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PRESS DIGEST - Wall Street Journal - Oct 10
October 10, 2012 / 6:15 AM / 5 years ago

PRESS DIGEST - Wall Street Journal - Oct 10

Oct 10 (Reuters) - The following are the top stories in the Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* The government sued Wells Fargo & Co, accusing the biggest U.S. mortgage lender of “reckless” lending and leaving a federal insurance program to pick up the tab.

* The boards of Airbus parent EADS and British defense giant BAE Systems Plc met late Tuesday to discuss their proposed merger before a critical deadline, as senior European officials cited progress in government talks on how the deal would be structured.

* Mitt Romney is putting a new emphasis on visiting counties that voted for President Barack Obama in 2008, as he urges Republicans in swing states to help him push the president’s supporters to switch sides.

* German Chancellor Angela Merkel, making her first visit to Athens since Europe’s debt crisis began in late 2009, on Tuesday said she saw “light at the end of the tunnel” for Greece as the debt-stricken country battles through a painful austerity program aimed at restoring its fiscal health.

* Goldman Sachs Group Inc is lobbying regulators to exempt investment vehicles known as credit funds from the “Volcker rule” in a bid to preserve the firm’s lucrative merchant-banking unit.

* France, Spain and several other euro-zone governments won’t hit budget deficit targets agreed to with European authorities, the International Monetary Fund said Tuesday, setting the stage for a contentious debate over whether the governments should pursue more cuts or allow the targets to slip.

* Aluminum maker Alcoa Inc reported a net loss of $143 million for the third quarter, partly reflecting the costs of settling a four-year legal battle over bribery allegations, but results were modestly better than Wall Street’s forecasts.

* A judge approved a $71.5 million settlement Tuesday with former partners of defunct law firm Dewey & LeBoeuf LLP, giving the green light to a plan whose speedy resolution could set a new benchmark for unwinding failed partnerships.

* The biggest U.S. banks will have to run two internal “stress tests” each year and publish some of the results on their websites under new rules that enshrine the examinations as a central plank of post-crisis industry oversight.

* True Religion Apparel Inc is putting itself up for sale, as the fading maker of premium jeans looks for help to boost its growth.

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