Italy political drama jolts markets

Italian Prime Minister Enrico Letta is battling to get his government and economic program back on track after Silvio Berlusconi withdrew his support for the coalition.

LONDON (CNNMoney)

Silvio Berlusconi withdrew his support for a grand coalition led by Prime Minister Enrico Letta, just a week before a parliamentary committee was due to vote on expelling the convicted fraudster from the Senate.

Milan's benchmark index fell 1.8%, and the yield on Italy's 10-year bonds rose 18 basis points to 4.6%. That is up from around 3.9% when Letta took office in April but far from the more than 7% during the peak of the eurozone debt crisis in 2011.

Other European markets fell by about 1% as a U.S. government shutdown loomed. The dollar was a shade firmer against the euro.

Related: Stocks weak as U.S. shutdown looms

Political instability is nothing new in Italy -- governments tend to last little more than a year on average.

But a prolonged period of deadlock could prevent agreement on a budget for 2014 and delay reforms needed to keep the eurozone's third largest economy on track to meet EU-mandated borrowing targets.

Letta has scheduled a vote of confidence for Wednesday and hopes to persuade disgruntled members of Berlusconi's party and other senators to back him. Failure would raise the chance of a new election and with it the risk of months of political stalemate just as Italy, and the eurozone, look to secure a recovery from recession.

"Snap elections would be the worst scenario for confidence," noted Silvio Peruzzo, economist at Nomura.

Italy's economy is showing signs of stabilizing after nearly two years of recession. Tough austerity measures have helped produce a primary budget surplus and a wide-ranging program of structural reforms is beginning to bear fruit.

Related: European IPOs stage a comeback

But growth next year will be only a sluggish 0.7% and the country's debt burden -- already above 130% of GDP -- will continue to rise, according to International Monetary Fund forecasts.

"To sustain recovery and revive growth, Italy urgently needs further structural and fiscal reform," Kenneth Kang, assistant director for Europe at the IMF, told reporters Friday.

Without reform, the recovery will remain stuck in low gear making it much harder to tackle record unemployment of 12% and sustain the budget surpluses need to halt the rise in the country's €2 trillion debt mountain.

The economy was brought to the brink of collapse in late 2011, when the cost of servicing that debt climbed to unsustainable levels.

That crisis ushered in a technocrat government led by Mario Monti, who introduced a series of tax increases and spending cuts to restore market credibility, then further bolstered by the European Central Bank's pledge to buy eurozone government bonds in return for reforms.

First Published: September 30, 2013: 9:39 AM ET

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Not all Obamacare exchanges will open Oct. 1

Not all of the Obamacare exchanges will be fully operational on Oct. 1.

NEW YORK (CNNMoney)

Residents and small business owners in certain states will not be able to fully sign up for a policy online in October because technical glitches have put enrollment on hold temporarily or forced state officials to implement old-fashioned work-arounds.

But state and federal officials stress that these delays will not have a major impact on Americans because coverage doesn't actually begin until January 1. As long as residents sign up by December 15, they'll be covered starting in 2014.

The District of Columbia was one of the latest to announce a hiccup. The district last week said that residents eligible for Medicaid or federal subsidies will not be able to enroll in a policy until November, giving officials another month to work out bugs that have been producing high error rates during testing.

Some features of the D.C. Health Link will operate next month, said Richard Sorian, exchange spokesman. Residents of the nation's capital will be able to set up a personal account and compare the 34 policies that will be available in 2014. They can use a calculator to estimate the size of their subsidy. And they can enroll if they earn more than 400% of the poverty line -- $45,960 for an individual and $94,200 for a family of four --and don't qualify for government assistance.

Those eligible for Medicaid or subsidies will be notified when their applications can be completed.

Related: I'm signing up for Obamacare

Meanwhile, small business owners in D.C. will find their exchanges are fully operational, Sorian said. They will be able to browse and enroll in one of 267 policies starting Tuesday.

But entrepreneurs in the 35 exchanges being partly or fully run by the federal government won't be able to complete their enrollment online until November 1, the Department of Health and Human Services announced Thursday. They will be able to look at the plans offered in their area online and enroll via fax or by mail. Businesses won't know the amount of their federal tax credits -- and thus their exact premium cost -- until November.

Senior administration officials said the government is delaying online enrollment because it wants to make sure the technology is working properly.

