| By Matt Beer | Sunday, September 29th 2013, 16:00 GMT |
Honda has confirmed that contact with Marc Marquez caused Dani Pedrosa's violent accident in the Aragon Grand Prix
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Charles Bradley | Sunday, September 29th 2013, 17:08 GMT |
Gordon Shedden gave his slim British Touring Car Championship hopes a massive boost by winning the final race of the day at Silverstone on Sunday, sprinting through from seventh on the grid in his works Honda Civic
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, September 29th 2013, 21:41 GMT |
Jimmie Johnson held off Hendrick Chevrolet team-mate Dale Earnhardt Jr to claim a record-breaking eighth win at Dover's 'Monster Mile'
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Subscribe to Premier Sports TV to watch all Sprint Cup events live in the UK. Visit www.premiersports.tv for more information.
| By Gary Watkins | Saturday, September 28th 2013, 18:38 GMT |
The Murphy Prototypes squad took its first race victory in the European Le Mans Series finale at Paul Ricard with Brendon Hartley and Jonathan Hirschi.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Glenn Freeman | Saturday, September 28th 2013, 19:36 GMT |
Kevin Magnussen has lost his victory in the first Formula Renault 3.5 race of the weekend after his car failed post-race scrutineering
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Glenn Freeman | Saturday, September 28th 2013, 20:49 GMT |
DAMS has revealed that Kevin Magnussen's exclusion following his Formula Renault 3.5 victory at Paul Ricard related to the paint used on his car's DRS flap
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
Annette Bongiorno and four of her former colleagues at Bernard Madoff's firm have a court date with the feds on Oct. 7.
NEW YORK (CNNMoney)
Five ex-employees of Madoff's firm, including former account manager Annette Bongiorno, are scheduled to appear in federal district court in Manhattan on Oct. 7. A sixth defendant, Paul Konigsberg, a tax lawyer, was arrested on Thursday. Konigsberg pleaded not guilty and was released on bail. He has a court date next week.
Bongiorno and her former co-workers, including account manager Joann Crupi, auditor Daniel Bonventre, and computer programmers Jerome O'Hara and George Perez, are accused of aiding Madoff in running the largest and longest-running pyramid-style scam in history.
Federal prosecutors under the direction of U.S. attorney Preet Bharara have charged each of the ex-employees with multiple counts, including conspiracy to commit securities fraud, to falsify records of broker-dealers and investment advisors, and to make false filings with the Securities and Exchange Commission.
Related: Prison exclusive: Madoff, the king of thieves
But their lawyers insist they're not guilty and told CNNMoney that the government has no case.
"Were confident that at the end of this trial the government will not have been able to prove that Mrs. Bongiorno knew that Madoff was engaged in fraud or that she intended to steal money from the company," said her lawyer, Maurice Sercarz.
"While we anticipate a long and arduous trial, she is looking forward to putting her defense on the record," said Crupi's attorney Eric Breslin.
The feds have accused Konigsberg, with the accounting firm Konigsberg Wolf & Co., who prosecutors say owned a small share in the Madoff firm, of helping with the Ponzi scheme. He is charged with conspiracy to falsify the records of a broker-dealer and an investment advisor.
"Madoff directed many of his clients -- including some of his most prominent customers, in whose accounts Madoff executed the most glaringly fraudulent transactions -- to use Paul J. Konigsberg, the defendant, as their accountant," reads the indictment.
Related: Breaking Bad economy: How Walt made $80 million
"They're trying to taint him with the stench of Madoff," said Konigsberg's lawyer Reed Brodsky. "It's really unfair."
Madoff was arrested on Dec. 11, 2008 and pleaded guilty three months later for running a Ponzi scheme that netted nearly $20 billion from thousands of victims. His firm collapsed, his family disowned him and he is currently serving a 150-year sentence at a federal prison in Butner, N.C.
Despite the indictment of his former employees, Madoff claimed that he acted alone. He had meant to insulate his family and friends from the fallout of his wrongdoing, but he failed.
Related: Madoff destroyed thousands, including his son
His brother Peter is serving a 10-year sentence in Estill, S.C., for helping to conceal the firm's illegal activities. His wife, Ruth, has been sued by the court-appointed trustee in the recovery of Madoff's assets. His daughter-in-law changed her last name to disassociate herself and her children from Madoff.
But the greatest blow of all was when one his sons, Mark Madoff, hanged himself on the second anniversary of his father's arrest.
"I was responsible for my son Mark's death and that's very, very difficult," said Madoff, in an exclusive interview with CNNMoney earlier this year. "I live with that." 
First Published: September 27, 2013: 12:48 PM ET
Pension funds for Chicago city government as well as schools there are among the worst financially troubled in the nation according Moody's.
NEW YORK (CNNMoney)
A report by credit rating agency Moody's finds that there are 30 major localities where the pension burdens are greater the government's total operating revenue.
The report's authors stress that it wasn't just the pension problems in Detroit that caused the bankruptcy filing this past July -- they cite the loss of businesses and residents cutting into the city's tax base among the factors. But they say the problems in the pension funds, a big part of the city's $18 billion of liability, are a cause for concern elsewhere.
"What Detroit faced, we would not view them as an outlier," said Tim Blake, a managing director of public finance for Moody's. "They had a heavy pension burden, but there are other cities that are heavier."
Related: Detroit's watchdogs find 'questionable practices' at pension funds
Chicago is the city highlighted in the report as having the most severe problems, due not only to issues with the pension funds, but also the funds of overlapping units of government, such as Cook County, the Chicago schools and the metropolitan water district. All have had their debt ratings downgraded by Moody's in the past six months and the condition of the pension funds has been a factor in those downgrades.
Related: Detroit pensions - bribes, a $5,000 poker chip and a big financial hole
But other governments dealing with a pension funding gap that is more than double their annual revenue are Jacksonville, Fla., Los Angeles, Dallas, Houston and Phoenix, as well as school districts in Denver and Las Vegas.
Related: Just how generous are Detroit's pensions?
Two of the problems that occurred in Detroit that are disturbingly common elsewhere are local governments not making sufficient payments to cover the promised benefits under the pension plans, and the pension funds making unrealistic assumptions about the future earnings of their investments. Moody's says that it believes most of the pensions it examines have a larger funding gap than being estimated by the government officials.
"The accounting standards in the public sector allow quite a bit of leeway for the public sector to make their own assumption," said Blake. "That's contributed to the underfunding."
First Published: September 27, 2013: 12:40 PM ET
Ford CEO Alan Mulally is reportedly Microsoft's top choice to succeed Steve Ballmer. But would Mulally want the job?
NEW YORK (CNNMoney)
Mulally is reportedly a top choice to take over Microsoft after current CEO Steve Ballmer retires, according to a new report.
Ballmer announced in August that he'll step down within the next year. In the month since that news, several people -- including Mulally -- have been rumored to be in the running to replace Ballmer.
But tech blog AllThingsD said Friday that Mulally now "has vaulted to the forefront of the candidates." Mulally's talks with Microsoft haven't "entered formal contract negotiations," but the discussions are "serious," according to AllThingsD's unnamed sources.
Microsoft (MSFT, Fortune 500) would not comment. Ford (F, Fortune 500) declined to comment on "speculative reports." Shares of Microsoft were up nearly 3% Friday while Ford's stock fell about 1%.
A Ford spokesman insisted that "nothing has changed from what we announced last November" -- that is, Mulally will remain Ford CEO at least through the end of 2014. But Reuters reported earlier this month that Ford's board was mulling letting Mulally step down earlier than planned.
However, even if Microsoft wants Mulally, that doesn't necessarily mean Mulally is eager to jump to Microsoft.
Even if Ford does let Mulally retire early, several reports have indicated that he would leave Ford in order to take a role in the Obama administration.
