January 16, 2009 / 5:27 AM / 10 years ago

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) 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) 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) 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.

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