Getting both the individual and small business exchanges up and running for October 1 has been a huge technological lift for state and federal governments. Not only do the exchanges have to communicate with insurers' computers so participants can compare plans, but they have to connect to the Internal Revenue Service to verify Medicaid and subsidy eligibility, and to the Department of Homeland Security to confirm citizenship status.

At least two other states -- Colorado and Oregon -- won't have online enrollment fully available for a few weeks. In Colorado, residents who are eligible for Medicaid or a subsidy will have to call a customer service center to complete the final steps of the online application during October. The small business exchange will be fully operational.

And Oregon residents will have to apply through a paper application, over the phone or through an insurance agent or non-profit counselor for the first two weeks of October, after which they can apply online. Small businesses will be able to start applying using the same methods on October 15, and can't enroll online until November.

Oregon set up these "soft launches," as it is calling them, to make sure trained personnel are involved to catch any initial technical glitches, said Rocky King, executive director of Cover Oregon.

"It's not a delay, it's a stage," he said. "The complexity of the system is just amazing."

First Published: September 30, 2013: 9:49 AM ET

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Washington spooks stocks

Click chart for more markets data.

NEW YORK (CNNMoney)

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq all dropped nearly 1% in early trading Monday.

More selling ahead? Despite Monday's slide, the three major indexes are still up between 15% and 24% for the year. The Dow and S&P 500 are up over 3% in September alone, and hit record highs just two weeks ago. All three indexes are up for the quarter, led by the Nasdaq, which has risen 11%.

But some strategists are predicting that stocks should fall further if the government closes up shop -- even if it's only a brief shutdown.

Related: 8 things you need to know about the debt ceiling

Citigroup analyst Tobias Levkovich said that the "rancorous debate in Washington" coupled with slowing economic growth could push the S&P 500 down to 1600, a drop of more than 5% from its current level.

Levkovich and several other analysts also expect companies to cut their 2014 profit forecasts when they report third quarter earnings over the next few weeks. That could be another wake up call for investors, who had been bullish all year despite some big risks.

Related: Fear & Greed Index shows investors are becoming increasingly fearful

The shutdown isn't the only thing in Washington that investors are worried about. Stocks have pulled back recently as the U.S. gets closer to hitting the debt ceiling. If Congress fails to increase the debt limit, the U.S. government won't be able to pay all of its bills later this month.

Related: Obamacare and biotech boost health care stocks

What's moving: Shares of Apple (AAPL, Fortune 500) dropped more than 1% ahead of CEO Tim Cook's anticipated lunch meeting with activist investor Carl Icahn.

Social media stocks Facebook (FB), Zynga (ZNGA), and LinkedIn (LNKD) fell Monday. There is increased chatter that Twitter may file its financial statements with the Securities and Exchange Commission this week, although it's not clear if that will happen if the government shuts down.

Some investors believe that Twitter's upcoming initial public offering could steal some momentum from other social media stocks since it is assumed that Twitter's growth will be very strong.

J.C. Penney (JCP, Fortune 500) dipped sharply Monday morning before bouncing back. The retailer, which has been hemorrhaging money, announced last Friday that it had raised roughly $810 million through a public offering. Shares are trading near lows not hit since late 2000.

Related: How the government will shut down

Government shutdown hits world markets: European markets were all down in afternoon trading on fears over what the U.S. shutdown could mean for economies in Europe. Most Asian markets closed with losses, though the Shanghai Composite moved higher. China launched a free trade zone in Shanghai on Sunday, an experiment in promoting trade and expanding foreign investments in China.

First Published: September 30, 2013: 9:55 AM ET

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Wells Fargo: A bargain if you're bullish on housing

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

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ExxonMobil to extend benefits to same-sex couples

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

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Airbnb wins legal victory in New York City

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

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Wells Fargo: A bargain if you're bullish on housing

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

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ExxonMobil to extend benefits to same-sex couples

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

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Airbnb wins legal victory in New York City

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

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Record London house prices stoke bubble fears

Fears of a housing bubble in London are growing as home prices climb to record highs.

LONDON (CNNMoney)

Official data shows the median gross wage in London last year was £30,471. That compares with a rise of £33,133 in the average price of homes in the U.K. capital over the past 12 months, according to figures released by mortgage lender Nationwide on Friday.

That means many Londoners have earned more on paper from the appreciation in the value of their homes than by going to work.

Prices in London are now 8% above their 2007 peak before the global financial crisis, which saw property values collapse by about 20% across the U.K.

