The New York Times with drug makers, a consumer watchdog group, the FDA, and Google about how a lack of specified rules for Internet marketing conflicts with the print and TV rules that the FDA currently applies to new media.

Fourteen pharmaceutical companies were warned by the FDA earlier this month for failing to include risk information in search ads. The consensus among communications professionals who spoke with PRWeek is that the FDA needs to develop a clear policy for digital communications. Search ads are used, in part, by pharmaceutical companies as part of a reputation management strategy.

The same sentiment was echoed in today’s story.

Mary Ann Belliveau, health industry director at Google, told the NYT that “… the sense in the industry was ‘that the F.D.A. sent letters about ‘you shouldn’t do this, you shouldn’t do that,’ as opposed to issuing clear digital guidelines that the companies should follow.’”

Now, companies will only use “generic-sounding Web addresses that redirect users to the brand’s site,” an allowance only made for pharmaceutical companies, and are questioning the FDA to evaluate the difference in online marketing techniques.

As reported this week, hedge funds are concerned about inevitable government regulation and they’re using comms more to talk about the industry.

Conrad Capital Management Consultants (CCM) has introduced the Independent Verification and Operational Review (IVOR). The tool is an on-site, independent audit and operational analysis that detects fraudulent processes and procedures. According to Ron Pateka, a director with CCM, hedge funds are first “apprehensive” about the procedure, but ultimately see the value of it and appreciate the tips that CCM offers for tightening up a hedge fund’s business.

“[Hedge funds] are trying to rest people’s fears, so they’ve hired an outside company to make sure they’re doing everything correctly,” said Donald Conrad, president of the company. “We want to try and help clean up what’s going on.”

The company says most hedge funds are doing things properly, but Pateka says they have found “discrepancies with valuing the portfolio that they didn’t agree with” at some organizations. CCM has been in touch with the Securities and Exchange Commission to propose IVOR as a road map for regulatory decisions.

The Wall Street Journal takes a look at Ben Bernanke’s PR campaign and how it has placed him in the “starring role” as he tries to clearly communcate the Federal Reserve’s role, the paper .

According to Reuters, the Fed is reworking its communications strategy, as part of a transparency push that may include regular news conferences and increased availability of information, possibly online.

In recent months, Bernanke has discussed the economic crisis to audiences ranging from college students and the general public to the media and Congress, and he tells the WSJ: “‘I think it is important for the public to understand what is going on and to know that the government is trying to solve the problem … They should know we have a plan and a strategy.”‘

Yet, the paper also notes that Bernanke may placing himself at the heart of the PR effort to ensure his position as chairman of the Federal Reserve is secure. Within the year, President Barack Obama will decide whether or not to reappoint Bernanke.

Blogs and Twitter are abuzz with , the coined after several books were removed from the ranking system on Amazon.com. The books, largely with homosexual themes, included Brokeback Mountain, Ellen DeGeneres: A Biography, and Heather Has Two Mommies. It seems ranks have now returned to some titles, but some blogs are keeping track of those that were affected.

Mark Probst, the author of gay romance book The Filly, first noticed that his book was de-ranked and contacted Amazon. After receiving a response saying it was due to a policy where “adult” materials were not included in rankings, he blogged about it. But when consumers pointed out that some heterosexual “adult” materials were still included in rankings, Amazon said the original de-ranking was due to a .

The news has quickly spread through social media like Twitter, and some groups are urging a of the retailer. Amazon does not have a press release up on its Web site and representatives from the online retailer and its PR agency OutCast Communications have not yet returned PRWeek’s calls for comment.

UPDATE: Patty Smith, director of corporate communications for Amazon, replied to PRWeek with a statemtn via email, saying “This is an embarrassing and ham-fisted cataloging error for a company that prides itself on offering complete selection.”

Sears launched a new tag line - “Sears. Life. Well spent.” - that will more strategically align the company’s branding efforts with consumers’ increased interest in quality of life and thoughtful consumption. The new tag line reflects consumers’ changing ideas about the American dream and how Sears’ products fit in with these values, said Tom Aiello, division VP of PR for Sears Holdings. Euro RSCG Worldwide PR will provide PR support.  “As we move ahead, you’ll see strategies and tactics come out that really bring the tag line to life,” Aiello said. One example is the Heroes at Home program, which provides support to service members and their families. Sears will be expanding the scope of this program’s reach to include other “everyday heroes,” such as teachers, police officers, and fireman. Projected to begin this expansion in the fall, these changes will “bring focus into local communities,” says Aiello.

When a company faces a crisis so bad that it believes its name is permanently sullied, in enters the rebrand and rename. Witness ValuJet to AirTran, Philip Morris to Altria, Anderson Consulting to Accenture, and Blackwater to Xe.

Now it seems it’s the beleaguered auto industry’s turn to get creative. General Motors’ asset management service unit, General Motors Asset Management, has dropped GM from its name, The Wall Street Journal reports. Instead, it will rebrand as Promark Global Advisors, as it looks to win more “external business.” GM currently accounts for 80% of its funds, WSJ writes.

The re-branding exercise represents a marketing about-face for GMAM, which had previously highlighted its relationship with the auto maker as a strength. Marketing material on its Web site noted: “The investment programs offered to our clients are the same ones in which GM’s benefit plans participate.” Some of GMAM’s senior executive team, including its CFO and chief operating officer, joined from GM or its GMAC financing arm.

I wonder who else will get a new name in ‘09?

More often than not, PR pros redirect the spotlight away from their own achievements and onto their clients’ successes. Occupational hazard aside, the 2009 PRWeek Awards provided PR pros with the opportunity to put their own accomplishments front and center and celebrate an industry’s overall excellence. During my second Awards, it was a real pleasure to hear the enthusiastic applause for agencies in the midst of challenging (and highly scrutinized) projects, like Fleishman Hillard’s win for assisting with Bumble Bee Foods’ Castleberry’s National Food Recall, or small agencies, like Dig Communications, be lauded in their own right. Above all, what the the 2009 Awards did best was showcase the value created by all the nominated agencies, win or lose, and the industry at large.

American International Group (AIG) declined to comment to PRWeek on the buzz earlier this week concerning its relationships with a number of PR firms, including Kekst & Company.

After the blog item posted, PRWeek spoke with Christina Pretto, AIG’s VP of corporate media relations, who clarified the company’s partnership with Kekst, saying the relationship isn’t new, that “AIG has worked with Kekst for years on M&A transactions.” Pretto declined to comment further.

Skittles recently unveiled a new Web site, putting its social media efforts into hyperdrive. The brand candy, positively remembered for its digital Bebo effort, now provides direct links to various branded social media programs, including a Twitter results page, Flickr, YouTube videos, and a Facebook page. This initiative is being considered a “brave” shift for the candy as these brand communications are ceded to consumers, sans filter.

Facebook is taking the of its critics and allowing users to chime in on the way the site is governed. In a blog entry , CEO Mark Zuckerberg said Facebook is going to practice what it preaches on transparency. As a first step, Zuckerberg is inviting user feedback on two documents: , which defines users’ rights and will act as a guiding framework on any policy it considers or discards; and , which will replace its existing Terms of Use. Both groups have about 4,000 members.

“With both documents, we tried hard to simplify the language so you have a clear understanding of how Facebook will be run,” Zuckerberg writes. “We’ve created separate groups for each document so you can read them and provide comments and feedback.”