Financial 411: Weekly Business Roundup
Friday, June 10, 2011
This week, talk about a Congressman Anthony Weiner threatened to derail the entire news cycle. Weiner, who admitted on Monday to sending sexually explicit pictures to several women online, is now under pressure to resign. At one time, he was considered a serious contender for the New York City mayor's office. Could he still be a contender?
Meanwhile, two governors in neighboring states are pursuing public pension reform. New Jersey Governor Chris Christie scored an important new supporter for his pension overhaul plan this week — Democratic Senate leader Steve Sweeney.
Governors all over the country are trying to lower pension costs, including New York's Andrew Cuomo. Cuomo's plan would effect future employees. We'll talk about some other aspects of the plans being considered in New York and New Jersey.
On Capitol Hill, the Senate voted this week to re-affirm a new law that will cap the fees banks can charge merchants when they take debit card payments. Such a provision would amount to loses for financial institutions. But could the law impact consumers?
Finally, in tech news, Apple sweetened the rules for publishers that put their content on iPad devices. It's complicated, but the bottom line is that Apple would get a smaller cut from the money publishers make selling the magazines.
Greg David, director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism, joins us to review this week's business and economic news.
This was the sixth straight week of losses on the stock market.
There was a big sell-off on Wall Street on Friday, and the Dow declined 172 points, closing below 12,000 at 11,952. The Nasdaq slumped to 2,644, with a loss of 41 points. The S&P 500 gave up 18 points, ending at 1,271.