And while Mulally was able to revamp Ford after the struggling automaker poached him from Boeing (BA, Fortune 500) in 2006, both of those more industrial businesses are very different from Microsoft's.
Any new Microsoft CEO will have to lead the corporation through a difficult transition, transforming it from one of the world's largest software makers to a "devices and services" company.
Still, AllThingsD reported Mulally has recently "become more amenable" to becoming Microsoft CEO. The report noted that Mulally lived in Seattle during his Boeing days and still keeps a home in the city, which is about 20 miles outside of Microsoft's headquarters.
But if Mulally were to take the top job at Microsoft, it's not clear what that would mean for former Nokia (NOK) chief Stephen Elop, who is also viewed as a possible Ballmer successor.
Related story: Nokia's ex-CEO set for $25 million windfall
Earlier this month, Microsoft announced it will buy Nokia's mobile phone business for $7.2 billion. As part of the deal, Elop will step down as Nokia CEO to become chief of Microsoft's devices and services business. Ballmer confirmed after the deal was unveiled that Elop is indeed a candidate to replace him.
And as Microsoft's search for its next CEO kicks into high gear, Ballmer has apparently started his farewell tour. Reuters reported that Ballmer led his final companywide meeting on Thursday, with the famously bombastic CEO taking swipes at rivals like Amazon (AMZN, Fortune 500) and Google (GOOG, Fortune 500) during the "high tempo" presentation.
Ballmer is said to have closed the meeting by playing "(I've Had) The Time of My Life," earning him a standing ovation.
First Published: September 27, 2013: 12:49 PM ET
Two Lumber Liquidator locations were raided on Thursday by federal authorities.
NEW YORK (CNNMoney)
Stocks of the hardwood flooring retailer fell sharply on Friday as the news emerged, dropping just over 10% at midday.
No arrests were made and the search warrants remain sealed, said Brandon Montgomery, a spokesman for the Department of Homeland Security. He said the search involved special agents from the Immigrations and Customs Enforcement, U.S. Fish and Wildlife Service and the Department of Justice.
Lumber Liquidators (LL) suggested the investigation involved its importation of wood products, which come from "approximately 110 domestic and international mills around the world."
Related: Woody Harrelson: Natural-born paper salesman
"Due to the scale of its international and domestic operations, Lumber Liquidators has policies and procedures in place for the sourcing, harvesting and manufacturing of its products designed to comply with federal and other regulations related to the importation of wood flooring products," the company said. "The Company has more than 60 professionals around the world who perform and monitor those processes."
It said it "takes its sourcing and compliance very seriously, and is cooperating with authorities."
Related: Low-cost ways to put off pricey home repairs
CNN affiliate WWBT reported authorities suspected wood the company said originated in Russia came from elsewhere. It said investigators were searching for emails and other documents. CNN was not able to confirm this report and Lumber Liquidators did not immediately respond to a request for additional information.
Montgomery said the searches took place at the company's Toano, Virginia headquarters, as well as a Richmond location, where the company's products are sold.
First Published: September 27, 2013: 2:31 PM ET
NEW YORK (CNNMoney)
The good news is that most government-backed home loans - those purchased and securitized by Fannie Mae and Freddie Mac - will be unaffected by a shutdown. Those companies pay for their operations out of the fees that they charge lenders.
Related: How will a government shutdown affect you?
The bad news is that loans guaranteed by the Federal Housing Administration, the Veteran's Administration and the rural development loans of the United States Department of Agriculture, won't be processed. If an application for an FHA-insured loan has not been approved by the time of the shutdown, it will have to wait until after the shutdown ends.
FHA-backed loans accounted for 45% of all mortgages used to purchase homes issued in 2012, according to the Federal Reserve. The FHA alone insures about 60,000 loans a month.
"FHA will be unable to endorse any single-family loans and FHA staff will be unavailable to underwrite and approve new loans," in the event of a shutdown, according to the contingency plan from the Department of Housing and Urban Development, the FHA's parent agency.
Of the 9,300 employees who work for HUD, only 350 (3.8%) will be able to work, according to a HUD release.
Related: What happens in a shutdown
"The housing market is searching for recovery, and we've been seeing signs of optimism," said said David Stevens, CEO of the Mortgage Bankers Association. "This could have a sizable impact on the recovery."
Many buyers have no alternative to FHA, VA or USDA mortgages. First-time buyers in particular often lack the cash for the large downpayments that other lenders require. FHA rules allow homebuyers to make a downpayment of as little as 3.5% of the selling price -- $7,000 on a $200,000 home. A 20% downpayment is normal, which would be $40,000 for that $200,000 purchase.
Related: How a shutdown would hurt Main Street
The FHA also has more flexible rules for borrowers who have had payment problems in the past, or who have thin credit histories.
A slowdown in home sales would be felt beyond the housing market. Homebuying triggers related economic activity. New homeowners have their homes painted, they buy furniture, install floors or carpeting and put in new decks and landscaping.
"All that would come to a stop," said Stevens.
And, if a shutdown drags on for more than a few days, "The impact on the housing market and the economy could be significant," he said.
But things aren't likely to come to that, according to Mark Zandi, chief economist for Moody's Analytics.
"The effects of a shutdown would be so dark," he said, "I can't believe the legislators would not come to terms to end it."
First Published: September 27, 2013: 3:16 PM ET
Wells Fargo has become the leading bank in home mortgages.
(Money Magazine)
The nation's fourth-largest bank is a powerhouse in mortgages, thanks to the fact it ended up with fewer toxic assets than other big banks, and was able to snap up another large mortgage player, Wachovia.
Refis as a % of mortgage applications
Source: Wells Fargo
So is Wells, whose stock price has already risen 64% in two years, a good buy now that home prices are rising? That depends on what's driving the rebound: Is it just low rates -- now rising -- or a healthier economy too?
The housing heavyweight
Home prices are up more than 10% this year, and many signs point to a continued recovery. Builders are hiring more workers, sales of foreclosures are falling, and inventory has been getting tighter in markets from Southern California to Washington, D.C.
"[Wells] has a lot to gain from a housing recovery," says Morningstar analyst James Sinegal. It originates more than 22% of home mortgages -- double the amount of the second-biggest lender. Its balance sheet is getting healthier too. Charge-offs, or loans Wells considers uncollectible, are at their lowest since 2006.
Related: Are we still heading toward 5% mortgages?
Wells increased its dividend 20% in April to $1.20, and Edward Jones analyst Shannon Stemm expects the payout to grow 7% a year into 2018.
Rising rates hit refis
After sinking to historic lows, interest rates are rising as investors anticipate higher growth because the Federal Reserve is signaling it will slow down its economic stimulus effort, a bond-buying program known as quantitative easing.
The good news: Higher rates mean Wells' fee stream from mortgages it services becomes more predictable as fewer borrowers refinance, says S&P Capital IQ analyst Erik Oja.
The flip side is that Wells is losing a big chunk of its mortgage originations. If the economy strengthens, more home sales will make up for some of that lost refi revenue, but Christopher Mutascio, an analyst at Keefe, Bruyette & Woods, thinks it won't close the gap for Wells.
Leaning in to Wall Street
Another increasingly important part of Wells Fargo's success is its asset management business. In the second quarter of 2013, net income from managing money rose 27% compared with 2012. The stock market's performance -- the S&P 500 (SPX) returned 16% in the past year -- has bolstered results. But Wells "may not be able to sustain this momentum in a tougher equity market," Sinegal wrote in a recent report. Mutascio worries the end of quantitative easing could trigger that tough market.
Related: Wells Fargo lays off 2,300 employees
With a price/earnings ratio of 11 based on 2014 expected earnings, Wells' shares are a bit cheaper than other banks' stocks, but it has more riding on the performance of both real estate and Wall Street. That makes Wells Fargo a buy only for bulls.
