Stronger Middle Class Key to Recovery, Summers Says

Oct. 11 (Bloomberg) -- Former U.S. Treasury Secretary Lawrence Summers talks about income disparity in the U.S. and the potential consequences. Summers also discusses Republican presidential nominee Mitt Romney's tax plan, the federal budget deficit and the U.S. labor market. He speaks with Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)
VW Faces Costly Fixes as it Seeks to Cut Spend
30:07 - Volkswagen AG Chief Executive Officer Matthias Mueller said the company will delay or cancel non-essential projects as pressure mounts to slash spending in the wake of the diesel-emissions scandal. Fixing about 11 million rigged diesel vehicles is a costly prospect. The 6.5 billion euros ($7.29 billion) Volkswagen already set aside for repairs won’t be enough to cover fines and potential legal damages as well, Mueller said. The company is exploring options from a simple software upgrade to outright replacing some cars. Fines may reach $7.4 billion in the U.S. alone, according to analysts from Sanford C. Bernstein Ltd.
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