Media Digest 12/24/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, authorities do not think Madoff could have acted alone.

Reuters show that the US is sinking deeper into recession.

Reuters reports that the SEC defended it response to the economic turmoil.

Reuters reports that CIT (CIT) and American Express (AXP) received banking status.

Reuters reports that shares in Toyota (TM) dropped after its said it would have an operating loss.

Reuters reports that Wal-Mart (WMT) has settled a major wage dispute and will take an earnings charge.

Reuters writes that banks are cutting dividends.

Reuters reports that Treasury has added to its investments in banks.

The Wall Street Journal writes that the SEC may bring and enforcement action against New York investment company Reserve Management.

The Wall Street Journal reports that retailers want in on the stimulus plan.

The Wall Street Journal reports that tight credit is hurting the housing market.

The Wall Street Journal reports that Toyota (TM) faces a change in leadership.

The Wall Street Journal reports that sales of notebooks are now greater than desktop PCs.

The Wall Street Journal reports that Micron (MU) posted a $706 million net loss.

The Wall Street Journal reports that Cerberus, majority owner of Chrysler, is blocking withdrawals from its fund.

The Wall Street Journal reports that JPMorgan (JPM) is looking at cast off from other firms.

The Wall Street Journal reports that Cablevision (CVC) debt may have reasons for comfort.

The Wall Street Journal reports that Las Vegas Sands (LVS) cut 500 jobs in Macao.

The Wall Street Journal reports the LL Bean may face cutbacks.

The Wall Street Journal reports that Time Warner (TWX) is facing what it should do with its huge cash position.

The New York Times reports that gas producing countries are trying to become more like OPEC with help from Russia.

The New York Times reports that home sales fell sharply in November.

The New York Times writes that if GMAC becomes a bank, it will be able to issue more car loans.

The New York Times reports that Starbucks (SBUX) lost a round in trying to keep out unions.

The New York Times reports that oil is steady at around $39.

The FT reports that Blackstone (BX) will liquidate a hedge fund.

The FT reports that cocoa hit a 23-year high

Bloomberg reports that GM (GM) has pushed its negotiations with the UAW and creditors to January.

Douglas A. McIntyre