First Published: September 27, 2013: 4:11 PM ET
ExxonMobil announced Friday it will extend benefits to same-sex couples.
NEW YORK (CNNMoney)
Beginning Oct. 1, ExxonMobil employees in legal same-sex marriages will be eligible to receive health insurance coverage for their spouses, the oil giant said in a statement.
The company's decision was less of a change of heart than it was a technical update stemming from this summer's Supreme Court decision to recognize same-sex marriages for federal purposes.
Related: Pasta maker Barilla under fire for anti-gay comments
"The decision is consistent with the direction of most U.S. government agencies," ExxonMobil said in the statement. "We have made no change in the definition of eligibility for our U.S. benefit plans. Spousal eligibility in our U.S. benefit plans has been and continues to be governed by the federal definition of marriage and spouse."
ExxonMobil (XOM, Fortune 500) has long been criticized for having anti-LGBT policies. It currently has a lawsuit pending against it for discriminating against a lesbian applicant, and it received the lowest "corporate equality" score of any U.S. company in last year's Human Rights Campaign rankings.
Related: Same-sex benefits at conservative Wal-Mart: What gives?
Friday's announcement was therefore welcomed by gay rights groups.
"After years of stubbornly refusing, we commend Exxon for joining the majority of the Fortune 500 business leaders that already treat gay and lesbian married couples equally under employee benefit plans," Tico Almeida, president of Freedom to Work, said in a statement. "It's a shame Exxon waited until after the Labor Department issued official guidance explaining that their old policy does not comply with American law, and now it's time to move forward."
A growing number of companies have been updating their policies to become more LGBT-friendly. This summer, Walmart (WMT, Fortune 500) announced it will offer benefits to same-sex and domestic partners. As of the beginning of this year, 89% of U.S. companies provide health benefits to same-sex couples, according to the Human Rights Campaign.
But other companies continue to get bad press from the LGBT community. Just Thursday, pasta maker Barilla came under fire for comments its CEO made about refusing to feature same-sex couples in the company's commercials. The remarks sparked a firestorm on Twitter and led to a boycott of the company's products.
First Published: September 27, 2013: 4:41 PM ET
Users list spaces for rent on Airbnb.
NEW YORK (CNNMoney)
Airbnb offers a platform for people to rent out their homes or apartments to travelers. New York's Environmental Control Board ruled Thursday that Airbnb user Nigel Warren was permitted under city housing laws to rent out a portion of the apartment through the service because his roommate was present at the time.
Warren's landlord had been facing a $2,400 fine following an earlier ruling.
The decision is a significant one for Airbnb, which has been frustrated in New York by a law stating that residents can't rent out all or part of a property for fewer than 30 days. Airbnb has argued that the law is meant to crack down on landlords who buy residential buildings and run hotels out of them, not on individual tenants.
Related: Hey, taxi company, you talkin' to me?
Airbnb called the decision "a victory for the sharing economy and the countless New Yorkers who make the Airbnb community vibrant and strong."
"This episode highlights how complicated the New York law is, and it took far too long for Nigel to be vindicated," the company said in a blog post. "That is why we are continuing our work to clarify the law and ensure New Yorkers can share their homes and their city with travelers from around the world."
Airbnb filed motions in support of Warren, though the site warns users in its terms of service that they're the ones on the hook if they fall into legal trouble.
The New York City Buildings Department did not respond to a request for comment.
First Published: September 27, 2013: 6:59 PM ET
NEW YORK (CNNMoney)
And if lawmakers don't bring that drama to a speedy and smart end, all bets are off for the economy and markets.
That means Americans' savings, loans and general economic well-being could be collateral damage.
Oh fine, so what's the debt ceiling again? It's a cap set by Congress on how much the federal government may have in outstanding debt.
The cap applies to debt owed to the public (i.e., anyone who buys U.S. bonds) plus debt owed to federal government trust funds such as those for Social Security and Medicare.
Congress has always set some kind of limit on national debt, but the first modern version of it was set in 1917.
Today it's set at $16.699 trillion.
How often has Congress raised the debt ceiling? So often. On average, more than once a year. Since 1940, lawmakers have effectively approved 79 increases.
Sometimes they've raised it by small amounts, other times by large amounts. And sometimes they've raised it "temporarily" with provisions for a "snap-back" to a lower level.
Is it true that raising the debt ceiling gives Congress a "license to spend more"? No.
Raising the debt ceiling simply lets Treasury borrow the money it needs to pay all U.S. bills and other legal obligations in full and on time.
Those bills are for services already performed and entitlement benefits already approved by Congress.
So raising the debt ceiling is more like a license to continue paying what the country owes. And the obligations are incurred because of countless decisions made by lawmakers from both parties over the years.
So, why does Congress even bother with a limit? In theory, setting a debt ceiling is supposed to help Congress control spending.
In reality it doesn't. Not meaningfully anyway, although there have been times when the debate has yielded some fiscal restraint.
(Related: Debt ceiling cash crunch: Millions won't get paid)
The problem is the decision to raise the borrowing limit is usually divorced from lawmakers' legislative decisions that will necessitate future debt limit hikes.
It would be much better, budget experts say, to authorize debt limit increases at the same time that Congress passes bills to raise spending or cut taxes, both of which can add to deficits.
What's holding up Congress this time? Supporting a debt ceiling increase is always a tough vote for politicians, since their opponents will be sure to label them fiscally irresponsible.
And it's a tough vote because the minority party often tries to extract concessions from the majority in exchange for their support.
Many Republicans today are insisting that any increase in the debt ceiling be tied to spending cuts, a host of unrelated matters like the Keystone pipeline and, among some conservatives, the defunding and delay of Obamacare.
Meanwhile, President Obama and Democrats want a "clean" increase and insist they won't negotiate.
Wait ... is this the same fight they're having over a potential government shutdown? No. But it's easy to confuse the two because they're happening at the same time.
The government will shut down if Congress can't agree to fund the government before the fiscal year starts on Tuesday. And Republicans are making similar demands to what they are making over the debt ceiling.
But here's the key difference: Shutting the government down would be aggravating and a waste of time -- and could reduce economic growth if it goes on too long. But that's nothing compared to the risks posed if Congress doesn't raise the debt ceiling soon.
So what happens if Congress doesn't raise it in time? No one knows for sure because that's never happened before. But the going assumption is that no good will come of it.
Treasury would not be allowed to borrow money. And that's a problem since the government borrows to make up the difference between what it spends and what it takes in.
(Related: Treasury says it will have less cash to pay bills than expected)
Practically that means at some point this fall -- the updated estimate is late October to early November -- the Treasury will no longer be able to pay all the country's bills, benefits and other obligations in full and on time.
What then? That's a good question with no clear answer.
Treasury may try to pay some bills and delay others, or delay all bills due on a given day until it has enough revenue in hand to pay all of them.
Most experts think the Treasury would do all it could to prioritize interest payments on the debt, lest the United States default on its bonds, which would likely send markets plunging and interest rates soaring.
But it's not clear how investors will respond if Treasury makes interest payments but ends up delaying payments to government contractors, federal workers, taxpayers due refunds, veterans, seniors and anyone else to whom the federal government has a legal obligation.
Economically it could be disastrous if the standoff lasts for more than a couple of days.
"Federal employees, contractors, program beneficiaries, businesses and state and local governments would find themselves suddenly short of expected cash, causing a ripple effect through the economy," Donald Marron, a former Congressional Budget Office director, told lawmakers.
To say nothing of the fact that the United States' reputation as "money-good" would be damaged.
First Published: September 27, 2013: 11:37 AM ET
While Congress remained at a budget stalemate, the federal government started preparing for a shutdown on Tuesday if lawmakers can't get a deal done in time.
NEW YORK (CNNMoney)
Military service members will stay on the job but their paychecks may be delayed.
