September 16, 2008 / 6:48 AM / 10 years ago

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) 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) 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.

* Wall Street has shed about 25,000 jobs this year, and the number could rise by another 10,000. About 23 percent of income in the city goes to people in the securities industry.

* Mayor Michael Bloomberg’s close ties to Wall Street gave the New York mayor an unusual view into the unfolding financial crisis and a role in its resolution.

* Computer and printer maker Hewlett-Packard Co (HPQ.N) announced that it would eliminate nearly 25,000 of its 320,000 jobs as part of its plan for digesting Electronic Data Systems.

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