Delaware's Betting Plan Ruled Out By Appeals Court (Gambling Compliance)

The state that already allows corporations to gamble like crazy with little regulation is eager to offer sports betting on single games, starting Sept. 1 (to plug budget gaps), but the Third Circuit Court of Appeals says no. The major sports leagues and the NCAA had sued Delaware to stop it. So for now, all bets are off: The sports gambling stays in Vegas and the rest of Nevada and nowhere else. (Las Vegas Review-Journal story here.)

Global markets not surprised by Bernanke's reappointment (MarketWatch)

Did anyone really think that President Barack Obama wouldn't reappoint the Fed chairman? Especially now that Wall Street has declared that major combat operations against the Great Recession are over? The markets barely reacted to the news; they would have freaked if he weren't reappointed. Salon's "Ben Bernanke gets to clean up his mess" recalls Nouriel Roubini's nuanced assessment of Bernanke's performance. For harsher criticism of Bernanke, go back to Anna Jacobson Schwartz's "Man Without a Plan."

Bureau of Prisons Denies Madoff Has Cancer (NYT)

Contradicts yesterday's NY Post story. We can agree, however, that his scheme was a cancer.

Great headline by Post, but story's just a couple of paragraphs. See the actual story: the National Geographic's "Women With High Testosterone Take Financial Risks." Based on a highly spurious study of MBA students, but Wall Street's overwhelmingly male bankers can now claim that the meltdown was drug-induced and not really their fault.

Jobs, Back at Apple, Focuses on New Tablet (WSJ)

Battling back from a liver transplant, Moses returns to scale the mountain and deliver a new tablet to the faithful. The touch-screen device he's working on could be as revolutionary as the laptop was.

Chart Watchers Think This Bull Can Keep Running (WSJ)

Wall Street's wonks report that the strength of the market is "widespread." Times (U.K.): "Shares ride biggest rally for 50 years as investors bet on a rapid recovery."

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Slump Spurs Grab for Markets (WSJ)

Now that the recession is easing (at least on Wall Street), winners are emerging, including J.P. Morgan Chase (in much better shape than Bank of America — see list of world's top 10 banks), Ford (crushing GM), New York Life (leapfrogging over AIG), and Bed Bath & Beyond (crumpled Linens 'n Things).

General Motors, restored to health, looks for way to avert sale of Vauxhall and Opel (Times U.K.)

Bailed out of its bad decisions and crushing debt, GM wants to be meaner but no longer agrees to be leaner.

Yahoo To Buy Arabic Web Site Maktoob; Terms Undisclosed (WSJ)

Online advertising soaring in Middle East, so Yahoo takes the plunge. Despite its big search alliance with Microsoft, the FT reports, in a story full of good detail, "Yahoo renews vow to fight Microsoft."

Retirees fear shrinking Social Security checks (MSNBC)

Fear, hell. Social Security checks are likely to be frozen next year, and "dismayed" geezers afraid that "rising expenses for medication and other necessities would drive them into retirement poverty." Even Forbes says: "An Unfair Freeze For Social Security."

Allen Stanford must stay in jail (Reuters)

Sorry, "Sir Allen." No holiday in Antigua for you. Instead, hoosegow until your fraud trial.

This puff piece offers an interesting accounting of maneuvers, but it doesn't even mention that, in the smog of war between the planet's two biggest polluters, China's doing little to rein in its spewing industries. Despite whining from environmentalists, the U.S. is far ahead of China in that race.

Bioethicist Becomes a Lightning Rod for Criticism (NYT)

Jim Rutenberg's interesting take on Obama's health-care adviser Dr. Ezekiel Emanuel, whom the right-wingers label a "deadly doctor" bent on "Orwellian" methods.

Wikipedia to Limit Changes to Articles on People (NYT)

Good piece, but not mentioned is that this is more bad news for the old-school newspaper industry: Wiki is maturing and will emphasize professional editing to stop embarrassing errors, so it will become even more of a valuable source of collated, easily accessed info that newspapers' websites simply can't offer.

Beijing loves IKEA -- but not for shopping (LA Times)

"Customers hop into display beds and nap, pose for snapshots with the decor and enjoy the air conditioning and free soda refills. They just don't buy much."