Newspaper wap-up: Tech firms to invest in wireless

MAJOR PAPERS:

The Wall Street Journal reported that an alliance of cable, Internet and chip titans will announce plans to invest $3.2B in a company that will deliver Web access for laptops and cellphones using WiMax. The venture, valued at over $12B, includes Sprint Nextel Corporation (NYSE: S) and Clearwire Corporation (NASDAQ: CLWR) and will be backed by Comcast Corporation (NASDAQ: CMCSA), Time Warner Cable Inc (NYSE: TWC), Intel Corporation (NASDAQ: INTC) and Google Inc (NASDAQ: GOOG).
According to people familiar with the matter, Robert Verrone, one of the most zealous commercial real-estate lenders during the industry's boom, will leave Wachovia Corporation (NYSE: WB) within the next week, the Wall Street Journal reported.

WEB SITES:

Bloomberg reported that the Department of Justice is probing whether UBS AG (NYSE: UBS) helped clients evade American taxes. In an e-mailed statement, the firm said one senior bank employee was "briefly detained" by authorities.
Bloomberg also reported that Vallejo, California's city council voted to go into bankruptcy. Officials said that after talks with labor unions failed to win salary concessions from police and fire fighters, the city does not have enough money to pay its bills.
According to a rumor, TechCrunch reported that the Yahoo Inc (NASDAQ: YHOO) board of directors yesterday authorized Yahoo chairman Roy Bostock, rather than CEO Jerry Yang, to call Microsoft Corporation (NASDAQ: MSFT) CEO Steve Ballmer about re-starting negotiations.

Tags: bankruptcy, Clearwire, CLWR, CMCSA, CMCSK, Comcast, Department of Justice, DepartmentOfJustice, GOOG, GOogle, INTC, Intel, Jerry Yang, JerryYang, Microsoft, MSFT, probe, S, Sprint, sprint nextel, sprint nextel wimax, SprintNextel, SprintNextelWimax, Steve Ballmer, SteveBallmer, Time Warner Cable, TimeWarnerCable, TWC, UBS, UBS AG, UbsAg, Vallejo, Wachovia, WB, WiMax, Yahoo, YHOO

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