Media Digest 9/3/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   The sell-off in Chinese stocks may be overdone based on earnings.

Reuters:   A report blamed the SEC for not doing its job investigating Madoff.

Reuters:   The Fed says the risks to the American economy have dropped.

Reuters:   A Pfizer (PFE) whistleblower made more than $51 million.

Reuters:   YouTube (GOOG) may stream movie rentals from major studios.

Reuters:   Morgan Stanley (MS), Moody’s (MCO), and S&P (MHP) must defend fraud claims involving subprime mortgages.

Reuters:   AIG (AIG) board members are concerned about its CEO’s comments to the media.

Reuters:   BP (BP) made a huge crude discovery in the Gulf of Mexico.

Reuters:   Cerberus will ban withdrawals from its new fund.

Reuters:   Berkshire Hathaway (BRK.A) and Leucadia National (LUK) will buy Capmark Financial Group’s mortgage operations.

WSJ:   Brazilian beef giant JBS is negotiating a $2.5 billion deal for Pilgrim’s Pride.

WSJ:   The WTO is expected to rule that European governments illegally aided Airbus.

WSJ:  “Treasury backed away from a standoff over the independence of the watchdog appointed to scrutinize how last year’s $700 billion financial bailout is being spent.”

WSJ:   The pace of monthly job losses is slowing.

WSJ:   The CFTC and SEC are seeking common ground

WSJ:   GM believe that Opel will get aid from three countries in Europe.

WSJ:   Cisco (CSCO) and EMC (EMC) may form a joint venture capital unit.

WSJ:   Amazon (AMZN) has criticized a legal settlement between Google (GOOG) and book publishers.

WSJ:   Nokia (NOK) will sell a premium-priced netbook.

WSJ:   The WTO will hand Boeing (BA) a win over Airbus.

WSJ:   The former president of Monster (MNST) was sentenced to prison for fraud.

WSJ:   The recovery in housing will be uneven.

WSJ:   Diane Sawyer will succeed Charles Gibson as anchor of ABC News (DIS).

WSJ:   Las Vegas Sands (LVS) raised new capital to help its troubled balance sheet.

WSJ:   GM expects 40% growth in China this year.

WSJ:   Wal-Mart (WMT) will pay some workers with debit cards.

NYT:   Customers of AT&T (T) are angry over the effect the Apple (AAPL) iPhone has on the telecom company’s  network.

NYT:   As older Americans keep jobs, jobs for the young are harder to find.

NYT:   The Administration is proposing larger reserves for banks, which will hurt profits.

FT:   Twenty percent of US shoppers are using coupons.

Bloomberg:   Sony’s (SNE) music player outsold the Apple (AAPL) iPod in Japan last month.

Douglas A. McIntyre