PRESS DIGEST – New York Times business news – Dec 14

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

* Lawsuits filed by the trustee seeking money for Bernard
Madoff’s victims are catnip for a breed of traders speculating
on the bankruptcy case’s outcome.

* To many manufacturing companies, the tax cut proposal now
being considered in Washington may be just enough to spur
additional spending and hiring. Tax cuts intended for
businesses are a relatively small part of the $858 billion tax
bill scheduled for a final vote in the Senate as early as
Tuesday.

* Thomas Hoenig, the president of the Federal Reserve Bank
of Kansas City, fears that the U.S. Federal Reserve’s efforts
to move the recovery along quickly will create the conditions
for repeating past mistakes, like spurring inflation.

* Popular music blogs shut down by the government in a
Thanksgiving weekend crackdown on online piracy often operate
with the tacit aid and approval of major labels.

* Mikhail Prokhorov, the Russian billionaire who bought the
New Jersey Nets basketball team, introduced another pet project
on Monday: a Russian-designed hybrid electric car.

* A panel created by the Institute of Medicine to study
patient safety and health information technology will meet for
the first time on Tuesday.

* Companies from China are listing on stock exchanges in
the United States, but some wonder whether this boom has the
makings of a bubble.

* Amgen Inc’s (AMGN.O: ) bone drug denosumab delayed the
spread of prostate cancer to bones in a clinical trial, the
company said late Monday. However, the drug did not prolong the
lives of men.

* The Treasury Department’s loan modification program,
which has been criticized as ineffective almost since its
inception, came in for another battering in a Congressional
report released Tuesday. Only about 750,000 households will be
helped by the Home Affordable Modification Program, which pays
banks to modify loans under Treasury guidelines. That is far
fewer than the three million or four million modifications
promised in early 2009 by the Obama administration, the
Congressional Oversight Panel said.

PRESS DIGEST – New York Times business news – Dec 14