Media Digest 10/6/2008 Reuters, WSJ, NYTimes, Bloomberg

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According to Reuters, regulators around the world are trying to shore up the banking system.

Reuters reports that the Fed is trying to broker a deal for whether Citigroup (C) or Wells Fargo (WFC) will buy Wachovia.

Reuters writes that Eli Lilly (LLY) is set to buy Imclone for $6.1 billion.

Reuters reports that Paulson is in the process of signing up money management firms to oversee the buying and management of troubled bank assets.

Reuters writes that Bank of America (BAC) is ready to pay $8.6 billion to state attorneys general to settle claims over Countrywide loans.

Reuters reports that UBS has lowered its forecast for China 2009 GDP growth to 8%.

Reuters writes that BNP Paribas took control of Fortis and Belgium will be the failed bank’s largest shareholder.

The Wall Street Journal writes that the question has come up whether Lehman’s behind-the-scenes maneuvering may have mislead clients and shareholders.

The Wall Street Journal reports that the market for IPOs is dead and will continue to be that way for the foreseeable future.

The Wall Street Journal reports that big discounts are not bringing in worried retail shoppers.

The Wall Street Journal writes that China will test short selling and margin lending to try to support its equity markets.

The Wall Street Journal reports that corporate stock buybacks are starting to test the concept of value.

The Wall Street Journal writes that Disney’s (DIS) earnings magic may be starting to wear thin.

The Wall Street Journal reports that India is becoming a major manufacturing hub for some of the world’s largest automakers.

The Wall Street Journal reports that Starbucks (SBUX) is setting up a system so that fewer workers will work more hours allowing the chain to cut employees.

The Wall Street Journal reports that a new chip technology is a key to Sandisk’s (SNDK) future.

The New York Times writes that shoppers are reducing spending for the holiday season.

The New York Times reports that Warren Buffett is very much like turn-of-the-Century banker JP Morgan.

The New York Times reports that the Google (GOOG) to sell advertising for Yahoo! (YHOO) is facing more resistance from large advertisers.

The FT reports that the Fed is under pressure to do more to ease the credit crisis.

The FT reports that Lehman failed to convince the Fed of its survival plan.

Bloomberg reports that the Fed may now face a credit crisis involving large corporations and states.

Douglas A. McIntyre