PRESS DIGEST - Wall Street Journal - July 2
July 2 (Reuters) - The following were the top stories in The Wall Street Journal on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
* The board of the Federal Reserve Bank of New York is packed with powerful executives. But the selection process leading up to January's promotion of William Dudley to president underscored the lack of clout among the Fed's regional directors as the central bank navigated the crisis.
* The three biggest car makers in America called a bottom to the long decline in U.S. auto sales as the industry reported its smallest monthly sales drop this year.
* India's Jet Airways (JET.BO) once seemed unstoppable. Now, due to no-frills competition and high costs, the airline is struggling to stay aloft.
* Wall Street pay is rising in some areas as the markets recover and firms jostle for talent. Goldman Sachs Group Inc (GS.N), based on revenue forecasts for 2009, is on track to pay $700,000 per employee.
* The Obama administration announced a crackdown Wednesday on hundreds of companies suspected of employing illegal immigrants, signaling a shift in strategy: going after employers instead of workers.
* Boeing Co (BA.N) is in negotiations to purchase operations from one of its main suppliers, as part of an effort to gain more control over the supply chain of its troubled 787 Dreamliner program, according to a person familiar with the matter.
* Polo Ralph Lauren Corp (RL.N) has reached a deal with the U.S. Olympic Committee to dress the American team at the Games in Vancouver this winter and in London in 2012, betting a blend of sports and patriotism will help propel its brand amid a falloff in consumer spending.
* The Treasury Department is expected to name as many as nine investment managers to operate funds that will buy toxic securities from financial institutions, according to people familiar with the plans.
* The Justice Department's belated attack on a plan by two U.S. airlines to cooperate within a larger alliance of air carriers took many by surprise, but the Obama administration has indicated for months it planned a more aggressive approach to antitrust enforcement.
* Beazer Homes USA Inc (BZH.N) will pay up to $53 million to settle mortgage fraud charges related to federally insured mortgage loans the company made to buyers of its homes.
* Lear Corp (LEA.N), a maker of automotive seats and interior electronics, reached a tentative agreement with lenders to restructure its debt and said it plans to file soon for Chapter 11 protection.
