Media Digest 9/4/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, NY State sent subpoenas to Bank of Americ (BAC) executives over auction-rate securities.

Reuters reports the Boeing’s (BA) machinist union voted to strike but stay on the job two days to see if a settlement can be reached.

Reuters writes that Mitsubishi UFJ said it had no plans to invest in Lehman (LEH).

Reuters writes that US car makers has a poor August but there were some signs of hope.

Reuters writes that GMAC cut 5,000 workers at its Rescap unit.

Reuters writes that a fear of a slowdown in the China economy could lead to measures which would increase inflation.

The Wall Street Journal reports that BP (BP) is expected to sign a deal settling a bitter conflict with its Russian partners in TNK-BP.

The Wall Street Journal writes that the CFTC is investigating whether energy-market players are issuing false data.

The Wall Street Journal reports that the Fed Beige Book shows more slowing of the economy.

The Wall Street Journal reports that the International Air Transport Association says that airlines could lose over $5 billion this year.

The Wall Street Journal writes that while online search advertising is growing, display advertising is showing more modest increases.

The Wall Street Journal reports that commercial paper markets may be improving.

The Wall Street Journal reports that Microsoft (MSFT) cut its Xbox prices.

The Wall Street Journal reports that Pfizer (PFE) will invest over $700 million to develop an Alzheimer’s drug.

The Wall Street Journal reports that a Medtronic spine repair treatment has been linked to dangerous side effect.

The New York Times reports that Cerberus Capital investments in Chrysler and GMAC are in trouble.

The New York Times reports that consumer spending was weak in August.

The New York Times writest that Liberty Media will make its piece of DirecTV publicly traded.

The FT writes that the US will challenge China over steel prices.

The FT writes that Google (GOOG) sees its new browser as a defensive move.

The FT reports that rising costs will hurt oil company profits.

Bloomberg reports that an effort by Merrill Lynch (MER) is facing difficulty because the company wants too high a price.

Douglas A. McIntyre