Topic: Pensions

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Five ways big banks' Libor scandal affects you

London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:
NFL referee lockout: 4 issues keeping replacements on the field

Fans, coaches, and players keep grumbling, but replacement referees are still officiating in the NFL as the regular officials remained locked out. . Here are the 4 factors keeping union refs and the NFL from reaching a deal – and leaving the replacements to botch calls through another weekend.
Congress goes on summer break: Top 5 things it left undone

Members of Congress have skedaddled for the month of August, leaving behind a long list of unfinished business.What did Congress leave in the lurch? Here are five of the top pressing issues.
In Pictures: Showdown in Wisconsin
World's top 5 economies: Most Americans already think China is No. 1

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Stockton, Calif.: largest city bankruptcy ever (+video)

Stockton, Calif., bankruptcy will be closely watched to see who takes the biggest loss: creditors or retirement funds. Although the Stockton bankruptcy is the largest-ever failure of a US city, other cities are also in dire straits.
The Monitor's View: Illinois and Greece as penitent cookers of books

The SEC exposes Illinois's misleading reports on pensions while Greece cleans up its financial data to help end the euro crisis. Clean accounting, like light on a dark street, helps eliminate financial deceit.
Who will take on job of fixing Detroit's finances?

It appears the appointment of an emergency manager to take over Detroit's failing finances is all but a done deal. But who will Gov. Rick Snyder name to the difficult, thankless job?
The Vote White House correspondents' dinner: Conan O'Brien too safe for 'nerd prom'? (+video)

The White House correspondents' dinner is about the hippest thing going, by D.C. standards. The host is always a big deal. So what does Conan O'Brien bring to the table?
Cerberus private equity firm to sell stake in firearms makers after Newtown shooting

Cerberus said Tuesday that it would sell its stake in the Freedom Group, which owns the Bushmaster rifle brand, as well as Remington and other gun makes.
NFL referee deal reached. Back to work Thursday (+video)

NFL referee deal is still up for a vote, but the union referees will be back officiating Thursday night's NFL game. The NFL referee deal frees the NFL from paying the referees' pensions, but includes generous 401(k) contributions and pay increases.
Five ways big banks' Libor scandal affects you

London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:
The Monitor's View: Today's democracy heroes are in the fiscal trenches

The West's years of unsustainable promises on spending are hardly a model of democracy. When elected leaders, such as Rhode Island treasurer Gina Raimondo, tell the truth on how to rein in costs, they are democracy's heroes.
NFL referee lockout: 4 issues keeping replacements on the field

Fans, coaches, and players keep grumbling, but replacement referees are still officiating in the NFL as the regular officials remained locked out. . Here are the 4 factors keeping union refs and the NFL from reaching a deal – and leaving the replacements to botch calls through another weekend.
Energy Voices Humans seem to need outside energy

For starters: Without the energy to cook their food, humans would have much more limited food supply and spend half the day eating.
Congress goes on summer break: Top 5 things it left undone

Members of Congress have skedaddled for the month of August, leaving behind a long list of unfinished business.What did Congress leave in the lurch? Here are five of the top pressing issues.
Tony Blair: Europe needs a grand bargain to save the euro

We are used to periodic crises that somehow resolve themselves. This crisis is different. All the choices are ugly, but the least ugly for Europe, and for Germany in particular, is to save the euro.
Public-employee pensions face a rollback in Calif.

The pensions of public employees have long been considered untouchable. Some politicians are saying those obligations are trumped by the need to provide for the public's health and safety.
The Monitor's View: Wisconsin recall election as a wake-up call

The Wisconsin recall election for Gov. Scott Walker turned out not to be as partisan as expected. This fits a national trend in bipartisan reform of benefits for state and local workers.
The Simple Dollar Graduation gifts: Consider the investment route

Graduation gifts like savings bonds and mutual funds can be good alternatives to cash. Graduation gifts are question one in this week's mailbag.
The Circle Bastiat Argentina: Keeping up with the Chavezes?

President Cristina Kirchner's plan to seize a majority stake in oil company YPF SA, owned by Repsol YPF of Spain, is causing diplomatic tensions with Spain and the European Union.
Why recall target Gov. Scott Walker is taking his message to Illinois

Wisconsin Gov. Scott Walker is facing a recall, but he still found time to visit Springfield, Ill., Tuesday to take on one of his favorite targets: Illinois' $8 billion budget deficit.
Hostess Brands battles labor unions in bankruptcy court

Hostess Brands, which makes Twinkies, is asking a federal bankruptcy court to throw out union contracts for its workers, a move that would prompt union members to strike. Hostess Brands filed for bankruptcy protection earlier this year.
Robert Reich How does the uber-wealthy Romney pay so little in taxes?

Romeny's low tax rate, and how he achieved it, provides an important lesson in how tax laws need to change.
Tax deductions: There's still time for small business

Tax deductions for retirement savings are still available through April 17. File an extension to get more time to qualify for tax deductions.
Retirement cuts? American backs off threat.

Retirement pay for workers will be frozen, as bankrupt American Airlines backs off threat to terminate pension plans. The freezing of retirement plans will affect flight attendants and ground workers, not pilots.
Saving Money Retirement plans? Don't forget about state, local taxes.

Retirement plans should include an appraisal of the impact of state and local taxes. Levies on income, benefits, property, purchases, and estate can make a difference in your retirement plans.
Retirement savings plan: more transparency, more choice?

Retirement savings plan – the 401(k) – would give clearer guidance on fees and offer retirees more options, according to new proposed rules. One proposal would allow part of a retirement savings plan to convert to an annuity.
Green Economics Pension investing and developing countries

Institutional investors will turn to the developing world seeking higher returns but what are the risks of seeking those returns?
American Airlines plans to cut 13,000 jobs

American Airlines, the nation's third-largest airline, would eliminate about 15 percent of its workforce. The move comes as part of American Airlines' bankruptcy protection plan.