before its bankruptcy filing, raising questions over the propriety of the moves.
* American International Group Inc (AIG.N: Cotización) shareholders are scrambling to help repay a loan from Washington in time to avoid its taking an 80 percent stake in the U.S. insurance giant.
* The effort to quash short selling gained momentum around the globe Sunday as Australia, Taiwan and the Netherlands announced restrictions to prevent investors from betting that stocks will decline.
* Investors have been pulling money from stock-based mutual funds since mid-June but have been relatively calm in the face of the extreme volatility of recent weeks. Continuación...