Federal museums and the National Zoo will close, so tourists will be turned away.
Most of the housing department will be furloughed, so homebuyers waiting on an FHA loan will be left hanging.
It's impossible to say if a shutdown will happen. Congress is still tied up in knots over how to pass even a short-term funding bill to keep the lights on.
But one thing is clear: Shutting down the government is a complex process.
(Related: How shutdown would hit one small business)
To get ready, agencies have been identifying services, programs and workers deemed essential, or "excepted" in official speak. Translation: Workers in the business of protecting life and property. They will continue working, though they won't be paid until after the shutdown.
Employees whose jobs are funded by money other than the annual appropriations that Congress is fighting over will keep working as well. So too will presidential appointees.
But all other programs deemed to be non-essential, or "non-excepted," will be shuttered. And workers at those programs will be furloughed without pay.
Here are a few of the plans for next week in the event of a shutdown.
Defense: All active-duty military personnel, as well as active-duty reserve personnel, will stay on the job, the Pentagon said. But their Oct. 15 paycheck could be delayed if the shutdown goes past Oct. 7.
Civilian personnel engaged in essential activities will also continue working through the shutdown.
Civilian personnel involved in non-essential work will be furloughed without pay -- unless money to pay their salaries is drawn from a source other than fiscal year 2014 appropriations.
Those who work during the shutdown will be paid, but not until Congress appropriates funds to do so.
Temporary duty travel will be canceled, unless it's in direct support of the war in Afghanistan or related to safety of life and protection of property or foreign relations. In such cases, written approval is required.
For any service member killed during a shutdown, families will not get death benefits until the shutdown ended.
Federal courts and justice: Justice will continue to be served.
The court system said it will remain open for business for approximately 10 business days in the event of a shutdown.
It's able to do so on the basis of fees and funds from prior appropriations, according to an earlier report from the Congressional Research Service.
All court proceedings and deadlines will remain in effect unless otherwise advised. The judiciary said it will reassess its funding capacity on or around Oct. 15.
The Department of Justice, meanwhile, said it only plans to furlough about 15% of its 114,486-person workforce.
Health and Human Services: The Department of Health and Human Services has said it will furlough 52% its employees if there's a shutdown.
Offices to be hit hardest include the Administration for Children and Families, the Administration for Community Living and the Agency for Healthcare Research and Quality.
The Centers for Disease Control and Prevention would be affected too. But they would keep on minimal support for their outbreak investigations, processing of laboratory samples and the 24/7 emergency operations center.
The Food and Drug Administration will also continue limited activities related to high-risk recalls and other vital efforts.
The Centers for Medicare & Medicaid Services will continue large portions of Obamacare. And the Medicare program will continue "largely without disruption" during the shutdown.
Housing loans: If you want to apply for a Federal Housing Administration loan or are waiting to hear if your current application has been approved, no dice.
The FHA won't be issuing, underwriting or approving new loans during a shutdown.
The Department of Housing and Urban Development, of which FHA is a part, said it will be furloughing 96% of its workforce.
National museums: The Smithsonian Institution said its 18 museums and the National Zoo will be closed to the public in a shutdown.
It will furlough 84% of its workforce. The other 16% who will be asked to work include employees responsible for the care and protections of the facilities and collections as well as the care and feeding of the animals at the zoo.
Passports: During the last shutdown in the mid-1990s, passport offices closed. But according to the State Department's current shutdown plan, offices will remain open because they generate enough in fees to support their operation.
Any offices located in a federal building affected by the shutdown, however, may not be able to open.
Chemical spill investigations: They'll be halted.
The Chemical Safety and Hazard Investigation Board said it will furlough 37 of its 40 staff members in a shutdown.
"There would be no ability to respond to a major incident," managing director Daniel Horowitz told CNN.
The board sees its mission as investigative rather than immediately life-saving, which is why it essentially will shut down until Congress appropriates funding.
NASA: Good news for crews docking at the International Space Station. NASA said it will keep on some employees during a shutdown to make sure the crews are safe. Existing satellite missions will also continue.
But any NASA activity not tied to the protection of life and property will cease during the shutdown.
That's true even if it would cost more to shut a program down than to keep it running, according to NASA guidance.
-- CNNMoney's Les Christie and CNN's Carol Cratty, Jamie Crawford, Lisa Desjardins and Evan Perez contributed to this report.
First Published: September 27, 2013: 4:11 PM ET
| By Mark Glendenning | Friday, September 27th 2013, 17:46 GMT |
Conor Daly has received a late call-up to join Team Moore Racing for next weekend's Indy Lights round on the Houston street circuit
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jamie O'Leary | Friday, September 27th 2013, 17:51 GMT |
AmD Milltek boss Shaun Hollamby will return to British Touring Car Championship action at the Brands Hatch season finale next month
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| Friday, September 27th 2013, 21:30 GMT |
Dale Earnhardt Jr held off NASCAR Sprint Cup points leader Matt Kenseth to claim pole for Sunday's Chase race at Dover
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Subscribe to Premier Sports TV to watch all Sprint Cup events live in the UK. Visit www.premiersports.tv for more information.
| By Jonathan Noble | Thursday, September 26th 2013, 14:45 GMT |
Caterham has restructured its technical department in a bid to ensure it is ready to make the most of the new 2014 regulations.
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| By Andrew van de Burgt | Thursday, September 26th 2013, 15:13 GMT |
NISMO, Nissan's in-house motorsport division, will assist Kelly Racing with the development of the engine used in its V8 Supercars racing programme.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, September 26th 2013, 20:27 GMT |
European Rally Championship leader Jan Kopecky only managed the fourth-fastest time on the Croatia Rally's opening superspecial as local driver Juraj Sebalj led
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Wednesday, September 25th 2013, 14:26 GMT |
The FIA GT Series finale on the streets of the Azerbaijani capital of Baku looks certain to be postponed from October to November
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Wednesday, September 25th 2013, 16:06 GMT |
This week's FIA World Motor Sport Council meeting will confirm Greece's departure from the World Rally Championship
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| By David Evans | Wednesday, September 25th 2013, 16:16 GMT |
Robert Kubica is likely to make his World Touring Car Championship debut in a C-Elysee next season, if he remains a Citroen rally driver into 2014
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Matt Beer | Tuesday, September 24th 2013, 14:47 GMT |
Audi Sport Italia will be back up to a two-car line-up for the Imola Superstars weekend as the team tries to boost Gianni Morbidelli's championship bid.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Tuesday, September 24th 2013, 15:10 GMT |
Fernando Alonso has been told he is dreaming if he thinks that the 2014 Formula 1 rule changes offer a total reset in Ferrari's bid to beat Red Bull
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Tuesday, September 24th 2013, 16:05 GMT |
Sebastien Ogier says Sebastien Loeb winning the Rally of France would put a "shadow" on his coronation as 2013 World Rally champion.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Sunday, September 22nd 2013, 20:08 GMT |
Lotus has no doubts that Romain Grosjean would have finished on the podium in the Singapore Grand Prix if his engine had not hit trouble
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, September 22nd 2013, 21:26 GMT |
Matt Kenseth kept up his perfect 2013 NASCAR Sprint Cup Chase record by taking an assured win at New Hampshire, his seventh of the season
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Subscribe to Premier Sports TV to watch all Sprint Cup events live in the UK. Visit www.premiersports.tv for more information.
| By Gary Watkins | Sunday, September 22nd 2013, 22:20 GMT |
Audi trio Loic Duval, Allan McNish and Tom Kristensen claimed victory at Austin to extend their World Endurance Championship lead
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Saturday, September 21st 2013, 19:14 GMT |
New Jersey has won a temporary reprieve for inclusion on the 2014 Formula 1 calendar, with a June 1 slot set to be left open when the FIA approves the provisional schedule next week
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Saturday, September 21st 2013, 20:21 GMT |
Loic Duval and Allan McNish claimed pole position for Audi at the Austin round of the World Endurance Championship
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Sunday, September 22nd 2013, 00:40 GMT |
Chevrolet drivers Antonio Garcia and Jan Magnussen won a thrilling American Le Mans Series GT battle at Austin to retake the championship lead, while the Pickett HPD triumphed outright again
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
Jim Moore plans to pay the Obamacare penalty because he is opposed to the health reform law.
