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Merrill Lynch, Goldman Sachs Pressured to Settle Claims

By David Mildenberg
Bloomberg News
Saturday, August 16, 2008; D02

New York State Attorney General Andrew M. Cuomo stepped up pressure yesterday on Merrill Lynch and Goldman Sachs to settle claims that they misled investors in auction-rate securities after Wachovia agreed to buy back about $9 billion of the bonds.

Merrill faces an "imminent" lawsuit from New York because the company's offer last week to buy back about $10 billion of the debt isn't satisfactory, Cuomo said during a news conference. New York has subpoenaed about 25 firms involved in sales of auction-rate securities, including five that have already settled, he said.

Reuters - Lehman Brothers is in talks for potential sale of its $40 billion portfolio of commercial real estate and securities in an effort to bolster its finances following costly credit-related write-downs, the Financial Times said in its online edition.

Reuters - Regulators upheld a record $10.2 million fine against Southwest Airlines Co for alleged safety violations and want payment this month, the U.S. Federal Aviation Administration said on Friday.

Reuters - Bolstered by falling oil prices and a rising dollar, U.S. stocks could extend their modest gains next week, even in the face of still troubling consumer- and housing-related data.

By Annys Shin
Washington Post Staff Writer
Friday, August 15, 2008; D01

Over the past decade, millions of consumers, including Oprah, have come to swear by Airborne -- fizzy orange tablets containing vitamins, herbs and minerals that its makers for years said keeps cold germs at bay.

Gena Crowe of Fairfax says she doesn't get on a plane without it. "If I feel like a sore throat is coming on," she said, "it seems to take it away."

Reuters - Candy maker Hershey Co said on Friday it was raising U.S. prices by roughly 10 percent and warned that the higher cost of ingredients such as cocoa, corn sweetener, sugar and peanuts would weigh on profits.

AP - The lower profits and muted outlooks this week from retailers such as J.C. Penney Co., Macy's Inc. and Nordstrom Inc. are heightening concerns among investors that shoppers' focus on necessities and buying at discounters could linger well into next year.

AFP - US stocks closed narrowly mixed Friday as falling oil prices tamped down inflation worries and the dollar continued to rally on mounting signs of a slowing global economy.

Reuters - Two top Federal Reserve officials on Friday voiced concern about weak U.S. economic growth for the rest of 2008 and said inflation, while a worry, should start to fade over time.

Reuters - J.C. Penney Co Inc and Abercrombie & Fitch Co reported quarterly profits that beat Wall Street expectations on Friday, but came up short in their earnings forecasts, joining other U.S. retailers who fear a deeper slowdown in consumer spending toward year's end.