PRESS DIGEST – Wall Street Journal – March 31

March 31 (Reuters) – The following were the top stories in
The Wall Street Journal On Thursday. Reuters has not verified
these stories and does not vouch for their accuracy.

* David Sokol, widely seen as the leading contender to
succeed billionaire Warren Buffett at the helm of Berkshire
Hathaway Inc (BRKa.N: Quote, Profile, Research), resigned unexpectedly amid surprising
revelations about his personal stock trading.

* A new memoir by Microsoft Corp co-founder Paul
Allen is rewriting the history of one of the most storied
partnerships in modern business, making clear that Bill Gates
and Mr. Allen had a far more fractious and difficult
relationship than is publicly known.

* Google Inc , in a social-networking move aimed at
Facebook, plans to allow people to reorder the way websites are
ranked through its searches based on what they and their friends
like or find useful.

* Securities regulators have broadened their probes into
whether Wall Street sold a complex type of bond without fully
disclosing the drawbacks to individual investors.

* Johnson & Johnson is revamping the troubled unit
that makes Tylenol and giving it new leadership in an effort to
fix quality problems that have prompted multiple recalls.

* Galleon Group founder Raj Rajaratnam had a secret pipeline
into the boardroom at Goldman Sachs Group Inc , allowing
the hedge fund to dodge in and out of the investment bank’s
shares at times of peak uncertainty among most investors, jurors
heard Wednesday.

* U.S. Treasury Secretary Timothy Geithner argued forcefully
for flexible exchange rates at an international financial summit
in Nanjing Thursday, characterizing the mismatch between fixed
and floating exchange rates as “the most important problem to
solve in the international monetary system today.”

* In his final day on the job, a federal bailout watchdog
squabbled publicly with a Treasury official over the legacy of
the $700 billion Troubled Asset Relief Program as both
individuals testified before lawmakers.

* The former wife of SAC Capital Advisors founder Steven A.
Cohen can’t pursue a lawsuit against the hedge-fund manager, a
judge has ruled.

* Ireland’s central bank on Thursday is expected to unveil
the results of “stress tests” of four major lenders. Analysts
expect the exams will show the banks need upward of 20 billion
euros ($28 billion) in additional capital. That is likely to
leave the Irish government as majority owner of virtually the
entire banking sector.

* The Obama administration announced with much fanfare last
fall that it would set aside $30 billion for a program to revive
small-business lending. But only 7 percent of banks have
participated in it.

* News Corp said it promoted James Murdoch to
deputy chief operating officer, elevating him to a role that
could prepare him to eventually run the media conglomerate,
according to people familiar with the matter.

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

PRESS DIGEST – Wall Street Journal – March 31