NEW YORK (CNNMoney)
These are some of the reasons why CNNMoney readers say they'll opt to pay a penalty for not having health insurance in 2014, rather than sign up for a policy in the state-based exchanges or through their companies.
"I would love to have insurance, but we just don't have the money," said Sandra Czop, 58, of Bloomingdale, Ill. "We need that $100 to put food on the table. We have no money to put gas in the car."
Czop, a mortgage loan officer whose business is down 60% and whose husband is unemployed, summed up the sentiments of many readers. Though subsidies are available to those earning less than 400% of the poverty level, the premiums are still too high for many Americans.
Have questions on Obamacare? Join our Facebook chat on Friday.
For 2014, the penalty is either $95 per adult or 1% of family income, whichever results in a larger fine. (Income is defined as total income above the filing threshold, which is $10,000 for an individual and $20,000 for a family in 2013.) That's still a lot less than premiums, which are generally $200 to $300 a month on average for a silver plan.
So a person making $50,000 would not be eligible for a subsidy and would pay full price -- typically around $2,400 to $3,600 a year in premiums -- for a plan. If he declined to get insurance, he would only be subject to a $400 penalty for the year.
A couple earning that amount would receive a roughly $1,300 subsidy, leaving them to pay about $4,750 in premiums for the year. But that compares to a $300 penalty.
For some folks, health insurance just isn't a good deal. Take Jessica Birge, 29, who is studying nursing and works as a medical assistant. Her job gives her $100 a month for medical expenses, though she does have dental and vision coverage through her employer. But she doesn't have a lot of medical expenses since she rarely goes to the doctor, opting instead to go to a local clinic for her annual exams.
Though she knows she needs insurance in case she gets into an accident, she doesn't think Obamacare is very affordable.
"I don't really want to pay a penalty, but it's more economical for me to pay $300 a year [in fines] than $200 to $300 a month for insurance I don't use," said Birge, acknowledging she may get insurance in several years, when the penalties get more onerous.
Some people are opting to remain uninsured, even though they have access to coverage on the job. Since they don't go to the doctor much, they just prefer to pay for their health care out of pocket.
Christie Egeston, 35, could get insurance at her lab job, but instead she puts money into the flexible spending account at work to cover her yearly checkup.
"I don't really feel I need health insurance," said Egeston, who lives in Avondale Estates, Ga. "If the penalty is less than what I'm paying for the year in insurance, it balances out."
And, of course, there are people who will not sign up for Obamacare because they fundamentally oppose the idea of a health insurance requirement. That's the camp Jim Moore of Denver falls into.
"I'm just so opposed to the legislation and Obama's big government agenda," said Moore, 62, a contract certified public accountant. "There's no way I'm giving my health care records to the government. I and many people need to make a statement."
First Published: September 20, 2013: 6:10 AM ET
Fraudsters drained £1.3 million from Barclays accounts by remotely accessing a branch computer system.
LONDON (CNNMoney)
The police linked the theft at Barclays (BCS) to another attempt to steal money from a Santander (SAN) branch in London, which led to the arrest of 12 men last week.
"The size and sophistication of the operation has shocked us and we're actually having to draft in more resources to deal with the amount of evidence that we've recovered," said detective superintendent Terry Wilson.
"This was a highly-organized criminal network," said Wilson. "All criminal networks have a head and we very much believe we have now apprehended our 'Mr Big' as part of this operation."
Related: Microsoft and FBI take down global cybercrime ring
The story dates back at least to early April when a man pretending to be an IT engineer gained access to computers at a Barclays branch in London after convincing staff he was there to fix a fault.
Police say he installed a keyboard, video and mouse (KVM) switch that allowed him to gain remote access to the bank's computer system.
The next day, Barclays spotted a £1.3 million theft from its accounts and the investigation began. This incident was a carbon copy of the Santander plot, though that attempted theft failed.
Related: Cyberattacks are the bank robberies of the future
Police made the arrests linked to the Barclays plot on Thursday and Friday, and traced the fraudsters' "control center" to a home in central London.
They are still in the process of seizing property, cash, jewelry, drugs, thousands of credit cards and personal data in relation to the case. The eight men were arrested on suspicion of stealing and defrauding banks.
Of the 12 men arrested last week, four were charged with conspiracy to steal, while the others were bailed but face further investigation.
Alex Grant from Barclays' fraud prevention unit said the bank was able to recover the money on the same day the theft was detected, meaning no customers suffered losses.
First Published: September 20, 2013: 11:41 AM ET
No House Speaker wants a government shutdown or U.S. default on his watch. That's why some believe John Boehner's gambit to satisfy rebels in his caucus who insist on defunding Obamacare could hurt his legacy.
NEW YORK (CNNMoney)
Will the government shut down? Will the Treasury Department be forced to default on some of the government's legal obligations?
CNN: House votes to defund Obamacare
CNNMoney compiled the most recent odds given by four seasoned political observers.
As a group they agree a shutdown is more likely than a default, but they are by no means unified as to the chances for either.
Greg Valliere, chief political strategist, Potomac Research Group
Chance of a shutdown: Less than 50% but rising
Chance of a default: 10%, up from 5% a few days ago.
House Republican leaders have "capitulated to their rebellious troops, moving closer to a government shutdown and a debt crisis that even Karl Rove argues could do great damage to the Republican Party," Valliere wrote in a research note.
Sean West, U.S. policy director, Eurasia Group
Chance of a shutdown: 20%
Chance of a default: "Infinitesimal"
If a shutdown happens, West said, "it would be an accident because nobody in power actually wants it. ... The biggest risk is of a miscalculation: That risk has gone up as both sides play hardball, with no responsible adult herding the key stakeholders together."
Related: Government shutdown gears in motion
As for defaulting, "It's impossible to believe Congress would let it happen." The "fail safe," he said, is House Speaker John Boehner, who won't want a default on his watch.
Stan Collender, budget expert and former Democratic Hill staffer
Chance of a shutdown: 70%
Chance of a default: 10% to 20%
Collender cites a long list of reasons for his high shutdown odds in his blog Capital Gains and Games. Among them, there's no charismatic leader who can overcome the partisan warfare. President Obama and Boehner have too little sway with their own parties. Senate Minority Leader Mitch McConnell, who has served as a deal closer in prior budget standoffs, is now weakened by the fact that he's facing a primary challenge by a Tea Party candidate.
Plus, for many House Republicans, the "negative political impact" of the shutdowns in the mid-1990s is "a distant (or nonexistent) memory."
But the biggest complication is that this year's fight isn't really about the budget -- it's about Obamacare. And that makes it harder to strike a budget deal that can avert a shutdown or default, he argues.
Jim Kessler, senior vice president for policy at Third Way, a Democratic-leaning centrist think tank; and former Democratic Hill staffer
Chance of a shutdown: 75%
Chance of a default: 50%
"As bad as a shutdown is, it's not as devastating as a default and I think Republicans are willing to go there. It would be bad, but the sun will still rise in the morning," Kessler said.
As for raising the country's borrowing limit, Kessler also finds it hard to be sanguine.
During the 2011 debt ceiling fight, he could see a way out. This time he sees more chance for "chaos than resolution."
"I think there's a very real possibility that we default on some obligations, experience very bad market turmoil, and then quickly pass a debt deal that could possibly cost Boehner his speakership."
