PRESS DIGEST - Wall Street Journal - Oct 17
Oct 17 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
* A potentially crippling U.S. debt default was averted late Wednesday, as Congress passed legislation to end a two-week political battle that had rattled financial markets, splintered the Republican Party and showcased Washington dysfunction. ()
* As Senate leaders announced a deal to reopen the government and extend the country's borrowing authority, some GOP lawmakers were looking ahead to the next budget fights - and they weren't optimistic. ()
* Stockbrokers are being routinely allowed to scrub some customer complaints from their public records, leaving investors in the dark about potentially troubled advisers, according to a study of more than 1,600 arbitration cases. ()
* James Dimon gave up his chairmanship of JPMorgan Chase & Co's main banking subsidiary after a regulator said it preferred that he no longer hold those duties, said a person familiar with the discussions. ()
* Five former employees of Bernard Madoff's former firm generated "millions of pages of lies" that allowed the convicted financier's Ponzi scheme to continue, prosecutors told a jury on the first day of a criminal trial. The trial, expected to last five months, could represent prosecutors' last and best chance to undermine Madoff's insistence that he carried out the fraud essentially alone. It is also the first time prosecutors provided details of the inner workings of the Ponzi scheme to a jury. ()
* A federal jury ruled in favor of Mark Cuban, handing the billionaire a resounding victory in his five-year quest to defend himself against the government's charges of insider trading. ()
* Apple hoped to broaden its appeal with a cheaper version of the iPhone, but that effort appears to be faltering after a few weeks. The tech giant has reduced orders to assemblers for its lower-end iPhone, the 5C, at the same time, retailers and telecom operators report tepid demand for the device, prompting some to cut prices. ()
* Federal Reserve officials are considering imposing a new capital surcharge on Wall Street banks that own oil pipelines, metals warehouses and other lucrative physical-commodities assets, according to people familiar with the matter. ()
- White House reverses, says Obama met uncle and lived with him during law school
- South Africans, some fearful, wake to life without Mandela |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Ford leans on global Mustang to burnish overseas image