PRESS DIGEST- New York Times business news - May 20
May 20 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
* As part of a deal announced on Monday, Credit Suisse met the demands of federal prosecutors, agreeing to one count of conspiring to aid tax evasion in a scheme that "spanned decades." Credit Suisse, which has a giant investment bank in New York and whose chief executive is an American, will also pay about $2.6 billion in penalties and hire an independent monitor for up to two years. (r.reuters.com/cut49v)
* Opponents of the consolidation in the telecommunications industry - including on Capitol Hill - latched onto the AT&T Inc and DirecTV deal, arguing that such rapid merging in the markets for cable television, high-speed Internet and telephone service should lead regulators to hit the brakes on all such deals. But while both sides declared that the latest deal helped their cause, antitrust experts said the truth was more murky. (r.reuters.com/qut49v)
* General Motors Co on Monday hired one of its former executives to manage public relations and help steer it through a safety crisis linked to 13 deaths. GM said that Tony Cervone, who spent a decade with the automaker before leaving in 2009 and who has worked with its current chief executive, Mary Barra, will join the company immediately as its senior vice president for global communications. (r.reuters.com/gut49v)
* The Obama administration's first transportation secretary is joining Meridiam, an investment concern focused on public infrastructure projects, the firm plans to announce on Tuesday. Meridiam is expected to say that it has hired the former cabinet official, Ray LaHood, as a senior adviser to the firm's North American operations. (r.reuters.com/hut49v)
* Target Corp's former chief executive received $13 million in compensation in his last year at the company's helm, down from $20 million the year before, according to regulatory documents filed on Monday. The company's filings indicated that the significant reduction in Gregg Steinhafel's pay package resulted from shareholders' complaints that Steinhafel made too much money relative to the company's performance. (r.reuters.com/tut49v) (Compiled by Aurindom Mukherjee in Bangalore)