Today's Headlines

Bloomberg:
- A flurry of so-called collateralized debt obligations backed by other CDOs may be crated soon to lure investors who might be more interested in assets linked to subprime mortgages if they were less risky, according to managers, underwriters and lawyers at a conference in Miami.
- Oil is falling another $1.26/bbl. $64.44/bbl. as investment funds sell ahead of tomorrow’s energy inventory data report.
- Gold fell $7/oz. in NY on speculation investors may sell the metal after the US dollar rallied on a better-than-expected ISM Manufacturing report.
- The cheating episode at Duke University may cause academics to conclude the post-Enron emphasis on teaching ethics in graduate business schools is a failure.
- National City Corp.(NCC) agreed to buy MAF Bancorp(MAFB) for about $1.9 billion in stock to expand in Chicago and enter Wisconsin.
- Federal Reserve Chairman Ben Bernanke warned against any retreat by US policy makers into protectionism, as the economy stands to benefit more over the long term from free trade.
- Citigroup Inc.(C) would be worth more if broken up and shareholders are pressing for action, said Michael Jones, chief executive officer of Clover Capital Management.

Wall Street Journal:
- Ford Motor(F) plans to aggressively market the company’s F-150 pickup truck with advertising that indirectly targets the safety ratings of rival Toyota Motor(TM) Corp’s Tundra.
- Carl Icahn stepped up his campaign to get a seat on the board of Motorola Inc.(MOT) with a letter to shareholders published as a full-page advertisement in today’s Wall Street Journal.

NY Times:
- US Immigration officials increased deportation of illegal immigrants by 20% during the past year compared with a year earlier.

NY Post:
- Microsoft Corp.(MSFT) is weighing a bid to acquire Internet advertising provider 24/7 Real Media(TFSM).

CNBC:
- News Corp.(NWS/A) has made an unsolicited offer of $60 a share to buy Dow Jones(DJ). Shares of Dow Jones soared 56% on the report.

LA Times:
- Southern California will again set records for international trade this year, although the railroad system serving the region is at capacity and cargo fees may drive business to other ports.

Billings Gazette:
- ConocoPhillips’(COP) refinery in Billings, Montana, may operate at full capacity by the end of the week, after a shutdown for “maintenance.” The plant has a capacity to process 58,000 barrels of crude oil a day.

ISNA:
- Iran’s foreign minister will not hold a “dialogue” with US Secretary of State Condoleezza Rice at the Iraq security conference planned this week.

Kuwait News Agency:
- Kuwait, the Middle East’s fourth-largest oil producer, has made a “large” discovery of light crude oil and natural gas in the north of the country, citing the country’s oil minister.