Reuters: Bankruptcy News: PRESS DIGEST- New York Times business news - Oct 17

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PRESS DIGEST- New York Times business news - Oct 17 Oct 17th 2013, 05:09 Share this Email Print Reprints Thu Oct 17, 2013 1:09am EDT Oct 17 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. * Congressional Republicans conceded defeat on Wednesday in their bitter budget fight with President Obama over the new healthcare law as the House and Senate approved last-minute legislation ending a disruptive 16-day government shutdown and extending federal borrowing power to avert a financial default with potentially worldwide economic repercussions. () * While investors were cheered on Wednesday by a last-minute agreement to raise the nation's borrowing limit and end the government shutdown, their relief was tempered by the knowledge that the deal was far from a permanent solution. And they were tabulating what the long-term costs of the political turmoil could be. Many investors were left worrying that the budget crises that have become more frequent in recent years could spin on endlessly, with no long-term resolution. () * Facebook Inc has loosened its privacy rules for teenagers as a debate swirls over online threats to children from bullies and sexual predators. The move, announced on Wednesday, allows teenagers to post status updates, videos and images that can be seen by anyone, not just their friends or people who know their friends. () * The governor of the Bank of Greece, Georgios Provopoulos, helped keep Greece out of bankruptcy and in the euro zone, but now a banking deal he approved is facing criticism. But now Provopoulos faces one of the bigger challenges of his tumultuous reign: an investigation into whether he abused his position by clearing a banking deal involving his former employer and a business magnate who was subsequently charged with embezzlement and fraud. () * As Darden Restaurants Inc struggles with a stagnant stock price, activist hedge fund Barington Capital is calling for a drastic solution: breaking the company into as many as three separate businesses, according to a letter sent to its board last month that was reviewed by The New York Times. () * A jury cleared Mark Cuban of wrongdoing on Wednesday, making the billionaire owner of the Dallas Mavericks basketball team a winner in the civil case and delivering a blow to the federal agency that he battled tooth and nail for five years. The Securities and Exchange Commission's loss could reignite concerns about the agency's struggles in the courtroom. () * On Wednesday, Knight Capital, now part of KCG Holdings Inc , agreed to pay a $12 million fine to settle charges that it violated trading rules by failing to put adequate safeguards in place to prevent the barrage of erroneous stock orders. Wall Street's biggest trading firm, which was recently acquired by the high-frequency trading firm Getco for $1.4 billion, has neither admitted nor denied wrongdoing. () * A report released on Wednesday suggests that Wall Street brokers were almost always successful when they asked to have black marks erased from their records. Brokers who asked arbitrators to recommend expungement got approval in 96.9 percent of cases that were settled from May 18, 2009 to Dec. 31, 2011, the lawyers' group, the Public Investors Arbitration Bar. () * Bank of America Corp on Wednesday reported a sharp rise in third-quarter earnings, but the bank's mortgage operations faltered, underscoring that home loans remain a challenging business for the nation's banks. () Link this Share this Digg this Email Reprints

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