The findings will fuel concerns that the U.K. may be heading for another property bubble, as low interest rates, improving economic sentiment, and aggressive government subsidies push prices higher.

And there are now signs that the government may be worried. Chancellor George Osborne has asked the Bank of England to review the "Help to Buy" home subsidy scheme on an annual basis, instead of original plans for a review every three years, a Treasury spokesperson said.

Related: British housing boom - or bubble?

Help to Buy, which aims to stimulate lending and support the economic recovery, began in April by giving buyers with 5% deposits interest-free loans for five years on newly-built homes. From January, the government is planning to extend the scheme to assist buyers purchasing existing properties worth up to £600,000.

The Bank of England will be able to recommend the government lower the scheme's price cap if it feels the need to take some heat out of London prices. Earlier this week, the bank's financial policy committee said it was monitoring "emerging vulnerabilities" in the housing market.

But prices across most of Britain are much lower -- and not rising as fast --- as in the capital. Prices across the U.K. now average £170,918, that's up 4.3% over the year.

Related: U.S. housing bubble fears

Wealthy investors from overseas are driving London property prices higher as they snap up prime locations, while local residents are also competing for real estate in Europe's financial capital.

The Bank of England recently pledged to keep interest rates at record low levels for years to come, which helps homeowners by keeping mortgage rates low.

But some experts are worried that once rates start rising and government subsidies expire, homeowners could start defaulting, leaving taxpayers liable for tens of billions of pounds of lending.

First Published: September 27, 2013: 9:29 AM ET

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Thanks a lot, Washington! Stocks fall again

Click chart for more markets data.

NEW YORK (CNNMoney)

With several Congressional crises brewing, the Dow Jones Industrial Average, the S&P 500 and Nasdaq fell slightly. Markets are on track for a losing week. Stocks were up Thursday, but that was after a five-day losing streak.

A possible government shutdown and a rapidly approaching debt limit could prevent the government from paying all its bills.

Related: Click here for more on stocks, bonds, currencies and commodities

But while stocks have stalled a bit lately, investors aren't exactly panicking. The recent slump comes just a week after the Dow and S&P 500 hit record highs. All three major indexes are still up between 17% and 25% for the year.

Most investors expect Congress will strike a last-minute deal to raise the debt limit.

Related: Investors pricing in last minute debt deal

What's moving: Shares of new Dow component Nike (NKE, Fortune 500) jumped 6% and hit an all-time high following quarterly results that beat expectations.

J.C. Penney (JCP, Fortune 500) shares sank 10% on news that the struggling retailer will raise $810 million via a public offering of 84 million shares. While this money will give J.C. Penney a cash cushion for its attempted turnaround, current shareholders will see their stock diluted.

BlackBerry (BBRY), which announced plans this week to go private, released dismal earnings Friday morning, including a $965 million quarterly loss. Still, these losses were widely anticipated, since BlackBerry had preannounced results late last week. The company's stock rose nearly 2%.

Related: Fear & Greed Index back in fear mode

European markets were drifting lower in afternoon trading. Asian markets closed higher Friday after China announced that it is establishing a free trade zone in Shanghai, driving up the shares of companies with Shanghai in their names. The Nikkei finished lower.

First Published: September 27, 2013: 9:51 AM ET

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Toyota recalling 600,000 minivans

Toyota is recalling over 600,000 Sienna minivans for a problem that could allow them to roll away when parked.

NEW YORK (CNNMoney)

The minivans involved are from the 2004, 2005 and 2007 through 2009 model years. In these vehicles, a mechanism inside the shift lever could break allowing the minivans to be shifted out of park without the brake pedal being pressed. If that happens the vehicle could roll away.

Gallery - The demise of the minivan

Toyota (TM) is aware of 21 accidents and two minor injuries resulting from this problem, Toyota spokeswoman Cindy Knight said.

Owners will be notified by mail when to bring their vehicles to a Toyota dealer for repairs, Toyota said in its announcement. More information about the recall is available at toyota.com/recall

First Published: September 27, 2013: 10:45 AM ET

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Extra pension payments cost Detroit billions

Investigations of Detroit's two pension funds likely to show that decades of overpayments to retirees and active employees drained about $2 billion from city coffers.

