Thursday, October 01, 2009
Brian Richards :: Townhall.com Columnist
Today's 5 Top Stories
by Brian Richards
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Here's the rundown of today's five top stories, compiled from around the Web.

1. Ken Lewis to step down.
The Bank of America (NYSE: BAC) CEO will retire at the end of 2009. Check out the full story at BusinessWeek :

In the end, that addiction to dealmaking proved to be Lewis' undoing. The same executive who told BusinessWeekin 2002 that he was "highly skeptical that I'll ever think an investment bank is worth what they think it's worth" couldn't restrain himself when the opportunity presented itself last year to take over venerable Merrill Lynch, even as it was reeling from its fateful foray into subprime lending. But within mere months, it was clear that his acquisition of Merrill -- coming on the heels of BofA's deal for Countrywide Financial, the equally troubled mortgage giant -- was far more than Lewis could manage. And after a tumultuous year in which he endured attacks from shareholders, lawmakers, and regulators, on Sept. 30 Lewis abruptly announced his plans to retire at the end of the year.

The Bank of America board has yet to name a successor.

2. Stocks had a strong third quarter.
Things ended with a whimper during yesterday's session, but the Dow had its best quarter since 1998 (read more at The Wall Street Journal ), and the U.K.'s FTSE 100 index, which tracks British blue chips such as BP (NYSE: BP), just finished its best three-month span since its creation 25 years ago (read more at BBC News).

3. Cisco Systems (Nasdaq: CSCO) keeps merger mania rolling.
Xerox
(NYSE: XRX) and Abbott Laboratories (NYSE: ABT) announced deals earlier in the week. Now it's Cisco's turn: It will acquire Norwegian video-conferencing company Tandberg ASA for nearly $3 billion in cash (read more at Bloomberg).

4. Comcast (Nasdaq: CMCSA) to buy NBC Universal?
Rumors are circulating that the cable giant has made a bid for NBC Universal, currently majority-owned by General Electric (NYSE: GE). Comcast, however, says no deal has been made (read more at Portfolio.com).

5. High-frequency trading getting high-frequency media mentions.
The Daily Show'sSamantha Bee spoofed "HFT" last night, and it's also the subject of an article from Knowledge@Wharton, "The Impact of High-Frequency Trading: Manipulation, Distortion, or a Better-Functioning Market?" A quick refresher on HFT: Continued...

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Brian Richards is a Motley Fool contributor.

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