PRESS DIGEST - Wall Street Journal - Nov 21

Wed Nov 21, 2012 1:51am EST

Nov 21 (Reuters) - The following are the top stories in the Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Federal prosecutors charged a Wall Street portfolio manager in what they described as the most lucrative insider-trading scheme ever, but their ultimate target appeared to be one of Wall Street's most successful and prominent investors: hedge-fund giant Steven Cohen. ()

* Hewlett-Packard Co said on Tuesday it had been duped into overpaying for one of its largest acquisitions, contributing to an $8.8 billion write-down and a huge quarterly loss. The company said that an internal investigation had revealed "serious accounting improprieties" and "outright misrepresentations" in connection with U.K. software maker Autonomy, which HP acquired for $11.1 billion in October 2011.()

* Former UBS AG trader Kweku Adoboli was found guilty of fraud and sentenced to seven years in prison in connection with a $2.3 billion loss that hobbled the Swiss bank and triggered an upheaval there whose repercussions continue to this day. ()

* News Corp, owner of Harper Collins Publishers, has expressed interest to CBS Corp about acquiring its Simon & Schuster book business, according to people familiar with the talks. The people described the discussions as preliminary and cautioned that a deal isn't imminent. ()

* Hostess Brands Inc will continue down the path to a full liquidation after a last-ditch mediation session with its striking bakers' union failed to save the Twinkie maker. ()