The Federal Reserve is under pressure to offer solutions to falling markets and a slow economy. (Reuters)

The Swiss franc hits a record against the euro. (Reuters)

Bank of America (NYSE: BAC) sued by AIG (NYSE: AIG) for “massive fraud” in sales of mortgage-backed paper. Citigroup (NYSE: C) and Goldman Sachs (NYSE: GS) may also face legal action. (Reuters)

Hackers hit Oracle (NASDAQ: ORCL). (Reuters)

The ITC may consider Apple’s (NASDAQ: AAPL) accusations against HTC. (Reuters)

A fire in London may hurt delivery of some Sony (NYSE: SNE) products. (Reuters)

HSBC (NYSE: HBC) may sell its U.S. credit card business. (Reuters)

A strike by unions against Verizon (NYSE: VZ) escalates into harsh words. (WSJ)

The ECB purchase of Italy and Spanish bonds push their yields down further. (WSJ)

Companies which rely on U.S. contracts may need to tighten expenses. (WSJ)

Tokyo Electric Power lost $7.4 billion in the last quarter. (WSJ)

Transatlantic Holdings may sell to Berkshire Hathaway (NYSE: BRK) if the Buffett firm offers a higher price. (WSJ)

The price of corn is now higher than wheat, an unusual circumstance. (WSJ)

Take-Two Interactive (NASDAQ: TTWO) posts an unexpected loss. (WSJ)

Oil futures hit their highest level in 9 months. (WSJ)

Exxon Mobil (NYSE: XOM) will sell some natural gas rights in Indonesia because of human rights issues there. (WSJ)

Treasury yields drop after the S&P downgrade of the U.S. to AA+. (WSJ)

Worries about sovereign debt move to France. (WSJ)

MGM Resorts (NYSE: MGM) results improve as Las Vegas posted a modest recovery. (WSJ)

Hedge funds have aggressively sold company equities and debt. (WSJ)

Freddie Mac posts a $2.1 billion loss during the second quarter, an improvement from last year. (WSJ)

The stock market drop could kill consumer confidence. (NYT)

BookStats says e-book sales have helped revive the industry. (NYT)

The committee at S&P that decides sovereign rate grades is know for lack of transparency. (NYT)

Oil price may bring down gasoline and improve consumer confidence. (NYT)

Emerging markets hurt as investors flee risk. (FT)

The Federal Reserve may start a new stimulus package. (FT)

German exports fall, another sign of slowdown. (Bloomberg)

Global bonds add $132 billion in assets as stocks fall. (Bloomberg)

The value of Yahoo! (NASDAQ: YHOO) is so low that the portal business is worth next to nothing when the firm’s Asia assets are backed out. (Bloomberg)

Douglas A. McIntyre

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