PRESS DIGEST – New York Times business news – Aug 23

Aug 23 (BestGrowthStock) – The following were the top stories in
The New York Times business pages on Monday. Reuters has not
verified these stories and does not vouch for their accuracy.

* The stock market mysteriously plunges 600 points — and
then, more mysteriously, recovers within minutes. Over the next
few weeks, analysts at Nanex, an obscure data company in the
suburbs of Chicago, examine trading charts from the day and are
stunned to find some oddly compelling shapes and patterns in
the data.

* Accused of securities fraud in a 78-page complaint, the
Wyly brothers –Texas billionaire Sam Wyly and his brother,
Charles — say they were victims of bad advice.

* Housing will eventually recover from its great swoon. But
many real estate experts now believe that home ownership will
never again yield rewards like those enjoyed in the second half
of the 20th century.

* Warning about a potential threat to national security,
eight Republican lawmakers have asked the Obama administration
to scrutinize a bid by one of the biggest corporations in China
to supply telecommunications equipment to Sprint Nextel Corp
(S.N: ) in the United States.

* The Dish Network Corp (DISH.O: ) this week will begin
offering a video portal called, becoming the
latest distributor to provide online benefits to paying

* Only a handful of viewers may know it so far, but a
24-hour cable news station sponsored by the Russian government
is making inroads in American cable markets.

* This month, the National Association of Broadcasters
released what it described as a framework of a deal in which
stations would pay a total of about $100 million a year in
performance fees.

* While broadband adoption for Americans finally slowed
over all last year after double-digit growth each of the
previous five years, with two-thirds now connected, usage among
African-Americans jumped 22 percent this year over 2009,
according to a Pew report.

* With renewed economic uncertainty, American investors
have withdrawn a staggering $33.12 billion from stock market
mutual funds so far this year.

* The Federal Trade Commission alleges in a civil case that
scammers placed more than $10 million in small, bogus charges
on consumers’ credit and debit cards.

* Since foreclosures started to rise sharply in 2007,
struggling borrowers have been offered a lot of help online.
Some is well-meaning, but some is simply a scam in the form of
expensive “debt relief” services that may be offered free

* Kenneth R. Feinberg, the man tapped to dole out BP’s Plc
(BP.L: ) $20 billion oil spill compensation fund, has been down
this path before. As the special master who administered the $7
billion Sept. 11 Victim Compensation Fund, he wrestled with
visceral questions of how much money each victim of the attacks
was entitled to, and succeeded in persuading the families of a
vast majority of the victims to accept cash settlements rather
than file lawsuits.

PRESS DIGEST – New York Times business news – Aug 23