PRESS DIGEST – New York Times business news – April 1

April 1 (Reuters) – The following were the top stories in
The New York Times business pages on Friday. Reuters has not
verified these stories and does not vouch for their accuracy.

* John Paulson, who rose to fame in 2007 with a prescient
bet against subprime mortgages, earned a record $4.9 billion in
2010 as a result of a big wager that his fund, Paulson &
Company, made on gold. Other managers reaped big paychecks as
their funds earned single-digit returns

* The carefully cultivated image of Warren E. Buffett is at
risk of being tarnished by a disclosure that he knew one of his
top executives had bought shares in a company that Mr. Buffett
was going to buy.

* The Securities and Exchange Commission is weighing whether
to formally investigate David Sokol’s purchases of stock in the
company, Lubrizol , according to a person briefed on the
matter who was not authorized to speak publicly.

* Regulators have approved generous executive compensation
at Fannie Mae and Freddie Mac , the
taxpayer-backed mortgage finance giants, with little scrutiny or
analysis, according to a report published Thursday by the
inspector general of the Federal Housing Finance Agency.

* A new study shows how much income it takes to meet basic
needs without relying on public subsidies.

* The Federal Reserve’s huge lending programs, which saved
Wall Street in the fall of 2008, also benefited a wide range of
other financial companies, including community banks, credit
unions and foreign banks, according to documents released by the
central bank on Thursday.

* As radiation spreads in Japan from crippled nuclear
reactors, with workers at the Fukushima Daiichi nuclear plant
potentially exposed to extremely hazardous levels, experts say
that progress has been made in developing treatments for
radiation poisoning. But there is still much work to do.

* A higher-than-expected budget deficit in Portugal and the
need for more money to rescue Ireland’s failing banks have
renewed fears that Europe’s debt crisis is worsening despite its
sizable bailout fund.

* Treasury Secretary Timothy F. Geithner urged China again
on Thursday to adopt a more flexible exchange rate policy,
saying failing to do so could worsen inflation in China and
impede growth in other parts of the world.

* Raj Rajaratnam’s lawyer implied that Adam Smith, a
government witness, had divulged that he had participated in an
insider trading scheme only to try lessen his own sentence.

* Lionsgate, the studio behind the critically acclaimed AMC
drama “Mad Men,” said Thursday that it had signed a long-term
deal with the creator of the series, Matthew Weiner.

* Boeing received at least $5.3 billion in improper
subsidies from the United States government to develop its 787
Dreamliner and other jet models, giving it an unfair advantage
against its European rival, Airbus, the World Trade Organization
confirmed in a report published Thursday.

* Time Warner Cable on Thursday abruptly removed
several channels from its app that replicates the TV viewing
experience on an iPad.

* The United Automobile Workers union, whose ranks have been
decimated by decades of job cuts at the Detroit carmakers,
gained members last year for the first time since 2005.

* Vodafone , the British mobile phone giant, said
Thursday that it would pay $5 billion in cash for the Essar
Group’s one-third stake of an Indian joint venture.

(Compiled by Mary Meyase; Bangalore Equities Newsdesk +91 80;
4135 5800; within U.S. +1 646 223 8780)

PRESS DIGEST – New York Times business news – April 1