NEW YORK (CNNMoney)

The revelations will be laid out in a much-anticipated investigation into "possible waste, abuse, fraud and corruption" at the two funds. State-appointed Emergency Manager Kevyn Orr called for the city's inspector general and auditor to conduct the investigation in June, roughly a month before Detroit's historic bankruptcy filing.

The excess payments were not an example of that fraud or corruption. Instead, officials who oversaw the funds regularly approved extra payments in addition to the promised pension benefits, based on the belief that the funds could be more generous when their investments generated positive returns.

A report given to the City Council two years ago showed that those overpayments cost the city $1.9 billion in the 21 years from 1987 through 2008. An update to those numbers is expected in Thursday's report.

The report should also lay out how much of a gap there is between the funds' assets and the benefits they've promised. A filing in the city's bankruptcy case says an actuarial firm hired by Orr estimates the underfunding at $3.5 billion. As of June 2011, the two pension funds had combined assets of about $5.8 billion, down roughly 30% over a four-year period, according to their most recent financial reports.

Related: Just how generous are Detroit's pensions?

Orr has previously said that the financial shortfall in the two funds -- one for police and firefighters and the other for general city workers -- makes benefit cuts for both current workers and retirees inevitable. Still, he has said he would need to see extraordinary evidence of waste and mismanagement before he would consider proposing a takeover of the $5.8 billion pension funds.

The trustees who control the funds are opposing the city's bankruptcy filing and have countered that the funding situation is far less dire than Orr indicates.

No strangers to controversy, the funds are haunted by past allegations of mismanagement, and were even the subject of a federal fraud investigation.

Related: Detroit pensions: Bribes, a $5,000 poker chip and a big financial hole

Overall, seven people have been convicted on charges related to a corruption scheme at the pension funds, while four more are facing criminal indictments, according to an FBI document.

According to FBI and court documents, city and pension fund officials allegedly accepted bribes and kickbacks -- ranging from cash payments to lavish trips, entertainment and private plane flights -- in exchange for steering more than $200 million in pension fund investments. At least $84 million in pension fund losses have been tied to the scheme.

First Published: September 26, 2013: 10:21 AM ET

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Obamacare cheat sheet

NEW YORK (CNNMoney)

Many insurance regulations and taxes are already in effect, but the big push begins Oct. 1.

The goal of the Affordable Care Act is to provide affordable coverage for tens of millions of uninsured Americans, provide more comprehensive coverage, and to ultimately reduce costs.

We won't know whether it hits those goals for some time, but here's how it could affect you now.

The first thing you need to know

Most Americans must have health insurance by March 31, 2014. A lot of people will keep getting it through work, but for everyone else, states will offer an "exchange" where people can purchase insurance from competing insurance companies.

Enrollment begins Oct. 1, and coverage begins Jan. 1.

How the exchanges will work

Plans will be grouped by tier -- platinum, gold, silver, and bronze. The average cost for a silver plan will be $328 per month, but the government will kick in subsidies for those in need.

How the subsidies will work

The federal government will provide subsidies to those who earn 400% of the federal poverty level -- $94,200 for a family of four, or $45,960 for a single person.

You will pay what you owe; the government will pay the insurer the subsidy directly.

Will costs go up or down? It depends

Policies are required to have more comprehensive coverage, including mental health and maternity care, and there could be more sick people covered because of Obamacare regulations. Those forces would push insurance rates higher.

But more healthy people will sign up and there will be more competition among insurers, elements that should help lower costs.

Sick and the elderly may pay less

Insurers can't penalize you for any underlying health problems (except your smoking habit), so you may save if you had been paying more because of a medical condition.

Your choice of a doctor may be limited

To compete, plans may limit you to one-third to one-half of the doctors and hospitals you might have today.

Who will pay a penalty

If you haven't bought insurance by March 31, 2014, a penalty might be added to your tax bill: the greater of $95 per adult or 1% of household income in 2014, climbing to $695 per adult or 2.5% of income by 2016.

But some people will be exempt: people who would have to pay more than 8% of their income for health insurance and poor adults who live in states that aren't expanding Medicaid.

How Medicare is affected

Anyone on Medicare can ignore the fuss.

Impact on work plans

Employers are pulling back on benefits and they are blaming Obamacare. But companies have been shifting more of the burden to workers for years.

Meanwhile, the exchanges could provide peace of mind those worried about losing their job. After a layoff, you can usually stay on your company plan for 18 months through COBRA, but that coverage is pricey because you usually have to pick up the entire tab of roughly $16,000 a year.

