Reuters: Regulatory News: PRESS DIGEST - Wall Street Journal - May 2

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PRESS DIGEST - Wall Street Journal - May 2 May 2nd 2012, 06:11 Wed May 2, 2012 2:11am EDT May 2 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy. * A report by a U.K. parliamentary committee examining the News Corp phone-hacking scandal concluded that lawmakers were misled, and said that Rupert Murdoch is "not a fit person" to run a major company. * Homeland-security and law-enforcement agencies have objected to administration proposals to relax export curbs on high-powered firearms. * A director of the Financial Industry Regulatory Authority who was banned last week from running his own firm plans to resign from the self-regulator's board. * Mounting turmoil at New York law firm Dewey & LeBoeuf LLP threatens to send hundreds of lawyers and other staffers into one of the worst legal-job markets in decades. The law firm, which employs more than 1,000 lawyers, is struggling to cope with heavy debts and the loss of dozens of partners. It is considering a number of options for preserving jobs, such as transferring practice groups to other firms, even as a bankruptcy filing looms as a possible last resort. * Bolivian President Evo Morales seized the local assets of Spanish power grid operator Red Eléctrica Corp and ordered the armed forces to take over its installations, the latest move against Spanish corporate interests in Latin America. * Illinois sold $1.8 billion of debt on Tuesday in its biggest bond offering since February 2011, luring investors willing to overlook the state's myriad financial troubles in pursuit of the relatively high yields on offer. Link this Share this Digg this Email Reprints

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