Tuesday morning headlines

Stocks edge higher: That's despite all kinds of warnings by S&P about European debt (maybe investors have stopped paying attention to ratings agencies). Dow is up about 30 points.

Why bankers aren't prosecuted: A former Justice Department official says that it's too tough to build criminal cases. From the WSJ:

In an interview shortly before his move, [David Cardona, who was a deputy assistant director at the Federal Bureau of Investigation until he left last month for a job at the Securities and Exchange Commission], said a three-year slog through probes at large mortgage lenders and securities firms had led federal officials to conclude the U.S. government's best strategy in many cases is to pursue only civil charges. While defendants avoid the possibility of prison in such cases, they carry a lower burden of proof.

NFL nears TV deal: This would be an eight-year extension that's expected to return $3.2 billion a year, a 60 percent increase over the prior contract, the WSJ is reporting.

Still cheaper gas: An average gallon of regular in the L.A. area is $3.704, according to the government survey, down about a nickel from last week and about 20 cents in the last five weeks.

Forever 21 expands in China: The L.A.-based retailer is planning a 24,000-square-foot store in a multi-story Beijing mall. Additional stores are set to open in Shanghai and Hong Kong. Forever 21 made the announcement as part of the mayor's 10-day Asian tour. (LAT)

City National opens Atlanta branch: The area has seen growth in the entertainment business, which is the L.A.-based bank's mainstay. City National also has a branch in Nashville. (LAT)

Bank proposal gets modulated: The City Council is considering a plan that would require some banks to disclose detailed information about their lending practices in L.A. But it would not use the information to rate banks when awarding city contracts for financial services. From the LAT:

Miguel Santana, the city's chief administrative officer and the author of the slimmed-down proposal, described it as an attempt to strike a compromise between the banks and community activists. He had earlier warned the council that a proposed "responsible banking" ordinance could cost $58 million or more if it required the city to end contracts with some of its lenders.

Clerical workers return to work: But long-running talks between employers and the clerical unit of the International Longshore and Warehouse Union have yet to resume. The workers set up picket lines on Friday, but an aribiter ruled that the strike was "non-bona fide" and ordered them back to work. (Daily Breeze)

Californians oppose bullet train: Six out of 10 voters say they would reject a $10 billion bond package to fund high-speed rail, according to a Field Poll. Estimated cost of construction has jumped to $100 billion over 20 years, more than twice what was previously thought. (Sacramento Bee)

Edgar Bronfman stepping down at Warner Music: Confirms speculation that the long-time media mogul will reduce his role at the company, which was sold to Access Industries in May for $3.3 billion. He's resigning as chairman, but staying on as a director. (NYT)