PRESS DIGEST - Wall Street Journal - June 4

June 4 Mon Jun 4, 2012 2:53am EDT

June 4 (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.

* Pressure is growing on policy makers around the world as investors react with increasing alarm to bad economic news. Asian markets fell sharply early Monday.

* Facebook is developing technology that would allow children younger than 13 to use the social networking site under parental supervision, a step that could help the company tap a new pool of users for revenue but also inflame privacy concerns.

* Federal investigators are scrutinizing a series of conversations among MF Global employees shortly before the firm erroneously told regulators that its customer funds were safe.

* A federal prosecutor who helped lead a U.S. government tax-evasion crackdown that has rattled the Swiss offshore-banking industry is leaving the Justice Department for a Washington law firm.

* At a time when the Fed looks persistently polarized, Sandra Pianalto, president of the Federal Reserve Bank of Cleveland, has positioned herself as a consensus seeker.

* Samsung Electronics is revealing launch plans for its Galaxy S III smartphone for the U.S. market. It will be the Korean company's first top-of-the-line phone to use the same name at all four U.S. national wireless carriers.

* The Justice Department has grown increasingly restless with the attorney fees -- often exceeding $1,000 an hour -- that companies going through bankruptcy reorganization pay. On Monday, the attorneys will press their case for the fees at a public meeting in Washington.

* A federal agency that oversees JPMorgan Chase is taking heat over how much it knew about risk-taking in the part of the bank that suffered more than $2 billion in trading losses.

Senator Sherrod Brown asked Comptroller of the Currency Thomas Curry in a letter Friday for details about the regulator's supervision of trading operations at the largest U.S. bank by assets. Brown also wants more information about the Office of the Comptroller of the Currency's "process for reviewing trading operations" at JPMorgan and other big banks.

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