REFILE-PRESS DIGEST- New York Times business news - Aug 12
(Corrects Kinder Morgan item to add dropped line "it is consolidating its four related pipeline companies into one")
Aug 12 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
* New York prosecutors brought criminal charges against a dozen payday loan companies and their founder, Carey Vaughn Brown, accusing them of disregarding the state's limits on interest rates on loans. (nyti.ms/1kXYOej)
* The Justice Department is using a powerful civil fraud provision to investigate potential fraud in the marketing of securities backed by risky auto loans. This opens up a new front for the government to pursue large monetary penalties against companies that package loans made without paying too much attention to whether the borrowers are credit worthy. (nyti.ms/VekHKl)
* Kinder Morgan Inc is consolidating its four related pipeline companies into one and abandoning the master limited partnership structure it helped popularize. Largely because of Kinder Morgan's success, the partnerships have become increasingly popular for energy companies. But now, with Kinder Morgan restructuring as a traditional corporation, questions have emerged about what will happen to the many other master limited partnerships. (nyti.ms/1oFBaDb)