Newspaper wrap-up: LG Electronics could bid for GE unit

MAJOR PAPERS:

The Wall Street Journal reported that probes by the U.S. Justice Department and the Securities and Exchange Commission center on whether American International Group Inc (NYSE: AIG), as well as its financial products division, which has been the source of controversy and profits, intentionally inflated the value of contracts linked to subprime mortgages.
According to a person familiar with the matter, the Financial Times reported that South Korea's LG Electronics may consider a bid for General Electric Company's (NYSE: GE) appliance business.

OTHER PAPERS:

Exxon Mobil Corporation (NYSE: XOM) will sell the remaining gas stations it owns to gasoline distributors, according to the Associated Press. However, the distributors will continue to pay to use the Exxon and Mobil brand names.
Xinhua reported that MetLife Inc (NYSE: MET) is seeking permission from Chinese regulators to combine its two ventures in China. The insurer said it believes the move will allow it to compete more effectively in the Chinese market.

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