PRESS DIGEST-New York Times business news - June 22

June 22 Fri Jun 22, 2012 2:22am EDT

June 22 (Reuters) - The following were the top stories on the New York Times business pages on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

- Moody's Investors Service, which had warned banks that a downgrade was possible, cut credit scores to new lows to reflect changes in the industry since the financial crisis.

- The Securities and Exchange Commission has opened an investigation into Nasdaq for its role in the initial public offering of Facebook, according to people briefed on the inquiry.

- Euro area countries must share debt and use rescue funds to recapitalize troubled banks directly to ensure the survival of the currency union, Christine Lagarde, the managing director of the International Monetary Fund, said late Thursday.

- To resolve a class-action suit, Facebook has agreed to give its users the choice to avoid potentially appearing in advertisements just for clicking the social network's like button.

- The Supreme Court on Thursday declined to address whether the government still has the authority to regulate indecency on broadcast television, but it ruled in favor of two broadcasters who had faced potential fines for programs featuring cursing and nudity on narrow grounds.

- John Bryson announced his resignation as President Obama's commerce secretary on Thursday following an incident in which he had a seizure and was involved in a sequence of automobile accidents.

- Is the music industry like other businesses, and thus subject to concerns about market concentration, or is it an anomaly in which nothing matters but hits?

That was one of the central questions on Thursday at a Senate hearing about a proposed $1.9 billion deal in which the Universal Music Group would acquire the record labels of EMI.

- The United States Supreme Court on Thursday overturned an $18 million penalty against pipeline operator Southern Union for illegally storing mercury, ruling that a jury must determine any facts that increase a defendant's maximum potential sentence, even a criminal fine.

- Anna Schwartz, a research economist who wrote monumental works on American financial history in collaboration with the Nobel laureate Milton Friedman while remaining largely in his shadow, died on Thursday at her home in Manhattan.

- No one is sure what would happen to programs meant to help the uninsured get medical care if the Affordable Care Act were to be struck down by the Supreme Court.