November 2, 2011 / 6:14 AM / 7 years ago

PRESS DIGEST - New York Times business news - Nov 2

Nov 2 (Reuters) - The following were the top stories on The New York Times business pages on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* The fall of MF Global , and the discovery that hundreds of millions of dollars were missing from the firm’s customer accounts, have cast a dark cloud over Jon S. Corzine’s legacy.

* A vocal minority in Greece that has long called for a return to the drachma might find itself with a growing group of listeners.

* European debt crisis tightens its chokehold on global markets: The declines wiped out gains of last week after the Brussels deal, which initially led some investors to believe Europe was addressing the Greek problem.

* John A. Paulson, the billionaire hedge fund manager who made his fortune betting against subprime mortgages, has been fodder for Wall Street gossip as rivals wondered whether investors would bolt after suffering staggering losses this year. At least for now, pensions, endowments and wealthy individuals are standing by their money manager.

* A California company is working to network a fleet of oceangoing robots to measure the data of the sea.

* In retreat, Bank of America cancels debit card fee: The decision came after three competitors said they were backing away from their plans to levy similar charges.

* U.S. judge bars a suit for victims of Madoff: The judge ruled that the trustee, Irving H. Picard, did not have the legal right to pursue $20 billion in combined damage claims against JPMorgan Chase & Company and UBS .

* Pickups, S.U.V.’s and crossovers sold well in October, as consumers replaced old vehicles and businesses replaced aging fleets.

* The Securities and Exchange Commission should have kept thousands of documents it destroyed after preliminary investigations of financial firms over nearly two decades, according to a government report released Tuesday.

* The State Department defended its decision to award a sensitive environmental impact study on the Keystone XL pipeline to a company that had previous ties to TransCanada , the company seeking a permit for the 1,700-mile project, which would run from the tar sands of Alberta to the Gulf of Mexico.

* The federal government sued one of the nation’s largest privately held mortgage brokers on Tuesday, saying its decade-long lending practices amounted to fraud and cost the government hundreds of millions of dollars and forced thousands of American homeowners to lose their homes.

* Manufacturing grew more slowly in October, hampered by weaker demand for exports and slower production at factories.

* Pfizer , the world’s largest drug company, surprised Wall Street in a good way Tuesday with higher-than-expected quarterly sales and an aggressive plan to respond to looming generic competition to Lipitor, the top-selling drug in the world.

* Credit Suisse , the second-largest Swiss bank after UBS , said on Tuesday that its third-quarter profit rose 12 percent to 683 million Swiss francs, even as the bank announced a further 1,500 job cuts as a result of the weak global economy and continued volatility in the financial markets.

* Agribusiness giant Archer Daniels Midland said its profit slumped on soaring corn prices and poor oilseed processing margins. But it said that trading revenue on commodities was higher, allowing it to navigate choppy markets better than its rivals.

* Nomura Holdings , the largest Japanese investment bank, posted its first quarterly loss in more than two years, warning on Tuesday that it would make steep cuts as the European debt crisis and a slowing global economy crimped earnings.

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