PRESS DIGEST- New York Times business news - Oct 7

Tue Oct 7, 2014 1:36am EDT
 
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Oct 7 (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.

* The Justice Department is preparing a fresh round of attacks on the world's biggest banks, again questioning Wall Street's role in a broad array of financial markets. The Justice Department has widened its focus to include a criminal investigation into banks that set an important benchmark for interest rate derivatives, a previously unreported development that coincides with international regulators proposing overhauls to the rate-setting process. (nyti.ms/1uuZHNz)

* Henry Paulson, who was Treasury secretary when the government rescued the American International Group, said on Monday that a bankruptcy of the insurance giant would have been "catastrophic" for the economy, but acknowledged that the terms of the government's bailout were "punitive." (nyti.ms/1EmVyzs)

* In the latest move, Blockchain, a Bitcoin wallet provider and software developer, is expected to announce on Tuesday that it has closed a roughly $30.5 million fund-raising round, led by Lightspeed Venture Partners and Wicklow Capital. The investment, raised from Blockchain's first round of outside financing, is one of the biggest in the digital currency industry to date.(nyti.ms/1xYMPlx)

* Postmedia Network Canada Corp will buy Quebecor Inc's Sun Media newspaper assets for C$301 million ($269.62 million) for the group, which includes The Toronto Sun and The London Free Press. (nyti.ms/1nbk41b)   Continued...