September 22, 2008 / 5:50 AM / in 10 years

PRESS DIGEST - New York Times business news - Sept 22

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) and Morgan Stanley (MS.N), 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) is now allowing religious organizations to take out ads using the keyword “abortion.”

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