Media Digest 10/8/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, US markets fell to five-year lows.

Reuters writes that Wells Fargo (WFC) could end up with over 75% of Wachovia;s (WB) deposits.

Reuters reports that Morgan Stanley’s (MS) deal to get capital from Mitsubishi UFJ was approved by the government but MS shares fell as much as 35% on concerns about the deal.

Reuters reports that the UK poured money into banks and Hong Kong slashed interest rates.

Reuters writes that Citigroup (C) is looking for partners in its bid for Wachovia.

Reuters reports that Alcoa’s (AA) third quarter net dropped sharply.

Reuters reports that "speculation is swirling that Beijing could also chip in with a vote of confidence by pledging to hold onto its vast dollar assets and even buy more to help fund the massive bailout of the U.S. financial system."

The Wall Street Journal reports that Bank of America (BAC) struggled to find buyers for its new common stock offering.

The Wall Street Journal reports that Pfizer (PFE) "marketers urged the suppression of medical studies that reached unfavorable conclusions about the effectiveness of the company’s big-selling drug Neurontin."

The Wall Street Journal writes that Congress grilled AIG;s (AIG) former CEOs.

The Wall Street Journal reports that home heating oil prices will surge this winter.

The Wall Street Journal reports the about one in six US homeowners are "underwater" on their mortgages.

The Wall Street Journal reports that the UK plans to buy equity in the country’s largest banks.

The Wall Street Journal reports that US export growth is expected to be badly hurt in coming months.

The Wall Street Journal reports that luxury stores are getting ready for a sharp slowdown.

The Wall Street Journal reports that Abu Dhabi made another huge investment in AMD (AMD).

The New York Times reports that, as their bonds fail, states are turning to the US government for cash.

The New York Times reports that the credit crisis is making some people pay cash for cars.

The New York Times reports that Google’s (GOOG) is being set up so that users can buy songs the way they do with Apple (AAPL) iTunes.

The FT writes that Russia is loaning its banks $37 billion.

The FT reports the Citi CEO defended his deal to buy Wachovia although he appears to have been bested by Wells Fargo.

The FT reports that VW has passed Toyota (TM) as the world’s largest car company based on market cap.

Bloomberg writes that the credit crisis is hurting oil prices by cutting demand.

Douglas A. McIntyre