PRESS DIGEST – New York Times business news – April 14

April 14 (BestGrowthStock) – The following were the top stories in
the New York Times business pages on Wednesday. Reuters has not
verified these stories and does not vouch for their accuracy.

* In a rebuff to the Obama administration, two big banks on
Tuesday drew a line in the sand on cutting the mortgage
balances of beleaguered homeowners, saying that the tool would
be applied sparingly. An official at JPMorgan Chase & Co
(JPM.N: ) said mortgage reductions could reward households for
taking on more debt than they could afford and was simply
unworkable.

* Toyota Motor Corp (7203.T: ) quickly suspended sales of its
2010 Lexus GX 460 sport utility vehicle on Tuesday after
Consumer Reports magazine warned buyers that the model had a
dangerous handling problem that could lead to a rollover and
possibly “serious injury or death.”

* The UnitedHealth Group Inc (UNH.N: ), one of the nation’s
largest health insurers, is teaming up with the Y.M.C.A. and
retail pharmacies to try a new approach to one of the nation’s
most serious and expensive medical problems: Type 2 diabetes.

* Representative Barney Frank publicly rebuked a former
aide this month for taking a job with a big Wall Street firm
right after drafting a regulation that could affect the way the
firm does business. Mr. Frank described it as an unusual
transgression, one that embarrassed others working on the
legislation and created at least the appearance of a conflict
of interest.

* The Senate Republican leader, Mitch McConnell of
Kentucky, criticized the Democrats’ plans to regulate Wall
Street as arrogant and partisan, echoing the recent health care
fight in which he accused Democrats of carrying out a
government takeover.

* Genetically engineered crops have provided “substantial”
environmental and economic benefits to American farmers, but
overuse of the technology is threatening to erode the gains, a
national science advisory organization said Tuesday in a
report.

* Intel Corp (INTC.O: ) said on Tuesday that its net income
in the first quarter nearly quadrupled over last year and
reflected an overall bump in business spending on technology.

* Trade data on Tuesday provided another piece of evidence
that spending by consumers and businesses was picking up,
bolstering hopes that the recovery was gaining momentum.

* The former chief executive of the largest United States
bank ever to fail told a Senate hearing on Tuesday that his
company had been treated unfairly and “should have been given a
chance” to survive the crisis that engulfed the financial
system in September 2008.

* The Democratic chairwoman of the Senate Agriculture
Committee said on Tuesday that she would propose legislation
requiring nearly all users of derivative contracts to trade on
centralized exchanges and possibly ordering banks to segregate
their business in derivatives into separate subsidiaries.

Money

PRESS DIGEST – New York Times business news – April 14