PRESS DIGEST - Wall Street Journal - May 27
May 27 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
* General Motors Corp (GM.N) and the United Auto Workers have agreed to a new restructuring plan that would give the union a significantly smaller stake in the company than previously envisioned, and leave the U.S. government owning as much as 70 percent of the car maker.
* Some banks are lobbying the Federal Deposit Insurance Corp for permission to bid on the same assets that the banks would put up for sale as part of the government's Public Private Investment Program.
* Banco Santander SA (SAN.MC), one of the largest conduits of investor money to Bernard Madoff, agreed on Tuesday to pay $235 million to settle potential legal claims by the trustee of the defunct Madoff firm.
* Consumer confidence shot higher in May, but a continued slide in home prices served as a reminder that consumers may not yet be ready to flock to stores.
* Wall Street burned thousands of investors with so-called structured products that were supposed to provide healthy profits and limit losses. Brokers, hoping investors' memories are short, are pushing these high-fee products again with safety as the big selling point.
* A wave of money flooding into Hong Kong from mainland China and the rest of the world has propelled property and stock prices even as the economy falters.
* LCH.Clearnet Ltd is preparing to offer centralized clearing of interest-rate swaps to governments, corporations and investment funds that are clients of large banks, expanding an existing service to a wider group of market participants.
* On Tuesday, Accenture Ltd (ACN.N), the consulting and outsourcing firm said its board of directors had unanimously approved switching the company's place of incorporation from Bermuda to Ireland.
* Borders Group Inc BGP.N reported a wider quarterly loss on a 12 percent decline in revenue, the latest indicator of how the recession is roiling the book industry.
* Linda Cook, one of the most senior women in the global oil industry, is stepping down as an executive director of Royal Dutch Shell Plc (RDSa.L) after losing the contest to become the Anglo-Dutch oil major's new chief executive.
* Lockheed Martin Corp (LMT.N) won a $30 million jury verdict against L-3 Communications (LLL.N) last week over the use of Lockheed proprietary data to refurbish P-3 maritime patrol aircraft for South Korea.