Morning business headlines: 10-7-13
Monday, October 07, 2013 1:57 PM
Madoff did not do it alone
Reuters: "That is the message prosecutors will pound home as five of Bernard Madoff's longtime employees go on trial this week accused of enabling his $65 billion Ponzi scheme." After Madoff pleaded guilty in 2009 to defrauding investors at Bernard L. Madoff Investment Securities LLC and was sentenced to a 150-year prison sentence, prosecutors charged 15 of his associates. Five of them go on trial Tuesday.
Stocks braced for another day in the red
CNNMoney: "U.S. stock futures were sharply lower Monday, led by a nearly 1 percent decline in the Standard & Poor's 500, and the dollar weakened against other global currencies." Investors hate uncertainty and there's a lot of it, as the government shutdown heads into day seven, and a looming debt ceiling crisis is stoking fears of a possible U.S. default.
The shutdown, the IRS and your taxes
CNNMoney: "If you were thinking that the government shutdown meant you would get out of paying your taxes, think again." The Oct. 15 deadline for quarterly taxes still must be obeyed, even though you'll have trouble getting an IRS employee on the the phone to answer questions. Only 9 percent of them are working.