WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

MADOFF SEEKS TO SPREAD BLAME FOR FRAUD
Bernard Madoff sought to spread blame for his $65bn Ponzi scheme to banks, regulators and some of his oldest business associates in a rambling jailhouse interview with the FT. The disgraced financier offered little evidence for his claims and admitted he had lied to investors and relatives for at least 16 years.

TOP TOGNUM INVESTORS REJECT €3.2BN OFFER
Tognum’s largest institutional investors have dismissed Daimler’s and Rolls-Royce’s €3.2bn (£2.8bn) offer for the German engine maker, intensifying the pressure on the bidders to raise their price.

The Daily Telegraph

LIBYA FORCES DAVID CAMERON TO RETHINK DEFENCE CUTS
David Cameron is reconsidering the Coalition’s defence cuts in the light of the conflict in Libya, The Daily Telegraph has learnt. The Prime Minister is “actively engaged” in a reassessment of Britain’s military capabilities and planned reductions in equipment and manpower.

BP AIMS TO BREAK RUSSIA DEADLOCK
BP and its four Russian billionaire partners will hold a board meeting of their joint venture, TNK-BP, in an attempt to break the deadlock over a bitter dispute. The two sides have been fighting over BP’s attempt to swap £5bn of shares and explore the Arctic with Rosneft.

THE TIMES

MINISTERS DEFY THEIR EXPERTS TO KILL SERIOUS FRAUD OFFICE
The Government is pushing ahead with plans to abolish the Serious Fraud Office and hand responsibilities to the Crown Prosecution Service, despite fears among City lawyers that the move would undermine confidence in London’s financial markets, according to documents seen by The Times.

YOUTUBE PLANS ONLINE TV CHANNELS
YouTube is planning to spend tens of millions of dollars producing original online content, catering to the growing numbers of people who watch their television through their computer rather than their living-room television sets.