Newspaper wrap-up: Union wants Citigroup to break itself up

MAJOR PAPERS:

People with the matter said that Ken Wilson, The Goldman Sachs Group Inc's (NYSE: GS) most senior financial-institutions broker, will temporarily exit the firm, the Wall Street Journal reported, in an effort to advise Treasury Secretary Henry Paulson on how to resolve the country's banking crisis.
The American Federation of State, County, and Municipal Employees, a union with a stake in Citigroup Incorporated (NYSE: C) called for the financial services company to break itself up. The Financial Times reported that the demand will almost definitely be rejected by Citigroup.

OTHER PAPERS:

Treasury Secretary Henry Paulson's plan for rescuing Federal National Mortgage Association (NYSE: FNM) -- Fannie Mae -- and Federal Home Loan Mortgage Corporation (NYSE: FRE) -- Freddie Mac -- calls for the creation of a new regulatory agency that would seek to assert more stringent control over the banks and lessen the damage they could cause to the American financial system, the New York Times reported.
The Daily Telegraph reported that BP Plc (NYSE: BP) blocked a $1.8B dividend payment to its Russian partners in the TNK-BP joint venture.

WEB SITES:

According to paidContent.org, now that its cash on hand exceeds its market cap, speculation that Napster Inc (NASDAQ: NAPS) could be a takeover target heated up.

Tags: BP, BP Plc, BpPlc, break up, BreakUp, C, Citigroup, Fannie Mae, FannieMae, FNM, FRE, Freddie Mac, FreddieMac, Goldman Sachs, GoldmanSachs, GS, henry paulson, HenryPaulson, Ken Wilson, KenWilson, NAPS, Napster, treasury secretary, Treasury Secretary Henry Paulson, TreasurySecretary, TreasurySecretaryHenryPaulson

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