PRESS DIGEST – Wall Street Journal – Oct 21

Oct 21 (BestGrowthStock) – 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.

* A legal subspecialty called foreclosure defense has
sprung up, in which attorneys take depositions from employees
of lenders to uncover flaws in their process.

* Goldman Sachs Group Inc (GS.N: ) is considering repaying a
$5 billion investment from Warren Buffett’s Berkshire Hathaway
Inc (BRKa.N: ) that bolstered the securities firm during the
worst of the financial crisis.

* U.S. Treasury Secretary Timothy Geithner said he would
use weekend meetings of G-20 finance ministers to advance
efforts to “rebalance” the world economy so it is less reliant
on U.S. consumers.

* Credit Suisse (CSGN.VX: ) third-quarter net profit
shrivelled to $627.8 million on low investment-banking volumes
and subdued activity by wealthy private clients.

* A key plank of the U.S. financial overhaul, aimed at
preventing a potential collapse of a large financial firm, is
being complicated by international disagreement over what, if
any, additional steps such firms should take to withstand
potential losses.

* The federal regulator overseeing Fannie Mae (FNMA.OB: ) and
Freddie Mac (FMCC.OB: ) hired a law firm specializing in
litigation as the agency considers how to move forward with
efforts to recoup billions of dollars on soured mortgage-backed
securities.

* China’s gross domestic product rose 9.6 percent from a
year earlier in the third quarter, slowing from 10.3 percent
growth in the second quarter, official data issued Thursday
show, as the government withdrew stimulus and took measures to
cool sectors such as the property market.

* General Mills Inc (GIS.N: ) said it will increase prices
next month on a quarter of its breakfast cereals as a result of
rising grain and other commodity prices, illustrating the
pressures more companies face to pass along sharply higher
costs on everything from corn to copper.

* Checking the credit histories of job applicants — a
common practice among employers — is coming under fire. Four
states have passed laws in the past three years that limit the
practice, and similar bills have been introduced in 20 other
states and Congress. The issue has surfaced in the wake of the
recession, which has left many unemployed workers with tattered
credit.

* An administrative law judge at the Commodity Futures
Trading Commission heard and decided cases during a period when
his wife said he struggled with mental illness and alcoholism,
court records show. Administrative law judge George Painter, 83
years old, issued rulings as recently as February 26.

* In a bold gambit to tackle its record debt, the British
government detailed sweeping spending cuts Wednesday that will
hit everyone from welfare recipients to the Queen, positioning
the U.K. as a global test case in the argument for choosing
austerity over stimulus to repair the economy.

* Apple Inc (Read more about Apple stock future.) (AAPL.O: ) moved to infuse its Macintosh
computers with popular features from its newer iPhones and
iPads, including a new online store for Mac applications.

PRESS DIGEST – Wall Street Journal – Oct 21