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Wednesday Afternoon Business Brief

September 21, 2011, 1:34 PM

Wednesday Afternoon Business Brief
Stock prices are mixed at midday. Investors await an announcement from the Federal Reserve, capping its two-day policy setting meeting.
  • President Barack Obama is turning to yet another social networking site for a town hall meeting. The White House says Obama will be in Mountain View, Calif., Monday to answer questions about jobs and the economy that are posted to the professional network LinkedIn.
  • Moody's Investors Service has lowered some of the debt ratings for Bank of America, Wells Fargo and Citigroup. It says it is now less likely the U.S. government would step in to prevent the lenders from failing in a crisis.
  • Greece's government says it will suspend more civil servants than originally planned and impose new pension cuts as part of more austerity measures. It is trying to persuade international creditors to continue bailout payments needed to avoid a chaotic default.
  • The IRS is offering a break to employers who come clean about wrongly classifying workers as independent contractors to avoid paying federal payroll taxes. The IRS says no interest or penalties will be due, and employers will not be audited on payroll taxes related to the workers involved for earlier years.

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