Plugging the Leak: BP reported some progress on Friday in its struggle to shut off its gushing deepwater Gulf of Mexico oil well, and President Barack Obama was set to assert control with a visit to coastal areas threatened by the largest oil spill in U.S. history, Reuters reports.
Nein Danke: Top U.S. and German officials acknowledged differences over key financial regulation issues, and they said a "broad agreement" on basic concepts may not produce uniform rules in all the world's capital markets, according to the Washington Post.
Insider Trading: Fried, Frank, Harris, Shriver & Jacobson and Wachtell, Lipton, Rosen & Katz played key roles brokering a $28 million settlement that resolves a long-simmering allegation that Pequot Capital Management, the Westport-based hedge fund, committed insider trading in Microsoft securities in 2001, according to SEC officials, The AmLaw Daily reports.
Do Tell: The House voted to let the Defense Department repeal the ban on gay and bisexual people from serving openly in the military, a major step toward dismantling the 1993 law widely known as “don’t ask, don’t tell,” The New York Times reports.
New Deal: Prudential Plc, the U.K. insurer seeking to buy American International Group Inc.’s Asian unit in a $35.5 billion acquisition, said it’s talking with AIG about changing the terms of the deal, according to Bloomberg.