MAJOR PAPERS:

• Increasing credit card delinquencies have caused banks to tighten their lending standards, which the Wall Street Journal said could outcome in a sharp pullback in consumer spending that would further weaken the slowing U.S. economy.
• The Wall Street Journal additionally reported that U.S. criminal prosecutors have informed the Securities and Exchange Commission that they are seeking info gathered through its civil inspection of Merrill Lynch & Co Inc (NYSE: MER). The regulators will examine whether the securities firm booked inflated mortgage bond prices held despite knowing the valuations had dropped.

OTHER

• The major Hollywood studios and the Writers Guild of America are shut to concluding a deal that could end the writers’ strike as early as Monday, the LA Times reported.

WEB SITES:

• According to Wired, online contact management service Plaxo has accepted an offer for nearly $200M. Sources believe the purchasing company is “most likely” Google Inc (NASDAQ: GOOG).

Original post by Laurie Pasternack

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