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PRESS DIGEST-New York Times business news - Feb 26
February 26, 2014 / 6:51 AM / 4 years ago

PRESS DIGEST-New York Times business news - Feb 26

Feb 26 (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.

* The apparent collapse of Bitcoin’s best-known and once-dominant trading platform has provoked outrage among its users, but it has also stirred hopes that the way may now be clear for more established players to transform and rein in a largely unregulated market. ()

* U.S. orders tests on oil shipments as recent accidents have drawn attention to the risks of shipping large quantities of crude oil in unpressurized railcars. ()

* The proposal by the top Republican on the House Ways and Means Committee to overhaul and simplify the nation’s tax code is already coming under scrutiny from fellow Republicans, with at least one party leader, Senator Mitch McConnell of Kentucky, saying the plan has no chance. ()

* Seventeen brokerage firms, including Citigroup, Goldman Sachs, JPMorgan Chase & Co and Merrill Lynch, have agreed to stop participating in money management surveys aimed at tapping into research analysts’ changing views on companies before those opinions are publicly issued. ()

* A report by a Senate subcommittee said Swiss bank Credit Suisse helped customers hide assets from taxation by the United States, and also accused American law enforcement of dragging its feet. ()

* Bank of America said that it was facing new investigations related to its activities in foreign currency exchange markets as well as its handling of government-backed mortgages in the United States. ()

* Morgan Stanley has tentatively agreed to pay $275 million to resolve a federal securities investigation related to subprime mortgage bonds the investment firm underwrote in 2007.

* Steven Cohen, the billionaire hedge fund owner, is looking to hire a former prosecutor or securities regulator to monitor trading at his investment firm after the federal government’s insider trading investigation. ()

* Standard & Poor’s is seeking information about certain meetings between President Obama and Timothy Geithner in 2011, hoping the details will help show that a lawsuit filed by the government in 2013 against the company was done in retaliation for a ratings downgrade of American debt. ()

* Hedge fund Elliott Management raised its bid for Riverbed Technology on Tuesday and continued to criticize the networking equipment company for failing to begin a process to sell itself. ()

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