June 4 The following were the top stories in The
Wall Street Journal on Monday. Reuters has not verified these
stories and does not vouch for their accuracy.
* Pressure is growing on policy makers around the world as
investors react with increasing alarm to bad economic news.
Asian markets fell sharply early Monday.
* Facebook is developing technology that would allow
children younger than 13 to use the social networking site under
parental supervision, a step that could help the company tap a
new pool of users for revenue but also inflame privacy concerns.
* Federal investigators are scrutinizing a series of
conversations among MF Global employees shortly
before the firm erroneously told regulators that its customer
funds were safe.
* A federal prosecutor who helped lead a U.S. government
tax-evasion crackdown that has rattled the Swiss
offshore-banking industry is leaving the Justice Department for
a Washington law firm.
* At a time when the Fed looks persistently polarized,
Sandra Pianalto, president of the Federal Reserve Bank of
Cleveland, has positioned herself as a consensus seeker.
* Samsung Electronics is revealing launch plans for its
Galaxy S III smartphone for the U.S. market. It will be the
Korean company's first top-of-the-line phone to use the same
name at all four U.S. national wireless carriers.
* The Justice Department has grown increasingly restless
with the attorney fees -- often exceeding $1,000 an hour -- that
companies going through bankruptcy reorganization pay. On
Monday, the attorneys will press their case for the fees at a
public meeting in Washington.
* A federal agency that oversees JPMorgan Chase is
taking heat over how much it knew about risk-taking in the part
of the bank that suffered more than $2 billion in trading
Senator Sherrod Brown asked Comptroller of the Currency
Thomas Curry in a letter Friday for details about the
regulator's supervision of trading operations at the largest
U.S. bank by assets. Brown also wants more information about the
Office of the Comptroller of the Currency's "process for
reviewing trading operations" at JPMorgan and other big banks.