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

According to Reuters, a survey of sovereign wealth funds found concerns about their investment is overblown.

Reuters reports that Verizon Wireless (VZ)(VOD) will buy Alltel for over $28 billion.

Reuters reports that AIG (AIG) faces an SEC probe on subprime mortgage contracts

Reuters writes that Fed officials are split on its role as a market savior.

Reuters writes that UBS (UBS) may have to reveal client names in a probe of its practices in the US.

The Wall Street Journal writes that problems with many banks will get worse as they deal with home and condo loans.

The Wall Street Journal writes that National City (NCC) is under scrutiny by US regulators.

The Wall Street Journal writes that a survey of soveign fund practices finds that they often take controlling intersting in the companies that they put money into.

The Wall Street Journal writes that Ambac (ABK) and MBIA (MBI) were downgraded from the AAA ratings.

The Wall Street Journal writes that S&P, Moddy’s (MCO), and Fitch agreed to change their ratings practices.

The Wall Street Journal writes that job cuts have made the car companies in Detroit nearly as productive as Japanese rivals.

The New York Times says one in eleven mortgage holders face payment problems.

The New York Times reports that sales soared at Take-Two (TTWO).

The FT says the head of BP (BP) has asked Russia to abide by the rule of law in management of its oil firms.

The FT writes that European banks have been hit harder by the credit crisis that those in the US.

The FT writest ath GM (GM) has defended its reliance on SUVs.

Bloomberg writes that Lehman (LEH) may raise it capital leve by as much as $5 billion.

Bloomberg writes that a Brazilian oil field may cost up to $240 billion to develop.

Douglas A. McIntyre