WASHINGTON (AP) -- The lone dissenter to the Federal Reserve's decision to launch a third round of bond buying to boost the economy says he doesn't think it will provide much help. He also says it runs the risk of making future inflation worse.
Jeffrey Lacker, the president of the Richmond Federal Reserve Bank, opposed the Fed's action to begin buying $40 billion a month in mortgage-backed securities and keep making those purchases until the labor market improves. The Fed's action Thursday triggered a rally on Wall Street and in financial markets around the world.
Lacker said in a statement Saturday that he believes the labor market is being held back by factors beyond the capacity of the Fed to offset. The Fed vote was 11 to 1.
NEW YORK (AP) -- Warren Buffett says he's done with cancer treatments, and the Oracle of Omaha seems eager to move on.
The billionaire investor broke the news Friday while speaking to a group of executives from newspapers he owns telling them that he had his 44th and last day of radiation.
Buffett had disclosed in the spring that he had been diagnosed with prostate cancer. At the time, he said the disease was detected early and wasn't life-threatening.
Any discussion of Buffett's health raises inevitable questions about how long he can keep running his investment firm, Berkshire Hathaway. Buffett turned 82 two weeks ago and celebrated by giving away more of his $44 billion fortune to his three children, for their charitable foundations.
NEW YORK (AP) -- Regulators are investigating whether several major U.S. banks failed to monitor transactions properly, allowing criminals to launder money, according to a New York Times story. The newspaper cited officials who it said spoke on the condition of anonymity.
The Office of the Comptroller of the Currency, the federal agency that oversees the biggest banks, is leading the money-laundering investigation, according to the Times. The report said the OCC could soon take action against JPMorgan Chase & Co., and that it is also investigating Bank of America Corp. Money laundering allows people to make money -- often obtained illegally -- appear like it came from another source.
The OCC didn't immediately comment. JPMorgan and Bank of America declined to comment.
Ford is recalling some of its 2012 Edge vehicles because of concerns that the fuel line could leak and potentially cause a fire.
The recall affects about 5,500 vehicles. The problem is caused by a part in the fuel line that could crack. If it did, the smell of gas would probably be noticeable, and fuel leaks might also appear. Those conditions could cause a fire under the hood. The Edge is a midsized SUV, and the affected vehicles have 2-liter engines.
Ford blamed faulty manufacturing by a parts supplier.
Ford will notify owners to take their vehicle to a dealer and it will do any necessary repairs for free. Ford says it's aware of 12 cases of fuel leaks. No accidents, injuries or fires have been reported.
DETROIT (AP) -- Government safety regulators are investigating Ford's Crown Victoria police cars due to complaints about defective steering columns.
The National Highway Traffic Safety Administration says the probe affects about 195,000 cars from the 2005 through 2008 model years.
The government has gotten three complaints that part of the steering column can separate and cause loss of steering control. No crashes or injuries were reported.
Investigators will determine if the cars have a safety defect and whether a recall is needed. So far the vehicles haven't been recalled.
The Crown Victoria was been the police car of choice in the U.S. for 15 years before Ford Motor Co. stopped making it at the end of 2011. It controlled 70 percent of the police car market and averaged sales of 50,000 annually.
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