Financial news on October 15, 2011

Business and Financial news
Financial Planner’s Red Flags

Ron Lieber Your Money column on Ameriprise Financial, large financial planning company that has been accused of cheating its own employees by putting their 401(k) money into underperforming funds. Read more..

By RON LIEBER - The New York Times

For Children of Same-Sex Couples, a Student Aid Maze

Many gay parents of college-bound children complain that their application for federal financial aid, which does not allow them to portray their family's finances accurately, affects the amount of aid their children receive; the form, Free Application for Federal Student Aid, does not recognize same-sex parents since it abides by the Defense of Marriage Act. Read more..

By TARA SIEGEL BERNARD - The New York Times

Half of Votes Counted, Ford Labor Contract Leans Into ‘Yes’ Territory

Proposed four-year labor agreement between the Ford Motor Company and the United Automobile Workers union, which first looked as if it would be voted down, has been approved by a small margin; final outcome cannot be predicted until several large plants finish voting. Read more..

By NICK BUNKLEY - The New York Times

In a Culture Clash, Olympus Ousts Its British Chief

Struggling Japanese camera maker Olympus demotes its British chief executive, Michael C Woodford, after only six months on the job; swift firing is rare public rebuke to his aggressive management style, which clashed with Olympus's executive team. Read more..

By HIROKO TABUCHI - The New York Times

Johnson & Johnson Wins Suit Over Antibiotic’s Side Effects

Johnson & Johson wins significant lawsuit claiming it adequately alerted doctors to risks linking its popular antibiotic Levaquin to tendon ruptures; verdict comes at time when company's once-stellar reputation has been tarnished by multiple recalls of over-the-counter medicines and of faulty hip replacement devices. Read more..

By REED ABELSON and NATASHA SINGER - The New York Times

Meet the Newest Faces of Wall Street

Though their reasons vary, protesters at Occupy Wall Street say they have been drawn to the movement by a desire to unite. Read more..

Photographs by Michael Falco for The New York Times - The New York Times

Spanish Companies Look Abroad for Growth

Cash-strapped companies in Spain are increasingly looking abroad for new business and financing as another recession threatens to hit the country; some fear that if Spanish economy worsens, even more companies will leave at critical time when government is struggling to find additional revenue to close gaping budget deficit. Read more..

By RAPHAEL MINDER - The New York Times

Strong Toy Sales Help Lift Mattel Profit 6%

Mattel reports that third-quarter net income rose nearly 6 percent, to $300.8 million, and revenue rose 9 percent, to nearly $2 billion. Read more..

By THE ASSOCIATED PRESS - The New York Times

Virgin Atlantic and British Airways Compete Over BMI

Rivals British Airways and Virgin Atlantic are both in talks with German carrier Lufthansa over deal to buy troubled airline BMI. Read more..

By MARK SCOTT and NICOLA CLARK - The New York Times

See what else happened on October 15, 2011