Retired union workers facing 'unprecedented' pension cuts

CNNMoney: Hundreds of thousands of retired union workers are facing pension cuts that could slash their monthly payments in half - or even more. The proposed cuts are part of a desperate effort to head off insolvency at some of the nation's biggest pension plans.


Lockheed will cut 4,000 jobs by 2015

The New York Times: Lockheed Martin Corp. said on Thursday that it would cut 4,000 jobs and close several plants in response to reductions in government spending. The company, the nation's largest military contractor, said that by mid-2015 it would close plants and offices in Akron, Ohio, Goodyear, Ariz., Horizon City, Texas, and Newtown, Pa., as well as four buildings on its campus in Sunnyvale, Calif. It said the closings would eliminate 2,000 jobs.


Credit card reward programs examined by U.S. Consumer Bureau

Bloomberg: The U.S. Consumer Financial Protection Bureau is examining whether customers are being misled when they sign up for complex credit card reward programs and will mull new rules in this area. Consumers can face "detailed and confusing rules" about using rewards, CFPB Director Richard Cordray said in an email yesterday. "We will be reviewing whether rewards disclosures are being made in a clear and transparent manner, and we will consider whether additional protections are needed," Cordray said.