PRESS DIGEST – Wall Street Journal – May 7

May 7 (BestGrowthStock) – The following were the top stories in The
Wall Street Journal on Friday. Reuters has not verified these
stories and does not vouch for their accuracy.

* A WSJ examination of oversight by the Minerals and
Management Service — now caught up in the Deepwater Horizon
crisis — shows the agency gave the oil industry an increasing
voice in its own regulation.

* The stock market plunged Thursday in a harrowing
five-minute selloff that appeared to be triggered by a
breakdown of trading systems. A number of high-frequency firms
stopped trading Thursday in the midst of the market plunge,
possibly adding to the market’s unprecedented selloff.

* Goldman Sachs Group Inc (GS.N: ) lawyers met this week with
representatives of the Securities and Exchange Commission in a
first step toward a potential settlement of the agency’s fraud
lawsuit against the securities firm. The two sides remain far
apart.

* Last-minute maneuvering in the Senate allowed the Federal
Reserve to sidestep legislation that would have exposed its
interest-rate decision-making to congressional auditors.

* A group of private-equity firms led by Blackstone Group
(BX.N: ) are in talks to acquire financial-data-processing
company Fidelity National Information Services Inc (FIS.N: ), in
what would be the largest leveraged buyout since the credit
crisis struck three years ago.

* The head of the Federal Communications Commission on
Thursday outlined a proposal for regulating the Internet that
he described as a “third way,” or middle ground between
“heavy-handed” regulation and a do-nothing approach that could
hurt competition and leave consumers unprotected.

* Greece’s parliament passed a package of austerity
measures on Thursday, a key condition of its 110 billion euros
($145 billion) financial rescue, as thousands of protesters
demonstrated outside the chamber, some hurling firebombs and
clashing with police.

* Car-parts maker Magna International Inc (MGa.TO: ) on
Thursday unexpectedly unveiled a plan to consolidate its
ownership structure in a way that would significantly loosen
control by the company’s flamboyant founder, Frank Stronach.

* California’s attorney general has alleged that a former
top executive and a former board member at California Public
Employees’ Retirement System (Calpers) accepted trips,
champagne and other gifts from another former board member
trying to secure investments from the giant California public
pension fund.

* The five-year legal battle between the billionaire Ambani
brothers is expected to come to an end after India’s Supreme
Court issues a ruling, expected Friday, in a case that has
captivated corporate India and highlighted the issue of
government control over the country’s natural resources.

* Federal Reserve officials have agreed to sell some of the
central bank’s $1.1 trillion of mortgage-backed securities at
some point, but have been unable to reach a firm consensus on
how soon or how aggressively to do that.

* Retailers reported soft sales in April, a fresh sign that
recovery in consumer spending remains gradual and uneven.

* Mall giant Simon Property Group Inc (SPG.N: ) on Thursday
raised its bid to acquire General Growth Properties Inc (GGP.N: )
in a “last and final” effort to sway its rival from going
forward with a competing offer to finance its exit from
bankruptcy.

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PRESS DIGEST – Wall Street Journal – May 7