Media Digest 7/22/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Microsoft Corporation (NASDAQ: MSFT) beat Wall St.  expectations but it stock did not move.

Reuters:   The pay czar will criticize Goldman Sachs Group, Citigroup (NYSE: C), and JPMorgan Chase (NYSE: JPM) for high pay packages during the bank crisis.

Reuters:   A SEC watchdog will investigate the timing of the settlement with Goldman.

Reuters:   Several Spanish banks failed the stress test.

Reuters:   India built a $35 laptop.Reuters:   Amazon.com (NASDAQ: AMZN) missed profit targets as expenses rose.

Reuters:   The CEO of Nokia (NYSE: NOK) said talk about his departure should end.

Reuters:   Goldman says that 10 of the 91 banks tested in Europe will fail.

Reuters:   GM will buy AmeriCredit for $3.5 billion.

WSJ:   Walmart (NYSE: WMT) will put radio tags in some clothes to track use after they are bought.

WSJ:   UBS is trying to rebuild itself.

WSJ:   The SEC said bond sales could go ahead without credit rating agency reviews.

WSJ:   An inspector said the FAA ignored warnings about Northwest.

WSJ:   Geithner says taxes on the wealthy will rise.

WSJ:   Home sales dropped as tax credits expired.

WSJ:   China may publish new rules about the value of the yuan.

WSJ:   Boston Scientific (NYSE: BSX) issued a warning about some of its implantable heart defibrillators.

WSJ:   John Paulson and Barton Biggs may launch European funds.

NYT:   The Fed may worry about holding mortgage bonds that could lose their value.

NYT;   NY State sued Bank of America (NYSE: BAC) and Merrill over pension losses from the merger.

FT:   The ECB chief called for global government spending cuts and tax increases.

Bloomberg:   Goldman Sachs used three counter-parties to hedge against the risk of an American International Group (NYSE: AIG) failure.

Bloomberg:   Stress test will be viewed as successful based more on the details disclosed than the number of failures.

Bloomberg:   Smuggled iPads are about to hit China.

Douglas A. McIntyre