PRESS DIGEST - Wall Street Journal - Nov 1
Nov 1 (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.
* Before JPMorgan acquired the banking operations of Washington Mutual, the bank's lawyers tangled with regulators over the wording of the agreement. Five years later, JPMorgan and the Federal Deposit Insurance Corp are still fighting over the meaning of those words. The question of who bears responsibility for Washington Mutual's legal liabilities is taking on increasing urgency as J.P. Morgan negotiates a pact with the Justice Department that would end probes of soured mortgage bonds issued by J.P. Morgan and Washington Mutual during the housing boom. ()
* By the year-end, most airline passengers will be able to use their tablets, e-readers and other gadgets during all stages of flight. The Federal Aviation Administration's decision, its first big shift on electronic devices since it restricted their use in flight in 1966, caps years of debate over whether electronic emissions from devices can interfere with cockpit instrument.()
* The CFTC is so cash starved that it is being forced to delay cases, shelve certain probes and decided not to file charges against two men in the "London whale" trading mess, a top official said. ()
* Euro-zone inflation fell to its lowest in almost four years, raising pressure on the ECB to ease money supply and support the recovery. ()
* Germany described as "incomprehensible" U.S. criticism of its export-led economic policies, saying the country's domestic economy is the main pillar of its growth. ()
* Goldman Sachs Group Inc scored some points with regulators with a loan to a New York City bicycle-sharing program named after rival Citigroup Inc. The $41 million loan to the Citigroup bike program was part of $2 billion in loans and investments made by the Wall Street bank from October 2010 until December 2012 to comply with U.S. rules designed to ensure financial services reach low- and middle-income neighborhoods, according to a recent regulatory review of the bank's adherence to the Community Reinvestment Act. ()
* The way things are going, the term "cable TV" may have to be replaced by "phone TV." Nearly a decade after Verizon Communications Inc and AT&T Inc began building pipelines to carry TV service to U.S. homes, they are nearing the market share of cable operators in areas where they operate, according to third-quarter results released by cable and phone companies in recent days. ()
* In the wake of a major immigration-law violation case involving Indian outsourcing giant Infosys Ltd, federal agents are investigating other companies for possible similar alleged misdeeds, according to an official with the Department of Homeland Security. ()
* Fannie Mae sued nine of the world's largest banks over alleged manipulation of interest rates, joining the legal battles in the rate-rigging scandal. The lawsuit, filed Thursday in U.S. District Court in Manhattan, said that the mortgage-finance giant sustained an estimated $800 million in damages from banks that allegedly manipulated the London interbank offered rate and other financial benchmarks. Fannie also sued the British Bankers' Association, a private association of large British banks. ()
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