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The bottom line

U.S. consumer debt continues to fall; Goldman Sachs traders enjoy winning streak; U.S. trade deficit narrows; EMI halts downloads of Beatles' music; Megadeals struck in boom years default

U.S. consumer debt continues to fallU.S. consumer debt fell for the eighth straight month, the longest streak on record. Borrowing fell $14.8 billion in October, to $2.46 trillion, as consumers paid off credit cards.Bloomberg.com

Goldman Sachs traders enjoy winning streakTraders at Goldman Sachs suffered only one losing day during the 65 business days of the third quarter. On 36 separate days during the quarter, the firm’s trades netted more than $100 million.Financial Times

U.S. trade deficit narrowsThe monthly U.S. trade deficit narrowed to $31 billion, or about half the size of a year earlier, reflecting weak demand for imports.BusinessWeek

EMI halts downloads of Beatles' musicFor a few hours last week, MP3 downloads of the entire Beatles catalog were available online. EMI, the Beatles’ recording label, quickly stopped the sales by BlueBeat.com, which was offering the downloads without permission. BlueBeat claims its “psycho­acoustic technology,” which it declines to explain, enables it to “reproduce the experience” of hearing a song without violating copyright law.Los Angeles Times

Megadeals struck in boom years defaultFour of the 10 biggest deals struck during the private-equity boom of 2005 to 2007 have already defaulted, says debt-rating firm Moody’s. Private-equity firms use massive borrowing to take companies private. Among the losing megadeals are those for Chrysler and Clear Channel Communications.The Wall Street Journal

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