Impact on small businesses

Companies with 50-plus full-time employees must start offering them health insurance or face stiff penalties. The employer mandate had been set to kick in January 2014, but was pushed back a year.

A 30-hour work week counts as full-time under Obamacare, so some started cutting worker hours to avoid the mandate.

The new law's rules don't apply to the vast majority of small businesses. As of 2010, 97% of small businesses have fewer than 50 employees.

A huge majority of those with more than 50 employees already offer benefits. But they could still be affected if their insurance isn't good enough or sufficiently cheap under new Obamacare rules.

12 biggest Obamacare questions answered - Money Magazine

First Published: September 26, 2013: 10:28 AM ET

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Mortgage rates dip as Fed holds stimulus steady

NEW YORK (CNNMoney)

The rate for a 30-year, fixed loan fell to 4.32% from 4.5%, according to a weekly survey from Freddie Mac.

While that represents only a small savings for borrowers - $21 a month on a $200,000 balance - it's still good news for the housing market. Mortgage rates have been moving higher in the last few months, which analysts feared could put the brakes on the real estate recovery.

Related: CNNMoney's mortgage loan calculator

"Mortgage rates fell following the Federal Reserve announcement that it will maintain its bond-buying stimulus," said Frank Nothaft, Freddie's chief economist. "These low rates should help offset the house price gains seen in the last number of months and keep housing affordable."

Interest rates had gone as low as 3.35% in early May and, following the Fed's hints that it would begin to taper its bond purchases, rose more than a percentage point by late June before leveling off.

Related: Are we headed toward 5% mortgages?

"After hearing about rising mortgage rates for months, consumers should welcome the news of a decline," said Keith Gumbinger, of HSH.com, a mortgage information firm. "The Federal Reserve's decision to keep its quantitative easing programs running for at least a while longer allowed mortgage and bond markets a chance to relax, at least for a little while."

But many analysts expect the Fed to start to taper later this year, which should push mortgage rates higher.

First Published: September 26, 2013: 10:51 AM ET

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Yale beats Harvard on endowment returns

The return on the endowment for Yale University (pictured above) outpaced rival Ivy Leagues including Harvard.

NEW YORK (CNNMoney)

Yale's endowment fattened to $20.8 billion, from $19.3 billion in the prior year, the university said Tuesday.

That's better than its annual average return of 11% over the last 10 years, it said. During that time, the endowment has grown from $11 billion.

While the size of Harvard's endowment is much larger than Yale's, the return rate lags. Harvard announced on Tuesday that its endowment was valued at $32.7 billion at the end of the most recent fiscal year with a return of 11.3%.

Jane Mendillo, president of the Harvard Management Company, said that the university has "made a strong recovery since the global economic downturn of 2008-2009."

However, Harvard said the endowment's return slipped below its 20-year annual average of 12%.

Related: Which college will land you the highest paying job?

More than 60% of Harvard undergraduates received scholarship aid, according to the university, with one-fifth of the students paying no tuition at all, "based on economic need."

Yale's return also surpassed the Massachusetts Institute of Technology, which announced an investment return of 11.1% for its pool of funds, which totaled $11 billion at the end of the fiscal year.

But MIT has made significant progress in the last year. The university said that its endowment totaled $10.3 billion in fiscal year 2012, with a return of 8%.

The fiscal year for Yale, Harvard and MIT ends on June 30.

First Published: September 25, 2013: 11:07 AM ET

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Shipping newspaper drops print after 300 years

Lloyd's List has evolved since the 1700s, but it's still considered a must-read for shipping executives.

LONDON (CNNMoney)

One of the world's longest-running newspapers -- Lloyd's List -- is ditching its print edition and moving to an all-digital format in December.

A growing number of publications around the world are shuttering their printing presses as online page views on tablets and smartphones account for an ever larger share of the audience.

Lloyd's List, a specialized newspaper, has been required reading for shipping magnates since its first print edition was published in London in 1734. Most of its readers now only subscribe to the online edition.

Related: Amazon's Bezos buys Washington Post for $250 million

Lloyd's List editor Richard Meade said just 25 of 16,624 subscribers had paid to receive only the print edition of the 300-year old paper.

"This isn't about cost-cutting, it isn't about losing jobs," he told CNNMoney. "It's about sustaining our readers' demand and doing things better online... This is an investment for the next 300 years."

