Morning roundup: BB&T beats expectations

Here's a quick look at what financial news is being reported this morning:

• BB&T, which is based in Winston-Salem, beat analysts expectations, Reuters reports, with income of 52 cents per share. The net income increase was driven by less money being set aside to cover bad loans (Bloomberg).
• Bloomberg/Businessweek wonders: Why is the Fed siding with Bank of America against the FDIC over transferring derivatives instruments from Merrill Lynch to BofA's main banking subsidiary?
• Citigroup will pay $285 million to settle a SEC complaint that the bank sold mortgage-backed securities to investors believing they would go bad, the New York Times reports.
• As Occupy Wall Street protestors continue to shout "We are the 99 percent," what percent are you? Use this Wall Street Journal calculator to find out.
• Warren Buffett made news in late August when he partnered with Bank of America (injecting $5 billion into the bank). Now he's partnering with Jay-Z, the Wall Street Journal Speakeasy blog reports.