Switching gears now, we've all heard about how veterans leave the military with lifelong lessons about discipline, camaraderie and staying cool under fire, but our next guest says his military service also helped him with his finances.
Steve Repak is a veteran who is now a certified financial planner. He says he's applied what he learned in the Army to apply discipline to his finances. He's written a book to share what he learned. It's called "Dollars and Uncommon Sense: Basic Training for Your Money," and he's with us now.
There were 439,000 first-time claims for unemployment insurance last week, up by 78,000 from the week before, the Employment and Training Administration says. Behind the big increase: Superstorm Sandy, which threw some people in the Mid-Atlantic onto the unemployment rolls and shut down state unemployment offices the week before — meaning that some claims were postponed into last week.
Update at 11:30 a.m. ET: Oil giant BP has agreed to plead guilty to criminal misconduct related to the 2010 Gulf Oil spill and will pay a record $4 billion in criminal penalties, the company just confirmed. And it will pay $525 million in civil penalties in a resolution with the Securities and Exchanges Commission. BP will make the payments over six years.
House Republicans have released portions of a report on the collapse of MF Global, the commodities firm run by former New Jersey Governor Jon Corzine. The report chastises Corzine for taking excessive risk.
President Obama travels to New York Thursday to get a first hand look at the continuing recovery efforts and lingering damage from Hurricane Sandy. Damage and lost economic activity from the storm have been estimated as high as $50 billion. State officials and lawmakers from the affected region say they intend to tap the federal government for as much assistance as possible.
This week marks the start of Mark Thompson's tenure as the new chief executive officer at the New York Times Co. It is facing financial head-winds, and is hoping Thompson can recapture some of the success he enjoyed in leading the BBC. But there's concern within the Times that its new leader has been tainted by scandals at his old employer.
An online petition is urging Macy's to stop selling its line of Donald Trump branded clothing. The petition says the department store should sever ties with Trump because he is offensive, sexist and hypocritical. But a Macy's spokesperson insists its merchandise and marketing do not represent any political position.
Hostess Brands, famous for processed treats like Twinkies and Ding Dongs, says it will go into liquidation if striking bakers do not return to work this afternoon. This could see the layoffs of nearly 18,000 workers. The bakers walked out over wage and benefit cuts. Analysts say the company's most iconic brands would likely be bought by other companies if Hostess goes out of business. Transcript provided by NPR, Copyright NPR.
Republicans claim President Obama's plan to raise taxes on the wealthy will cost the economy 700,000 jobs. Another study from the Congressional Budget Office puts the number of lost jobs as 200,000. But both studies also assume millions of new jobs will be created.