Lloyd's List started out in the late 1600s as a newsletter pinned to the wall of a London coffee shop to let businessmen know about the top news in the shipping world.

While some in the industry would feel nostalgic at the print edition's demise, Meade said he was excited that the publication was moving forward.

Our subscribers "are fairly senior people who don't wait for the postman to come around to tell them what is going on in their industry," he said.

Last year, the weekly magazine Newsweek announced it would discontinue its 80-year-old print version and become an online-only publication.

First Published: September 25, 2013: 11:08 AM ET

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Is the end near for J.C. Penney?

J.C. Penney shares hit lows not seen since November 2000 Wednesday.

NEW YORK (CNNMoney)

Shares plunged more than 15% at one point and briefly dipped below $10 a share -- a level they have not been at since November 2000.

Several analysts are predicting that J.C. Penney (JCP, Fortune 500) did not have a good back to school shopping season, and that sales continued to plummet in late August and early September.

Related: J.C. Penney posts big loss but CEO upbeat

Investors had already been spooked by reports that J.C. Penney might be seeking to raise more cash through the sale of new stock or bonds.

In a conference call with analysts last month, J.C. Penney executives said they would not need to raise more cash anytime soon. They expected to have $1.5 billion in cash by year-end.

But JPMorgan analyst Carla Casella recently estimated that the retailer could run out of cash by the third quarter of 2014 if J.C. Penney's sales and profits failed to improve.

Related: Bill Ackman takes huge loss on J.C. Penney

J.C. Penney did not return immediate requests for comment.

The retailer's fall from grace during the past decade has been dramatic.

Hedge fund manager Bill Ackman had been betting on a turnaround of J.C. Penney for the past several years. To make that happen, he brought in Ron Johnson, the former retail chief of Apple (AAPL, Fortune 500), as CEO. But Johnson's attempt to remake J.C. Penney was a failure. Sales continued to sink and the company racked up big losses.

Earlier this year, Johnson was pushed out, and former J.C. Penney CEO Myron Ullman returned to take the helm. Ackman then sold his stake and departed the company's board in August. He ultimately wound up losing hundreds of millions of dollars on his J.C. Penney stake.

After Ackman's exit, several hedge funds bought stakes in J.C. Penney, including George Soros and Hayman Capital's Kyle Bass. Their interest initially drove up the stock. It clearly did not last.

First Published: September 25, 2013: 11:11 AM ET

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Target to reduce 2013 holiday hiring

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

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Father and son charged in $6.5 million deathbed bond scam

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

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Stocks: Government shutdown, Fed timing looms large

Click chart for more markets data.

NEW YORK (CNNMoney)

Investors have a list of unanswered questions weighing on them. When will the Federal Reserve finally begin cutting back on its monthly $85 billion bond-buying program? Will the U.S. government shut down on Oct. 1 or default on its debt?

These unknowns spooked investors towards the end of last week, causing the Dow Jones Industrial Average to drop 180 points on Friday. The S&P 500 and Nasdaq also closed down 0.4% and 0.7% respectively. However, despite Friday's sell-off, stocks ended the week up between 0.5% and 1.3%.

Related: Fear & Greed Index

Answers on the economy: Investors will get a feel for the strength of the U.S. economic recovery via several key reports due out throughout the week.

The third estimate of second-quarter gross domestic product, the broadest measure of economic activity, is due out on Thursday. Economists surveyed by Briefing.com are expecting that GDP rose at a 2.5% annual rate from April through June, unchanged from the second estimate released last month.

There will also be a smattering of reports on the housing market, including Case-Shiller's 20-city index, FHFA housing price index and new home sales.

Related: Are we still heading toward 5% mortgages?

How consumers are feeling about the economy will also be in play, with reports on consumer confidence, personal income and spending and Michigan sentiment on tap.

Blackberry's woes get real: Ailing smartphone maker Blackberry will once again be in the spotlight this week when it releases second-quarter earnings on Friday. The company warned last week that it will report a loss of nearly $1 billion for the second quarter and slash 40% of its global workforce.

First Published: September 22, 2013: 11:00 AM ET

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BlackBerry slashes staff, warns of $1 billion loss

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

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Target to reduce 2013 holiday hiring

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

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Father and son charged in $6.5 million deathbed bond scam

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

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How you can buy a 'Breaking Bad' prop

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, Skylar, 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

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No thanks, Obamacare. I'll pay the penalty

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

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