First Published: September 20, 2013: 11:54 AM ET
Ratings agency Standard & Poor's has a warning for Nasdaq and other stock exchanges. Solve the glitches or you may get downgraded.
NEW YORK (CNNMoney)
These are just three examples of what Standard and Poor's says are two dozen technical glitches at trading exchanges around the world in the past 18 months. And the ratings agency is fed up.
In a report outlining the growing operational risks at trading exchanges, S&P said the noticeable increase in technical snafus could trigger ratings downgrades for major operators like NYSE Euronext (NYX), Nasdaq OMX (NDAQ) and BATS Global Markets over the next few years.
"As technical problems occur more frequently, operational risk is becoming a more important component in our analysis and could result in downward pressure on ratings over the next few years," S&P said in a report released Thursday.
Related: Trading glitches a sad new market reality
The ratings agency pointed to three reasons stock exchanges have been more prone to technical glitches during the past several years.
For starters, the New York Stock Exchange and Nasdaq dominated stock trading until 2005 but have been losing market share amid increased competition from newer exchanges like BATS and Direct Edge, which recently announced a merger agreement. Alternative platforms like dark pools have also surfaced. In fact, there are now 16 stock exchanges and 50 alternative trading systems around the world.
Dark pools, which accounted for almost 40% of U.S. trading volume in 2012 compared to just 9% in 2008, are trading platforms that allow traders who are buying and selling to remain anonymous until their orders are processed. The growing use of dark pools means that a significant number of traders bypass registered exchanges, and allow brokers to match buy and sell orders within their own firm.
Related: High speed traders reacted instantly to Fed
The rise in the number of trading platforms has led to a more fragmented market, but all the various trading platforms still have to remain connected and work together. But that means that problems at one exchange can spillover and affect other exchanges. When the Nasdaq halted trading for three hours last month, the NYSE, BATS and Direct Edge also had to freeze trading in all Nasdaq-listed stocks and options on their exchanges.
While the monetary impact from failures at the exchanges has been limited so far, S&P said it is most worried about the risk to the exchanges' reputations, which could hurt their bottom lines. And that may be especially true for Nasdaq.
S&P notes that the spate of problems at the Nasdaq has stolen the exchange's position as the "undisputed leader in tech IPOs and listings." In the past 15 months, the NYSE has completed 21 tech IPOs, compared to the Nasdaq's 15.
Twitter, the next hot tech IPO, has not announced a decision yet on where its stock will trade. But many expect Twitter to choose NYSE over Nasdaq because of the problems associated with Facebook's (FB) offering..
First Published: September 20, 2013: 12:46 PM ET
All five colors of the iPhone 5C were listed as available to ship in one to three business days. The gold 5S won't ship until next month.
NEW YORK (CNNMoney)
CNNMoney interviewed about 15 of the hundreds of people in line outside Apple's flagship New York store, and all of them were waiting for the glass-and-aluminum 5S, which cost $199 with a contract.
None were there for the colorful plastic 5C, which sold for $99 with a contract. While the 5C was the only device available for pre-order a week early, the ability to pre-order hasn't stopped Apple fanatics from lining up in person for past devices like the iPhone 5.
Fortune's Philip Elmer-DeWitt, who counted more than 1,200 people on line at the flagship store a few minutes before the door opened, reported that everyone he asked was also "there to buy the iPhone 5S."
Some other customers waiting in lines around the world also dismissed the 5C. In London, 17-year-old student Waleed Tariq said "the 5C stands for 5 'cheap'. It's plastic and it looks cheap."
This is obviously a small sample size. It also may not be surprising that people willing to camp out for a phone would opt for the high-end model.
But if more consumers shun the 5C, that could be bad news for Apple. Many analysts had hoped that the less-expensive 5C could boost Apple's profit margins since the phone is also a lot cheaper to produce.
And at first blush, it does look like demand for the 5C is weak, even from those who preferred to order new phones online instead of standing in line.
Waiting in line today? Share your story with CNN iReport
On Apple's U..S. website Friday morning, all five colors of the iPhone 5C were listed as available to ship in one to three business days.
The 5S was another story. The graphite and "space gray" models will ship in 7-10 days, while the new gold color isn't available until October.
Apple didn't release early pre-order figures for the 5C as it has done in past years. That led to speculation that the early iPhone 5C figures are disappointing.
Apple (AAPL, Fortune 500) did not immediately reply to a request for comment on the iPhone 5C's performance so far.
But Nicholas Cage, who lined up at the Apple Store in Atlanta's Lenox Square shopping mall at 3:30 a.m., planned to pick up two 5Cs: one in white, the other in yellow.
"I got kids," he said simply.
Still, he said he was also there to buy himself a gold 5S.
- CNNMoney's Virginia Harrison contributed reporting from London, and CNN's Todd Leopold reported from Atlanta.
First Published: September 20, 2013: 12:04 PM ET
Click chart for more markets data.
NEW YORK (CNNMoney)
A glut of unanswered questions pushed the Dow Jones Industrial Average down more than 180 points Friday. The S&P 500 and Nasdaq closed down between 0.4% and 0.7%.
The selling spread beyond stocks. Oil prices fell more than 1%, and gold dropped nearly 3%. European markets and Asian markets were mixed.
So what are the biggest questions for investors?
Click here for more on stocks, bond, currencies and commodities
Good news had helped the Dow and S&P hit record highs earlier in the week. Even with Friday's sell-off, stocks ended the week up between 0.5% and 1.3%.
Investors got a momentary respite from a barrage of worries. The Fed pleasantly surprised the market Wednesday by deciding to hold off on tapering its quantitative easing program. And the threat of a U.S. strike in Syria no longer appears imminent.
But traders clearly seemed more worried heading into the weekend.
Related: Crowds gather for new iPhones
Blackberry's woes get worse: Shares of BlackBerry (BBRY) dropped more than 17% after the company announced losses of nearly $1 billion for its second quarter and plans to cut 4,500 jobs.
iPhone fumbles? The lines may have been long for Apple (AAPL, Fortune 500)'s newest iPhones, but investors aren't racing to buy up Apple's stock. It's down more than 33% over the past year, and as sales for the latest iteration of the iPhone kicked off in stores in the U.S., China and seven other countries Friday, Apple's stock moved down another 1%.
One trader on StockTwits thinks the long lines might actually mean that there's room for the stock to run: "$AAPL Being accumulated like Chess rivals pieces by Kasparov, (despite mkt sell off)," said Bizfinder. But another trader isn't so sure: "$AAPL Just gonna assume that a 'positive surprise' is not possible now and that the good news has been baked in for the weekend," wrote jarym.
Darden Restaurants (DRI, Fortune 500), which operates the Olive Garden and Red Lobster chains, reported weaker-than-expected sales and profits. Darden also said it's planning workforce reductions. The stock slipped more than 7%. One trader suggested this could be a bad sign for the economy. Consumers may be pulling back.
"Olive Garden used to be the go-to chain for the middle class. What's happened? Red Lobster SSS also down 5.2%. No splurging. $DRI," said TraceyRyniec.
Related: Fear & Greed Index is getting greedy once again
The all-time high club: A slew of companies hit all-time highs, including Netflix (NFLX), Tesla (TSLA), Amazon (AMZN, Fortune 500), and Facebook (FB).
Priceline's (PCLN) stock continued to rise as well. It appeared set to finish above $1,000 a share for the second straight day..
Two IPOs off like rockets: It was a great day for companies with incendiary themed names to debut.
Shares of ad buying platform Rocket Fuel (FUEL) and cybersecurity firm FireEye (FEYE) both nearly doubled from their IPO prices.
First Published: September 20, 2013: 9:53 AM ET
Click the chart to track shares of BlackBerry.
