PRESS DIGEST – New York Times business news – Dec 17

Dec 17 (BestGrowthStock) – 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.

* Mark David Madoff, the older son of the convicted
swindler Bernard Madoff, Mark Madoff was trying to rebuild his
life, but the burdens of life as Bernie Madoff’s son — the
continuing suspicion from the public, the harsh accusations in
numerous lawsuits, and his exile from the world of Wall Street
— were steadily becoming unsustainable.

* Erik Prince, founder of the private security firm
formerly known as Blackwater Worldwide, has reached a deal to
sell his embattled firm to a small group of investors based in
Los Angeles who have close ties to Prince, according to people
briefed on the deal.

* The U.S. Food and Drug Administration said in a statement
that it planned to rescind Avastin’s accelerated approval for
the treatment of breast tumors.

* A recently recalled artificial hip made by a unit of
Johnson & Johnson (JNJ.N: ), designed to last 15 years or more,
is failing worldwide at unusually high rates after just a few
years. The brief and troubled life of the artificial hip —
known as Articular Surface Replacement — points to a medical
implant system that is piecemeal and broken on many fronts,
critics say.

* In an effort to calm fears of spreading financial
instability, European Union leaders agreed Thursday to create a
permanent support fund for the euro after 2013.

* Federal authorities arrested three employees of some of
the world’s largest technology companies on charges that they
leaked confidential corporate information. The charges are the
latest brought by the government in its rapidly expanding
investigation into insider trading on Wall Street.

* Shares of MasterCard Inc (MA.N: ) and Visa Inc (V.N: )
dropped after the U.S. Federal Reserve’s report went much
further than the 50 percent reduction that Wall Street analysts
had expected.

* A Commerce Department task force called for the creation
of a “Privacy Bill of Rights” for online consumers and the
establishment of an office within the department that would
work to strengthen privacy policies in the United States and
coordinate initiatives with other countries.

PRESS DIGEST – New York Times business news – Dec 17