Newspaper wrap-up: Bear Stearns CEO expected to step down

MAJOR PAPERS:

According to people familiar with the matter, The Bear Stearns Companies Inc (NYSE: BSC) CEO James Cayne is expected to step down, but is expected to remain as chairman, the Wall Street Journal reported.
Northrop Grumman Corporation (NYSE: NOC), in a bid to diversify as a aerospace and naval contractor, is teaming with Oshkosh Truck Corporation (NYSE: OSK) to bid on a contract to build Humvees for the Army and Marine Corps, reported the Wall Street Journal.

OTHER PAPERS:

The New York Times reported that court records have shown that troubled mortgage lender Countrywide Financial Corporation (NYSE: CFC) fabricated documents related to a Pennsylvania homeowner bankruptcy case.
Alleging that its lending practices discriminated against minorities, leading to foreclosures, the Baltimore City Council is suing Wells Fargo Bank and Company (NYSE: WFC), the New York Times reported.

Tags: Army, Baltimore, Bear Stearns, BearStearns, BSC, CFC, Countrywide, Countrywide Financial, CountrywideFinancial, Humvees, James Cayne, JamesCayne, Marine, NOC, Northrop Grumman, NorthropGrumman, Oshkosh, Oshkosh Truck, OshkoshTruck, OSK, Wells Fargo, WellsFargo, WFC

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