NEW YORK (CNNMoney)
Shares of BlackBerry (BBRY) were halted at about 3:30 p.m. ET and plunged 20% when trading resumed. For the day they closed down 17%. BlackBerry's stock is down 26.5% this year.
The news of 4,500 job cuts came late Friday afternoon, confirming layoff rumors that have been swirling about problems at the smartphone maker. It attributed the loss to a charge it will take to restructure its business as well as an "increasingly competitive business environment."
It also said it will offer just four smartphones instead of six.
The anticipated operating loss is about three times larger than the consensus forecast of analysts. The company is due to report financial results on September 27.
"We expected bad results but the device sales are pretty bad," said James Moorman, analyst with S&P Capital IQ. "I like their strategy of cutting back, but it's kind of late. This should have been done about a year ago."
Neeraj Monga, analyst with Veritas Investment Research, says that BlackBerry made a stunning admission about the lack of demand for its new BlackBerry 10 upon which it has placed so much hope. Normally companies book revenue when they ship products to retailers but Friday's statement said it will instead wait to book revenue from those phones until they're sold to customers.
"It's a bigger flop than anybody thought it could be," he said. "They expect 80% (of shipped phones) to come back."
The company reported last month that it is exploring ways to keep itself afloat -- including a possible sale of the company.
Related: BlackBerry explores a sale of the company
Moorman said the constant drumbeat of bad news is scaring away potential customers, and added that taking the company private would be the best course of action.
"Now with the stock taking a hit, that's more attractive," he said. "Going private takes you out of the spotlight. When you're on CNBC every day talking about a death spiral, that's not good. It becomes a self-fulfilling prophesy if you stay public."
There have been rumors that Toronto-based investment firm Fairfax Financial Holdings (FRFHF) might be interested in taking the company private. It's already Blackberry's largest shareholder, with nearly a 10% stake.
But Monga said he thinks that time is running out for BlackBerry.
"I do not believe this business can be turned around. I don't think an acquisition is in the offering. This suggests the end is coming pretty soon," he said.
Experts predict that BlackBerry would have a tough time finding a buyer for the entire company, since no suitor is likely to be interested in its hardware business.
But BlackBerry does possess some lucrative patents that could be attractive to a potential buyer or partner. That's a massive advantage in the competitive and highly litigious world of smartphones, and it could be attractive to a big rival like Microsoft (MSFT, Fortune 500), Apple (AAPL, Fortune 500) or Samsung.
At least BlackBerry has some breathing room: The company has $2.6 billion in cash. But that's down about $500 million from the previous quarter, a cash burn rate that Moorman described as "shocking."
If BlackBerry's smartphones themselves are a deal-killer, peeling off the company's software business could help gain interest from a number of buyers. BlackBerry's brand has lost consumer cachet, but it still holds a strong reputation for corporate security.
- Julianne Pepitone contributed to this report.
First Published: September 20, 2013: 3:39 PM ET
Walt's and Jesse's hazmat suit are being auctioned off along with other props from the show "Breaking Bad"
NEW YORK (CNNMoney)
The car, and hundreds of other props from the show, are set to be auctioned off online starting Sept. 29, the day the finale of the series about a dying teacher who turns to drug dealing is set to air.
The 1989 Jeep Wagoneer driven by Walter's wife, Skyler, is also set to go on auction for a minimum $1,000 bid. The auction site Screen Bid warns it leaks oil and has some paint bubbles and chipping, and is being sold "as is." The RV in which Walt and sidekick Jesse Pinkman started their careers cooking crystal meth is not being listed for sale.
The auction is set to run through Oct. 8.
Related: Breaking Bad fans sue Apple
Other iconic items used on the show have even higher minimum bids, including $1,500 for Walt's hazmat suit, $3,500 for series villain Hector "Tio" Salamanca's bell, and $5,000 for his wheel chair.
Other items have only a modest opening bid, including $10 each for the duffel bags Walt and Jesse used to carry around millions in cash, a DEA coffee mug and Vamonos Blue Coveralls.
Related: How to spot a meth lab
The show, which debuted in January 2008, has become a huge hit for the AMC Networks (AMCX) and Sony Pictures Television, the unit of Sony (SNE) that produced the episodes and owns the props.
It has averaged 5.2 million viewers per episode so far in its final season, reaching a record 6.4 million viewers on the most recent episode Sunday night. That episode also inspired more than 600,000 tweets, according to Entertainment Weekly.
First Published: September 20, 2013: 7:24 AM ET
A Target store in Daly City, Calif. advertises for employment.
NEW YORK (CNNMoney)
The discount store chain said Friday that it plans to hire about 70,000 temporary workers this year, down from 88,000 a year ago.
Target said it planned to offer more holiday hours to full-time staff members -- "as much as five to 10 percent more for the busiest periods around Black Friday and the week before Christmas."
"This approach takes into account recent trends that are becoming more and more pronounced—the busy periods are busier than ever, while the early part of December is quieter," Target (TGT, Fortune 500) said. "And with year-round team members looking for more hours, we want to accommodate their requests first."
Related: Hot toys for the 2013 holidays
Off the 88,000 seasonal workers hired last year, Target said 34,000 were offered year-round roles.
Industry tracker ShopperTrak said this week that it expects retail sales to rise 2.4% versus last year in November and December.
"Although the economy continues to recover slowly, consumers remain cautious about spending and are not ready to splurge," ShopperTrak Founder Bill Martin said .
Retailers have to contend with a shorter peak-shopping season this year. Black Friday doesn't fall until Nov. 29, compared with Nov. 23 in 2012.
First Published: September 20, 2013: 4:24 PM ET
The SEC says the two men "exploited the tragic circumstances surrounding a terminally ill diagnosis and turned the misfortune of others into a profit-making enterprise for themselves."
NEW YORK (CNNMoney)
The dying people were accessories to a scheme that defrauded banks and bond issuers by taking advantage of features in some corporate bonds known as "survivor's options," the Securities and Exchange Commission said. A survivor's option requires bond issuers to repay the full principal amount before maturity if an owner of the bonds dies.
The accused are 62-year-old Benjamin S. Staples and his son, 28-year-old Benjamin O. Staples, both of Lexington, S.C.
Related: Beanie Babies creator pinched for tax evasion
The alleged scheme, the SEC says, worked like this: First, the Staples would find people close to death who were concerned about being able to afford their funerals. The pair allegedly offered to pay for the funerals if the terminally ill agreed to open joint brokerage accounts with them.
In setting up the accounts, the Staples are accused of requiring the sick to sign agreements relinquishing any ownership interest. Then, they allegedly purchased discounted corporate bonds through the accounts.
Upon the deaths of the individuals they recruited, the Staples wrote to brokerage firms asking to redeem the discounted bonds at full value pursuant to the survivor's option, the SEC said.
The profits the pair earned came from the difference "between the discounted price of the bonds they purchased and the full principal amount they obtained when redeeming the bonds early," the SEC said.
Related: Still no charges for Wall Street execs five years after crash
All told, the Stapes are alleged to have recruited at least 44 dying people and purchased $26.5 million in bonds, earning at least $6.5 million in profits.
"The Stapleses deceived brokerage firms and bond issuers by casting themselves as survivors of a joint ownership situation when the deceased had no legal ties to the bonds at all," Kenneth Israel, director of the SEC's Salt Lake regional office, said in a statement.
Attorneys for the two men did not immediately respond to requests for comment.
