Business economists think Fed will pull back on stimulus
A majority of business economists believe the Federal Reserve will begin to pull back on its massive economic stimulus program early next year, according to a recent survey.
The National Association of Business Economists said 62 percent of its forecasters expect the Fed will pull back on its bond-buying program in the first quarter of 2014. Another 30 percent believe the Fed will begin to reduce its bond buying in the second quarter of 2014.
The Federal Reserve has been buying $85 billion in bonds each month in an effort to keep interest rates low and stimulate the economy.
Lawyer who preyed on dying could get 10 years in prison
Federal prosecutors have asked a judge for a 10-year prison term for a Rhode Island lawyer who led a $46 million investment fraud that preyed on terminally ill people.
Ten years is the maximum allowed under a plea agreement signed by Joseph Caramadre, who pleaded guilty to wire fraud and conspiracy. He’s scheduled to be sentenced next week.
Caramadre illegally used personal information from terminally ill people to purchase bonds and annuities that would pay out when a person died.
Airbus parent EADS to cut 5,800 jobs in major overhaul
European air and defense company EADS, the parent company of Airbus, said Monday it is cutting 5,800 jobs over the next two years as part of a major overhaul to reduce costs and refocus on civil aviation.
The company said in a statement that the jobs would be eliminated from its corporate and space and defense divisions by the end of 2016.