December 14, 2009 / 6:10 AM / 9 years ago

PRESS DIGEST - Wall Street Journal - Dec 14

Dec 14 (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.

* U.S. President Barack Obama lashed out at Wall Street, calling bankers “fat cats” who don’t get it, in an escalation of tensions with the industry.

* Dubai received $10 billion in financing from Abu Dhabi, which will pay part of the debt held by conglomerate Dubai World [DBWLD.UL] and its property unit Nakheel.

* Google Inc (GOOG.O) plans to begin selling a cellphone directly to consumers as soon as next year, escalating its assault on the wireless industry.

* Citigroup Inc (C.N) is nearing an agreement with the U.S. government that will lay the groundwork for the bank to start untethering itself from Washington. Citigroup executives are hoping to unveil a multifaceted deal with the government, possibly as early as Monday morning.

* Bank of America Corp (BAC.N) pushed closer to hiring its next chief executive, but compensation remains an obstacle despite the bank’s escape from government pay curbs.

* Former Merrill Lynch President Gregory Fleming has been hired to run Morgan Stanley’s (MS.N) investment-management arm.

* One key question for 2010 is how financial markets will react when the U.S. Federal Reserve takes back its easy money. The reaction could come sooner than many investors expect. Fed policy makers meet Tuesday and Wednesday to discuss the economy, interest rates and their liquidity-pumping debt purchases.

* Some investors are moving to protect themselves against a surge in inflation, fearing the U.S. Federal Reserve won’t act fast enough to mop up liquidity.

* The Department of Energy’s lending program for “clean tech” businesses makes government, in effect, the nation’s biggest venture capitalist, with politics often close to the surface.

* The climate-change conference in Copenhagen is shaping up as an economic showdown between the United States and China.

* In the latest blow to Tiger Woods’s multimillion-dollar endorsement business, global consulting firm Accenture PLC (ACN.N) said Sunday that it had terminated its sponsorship pact with the golf superstar.

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