First Published: September 20, 2013: 6:37 PM ET
| By Gary Watkins | Friday, September 20th 2013, 22:07 GMT |
Audi and Toyota shared honours in two rain-affected free practice sessions ahead of this weekend's fifth round of the World Endurance Championship at Austin
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Friday, September 20th 2013, 22:35 GMT |
Next year's World Endurance Championship will remain at eight rounds with an unchanged sequence of events through the year
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Sam Tremayne | Saturday, September 21st 2013, 00:31 GMT |
Tiago Monteiro led his new team-mate Takuya Izawa as Honda claimed a one-two in first World Touring Car practice at Suzuka
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Thursday, September 19th 2013, 15:34 GMT |
Sebastian Vettel has no concerns that Red Bull's title prospects next year will be compromised by him having an inexperienced team-mate in Daniel Ricciardo.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Thursday, September 19th 2013, 15:57 GMT |
Rally Australia's long-term future in the World Rally Championship looks secure following a successful event last week.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Glenn Freeman | Thursday, September 19th 2013, 16:05 GMT |
Jerez will replace Barcelona on the Formula Renault 3.5 calendar from 2014
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| By Sam Tremayne | Wednesday, September 18th 2013, 15:15 GMT |
Lada is planning to expand to a three-car operation for the second full year of its new factory World Touring Car Championship programme
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Wednesday, September 18th 2013, 16:29 GMT |
Sebastien Ogier will be free to fight with arch-rival Sebastien Loeb on next month's Rally of France
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| Wednesday, September 18th 2013, 18:22 GMT |
Karel Abraham will miss the rest of the 2013 MotoGP season due to continued problems with his shoulder injury
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Pablo Elizalde | Tuesday, September 17th 2013, 12:48 GMT |
Pirelli has announced its tyre choices for the races in Korea, Japan and India
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Tuesday, September 17th 2013, 13:44 GMT |
Audi has been handed a performance break ahead of this weekend's Blancpain Endurance Series finale at the Nurburgring.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Dieter Rencken and Sam Tremayne | Tuesday, September 17th 2013, 15:56 GMT |
Jenson Button insists it is only a "matter of time" before he confirms his place on next year's Formula 1 grid with McLaren.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| Monday, September 16th 2013, 16:19 GMT |
Marc Marquez pipped Jorge Lorenzo to set the pace in MotoGP's post-weekend test at Misano.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jonathan Noble | Monday, September 16th 2013, 16:21 GMT |
Comment: Juan Pablo Montoya's IndyCar move different to F1 exit
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Monday, September 16th 2013, 18:24 GMT |
Juan Pablo Montoya has targeted a win in next year's Indy 500 following his self-described "dream" move to IndyCar with Team Penske
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
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| By Matt Beer | Sunday, September 15th 2013, 20:11 GMT |
Yonny Hernandez will move to the Pramac Ducati team for forthcoming MotoGP races
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| Sunday, September 15th 2013, 19:39 GMT |
DTM champion Bruno Spengler has picked up a grid penalty for the next round at Zandvoort after tangling with Robert Wickens at Oschersleben
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, September 15th 2013, 21:50 GMT |
The NASCAR Sprint Cup Chase opener at Chicagoland Speedway looks set to be delayed until at least Sunday night local time due to repeated rain showers
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Subscribe to Premier Sports TV to watch all Sprint Cup events live in the UK. Visit www.premiersports.tv for more information.
| By Glenn Freeman | Saturday, September 14th 2013, 17:10 GMT |
Nelson Panciatici and Pierre Ragues took the first win of the season for the Signatech Alpine squad in the European Le Mans Series at the Hungaroring.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Jamie O'Leary | Saturday, September 14th 2013, 17:23 GMT |
Bruno Spengler has been stripped of his pole position for Sunday's DTM race at Oschersleben due to breaking the championship's tyre regulations in qualifying.
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, September 15th 2013, 02:11 GMT |
Sebastien Ogier is on the brink of securing his first World Rally Championship title as he maintains his Rally Australia lead
You have viewed over 20 free stories this month. Why stop there? Click here to find out how to continue reading.
In the wake of the public shaming of Pax Dickinson, it really does matter who you recommend on LinkedIn.
NEW YORK (CNNMoney)
Take Pax Dickinson, who was forced to resign from Business Insider on Tuesday. He was the online publication's chief technology officer until Silicon Valley blog Valleywag drew attention to his caustic speech on Twitter and elsewhere.
His comments, which included rape jokes and enmity toward gender inequality in tech, led to a public outcry.
Standing in stark contrast, however, is Dickinson's professional LinkedIn page. On it are three glowing recommendations from former colleagues at different companies, which include statements like this: "Employers will not be disappointed with his work and determination."
The advertising executive who wrote that, Joseph Panzarella at New York firm JWT, stands by the assessment he made in 2010. Panzarella admits he would never utter the kinds of remarks that drew Dickinson so much criticism, but he sees the recommendation as a narrowly-defined endorsement.
"My recommendation reflects his working ability," Panzarella said. "LinkedIn is a business forum. I would limit my commentary to his business acumen."
Related story: Sexist tweets cost Business Insider exec his job
But is it really that simple?
Not if you consider that your public online personas -- on Twitter, LinkedIn (LNKD) and elsewhere -- are as seamless and unified as you are in real life, said Bob Pearson, who advises people on such matters through his digital consulting firm, W2O Group.
"Everything is intertwined," Pearson said. "Whatever you say publicly builds a cumulative set of behaviors that leads to your reputation. You can't say one channel is separate."
The same transitive rules apply to endorsements, he said. Lending credibility to someone else -- especially in a professional setting -- shows a willingness to absorb their fame or notoriety by association.
"You are deciding to align your brand, your reputation, to that person's reputation," Pearson said.
Nematolah Kashanian, a software architect in New York, doesn't think his cheerful recommendation of Dickinson on LinkedIn will hurt him. In part, that's because he takes such endorsements lightly. But he also said Dickinson's abrasive speech is no surprise.
"If someone would call me and ask for a reference, as Business Insider did, I actually warn them," Kashanian said. "He's incredibly intelligent, but he has a mouth. And it's something you guys take with what you get."
Kashanian also noted that Dickinson never exhibited in person the disregard for women or feminism in tech that he displays online. Kashanian recalled one project they worked on together in which Dickinson teamed up well with the project manager -- a gay woman.
Still, Kashanian said Dickinson should have minded his executive-level position before making his comments online.
"He's in a certain position, and he should just tone it down a notch. If it was me, I wouldn't have done it," he said.
Dickinson isn't exactly helpless now, though. Since the ordeal, he's received waves of support online. He also launched an independent pro-privacy project, Glimpse, that promises image encryption.
First Published: September 13, 2013: 9:27 AM ET
Goldman Sachs faces scrutiny by labor authorities in Switzerland after a complaint about work hours.
LONDON (CNNMoney)
A complaint lodged by an employee group suggests the investment bank has run afoul of strict laws in Switzerland over timekeeping of workers' hours, triggering a visit by officials from the Office for Economy and Labor on Wednesday.
The complaint from the Swiss Bank Employees Association, which was lodged two weeks ago, alleges that Goldman failed to properly record hours worked in accordance with local regulations.
Companies in Switzerland are required by law to document the working time of their employees, up to the executive level. The maximum hours of work are 45 hours per week. This limit can be exceeded, but cannot top an additional 170 hours of overtime each year.
A spokesperson from the Labor Office said the investigation into Goldman Sachs (FADXX) was ongoing and was unable to provide further information. Goldman Sachs did not immediately respond to requests for comment.
Related: Bank of America intern dies in London
Denise Chervet director of the Swiss Bank Employees Association said many banks, including Goldman Sachs, do not require timekeeping by their employees.
"We also have certain information that people work too much at Goldman Sachs and therefore don't respect the law," she said.
Chervet said her organization has noticed that the pressure on bank employees is rising "and as a consequence there is an increase of people who are sick and burn out."
Corporations are facing scrutiny over punishing working conditions after a string of recent tragedies.
Two senior executives in Switzerland committed suicide in recent months, and an intern working at Bank of America in London died in August amid reports he had worked until 6 a.m. for three days in a row.
First Published: September 13, 2013: 9:27 AM ET
