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Sleepy bank clerk's $293 million error

Sleepy bank clerk's $293 million error

LONDON – Power napping has many fans, but falling asleep at the desk could have cost one German bank millions and an employee her job.

A bank clerk nodded off for a second while processing a transfer request and held down the number 2 on his keyboard, changing the amount from 62.40 euros to 222 million euros ($293 million) or 222, 222, 222.22 euros exactly, according to testimony before a German court.

The mistake was spotted and corrected by a routine internal system check, but not before the pensioner's payment request had been approved by a colleague.

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  • Written by Mark Thompson/CNNMoney

Disability income insurance: Do you need it?

Disability income insurance: Do you need it?

MONEY MATTERS: One might assume that most serious disabilities result from a sudden, unlucky accident. Surprisingly, 90 percent of all disability claims are for common health conditions such as cancer and back problems.

Disability insurance replaces a portion of lost income, up to policy limits, if a debilitating injury or chronic illness prevents a breadwinner from working. This type of protection can provide a lifeline for people who may otherwise be unable to support their families, but it can be just as critical for older and/or affluent workers during their peak earning years.

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2 groups pursue powerhouse status for Memphis music

2 groups pursue powerhouse  status for  Memphis music

ON OUR WAY TO WEALTHY: African-American Music Appreciation Month is in full stride, as are the Memphis Music Foundation and Consortium Memphis Music Town – two organizations committed to Memphis' reemergence as a music-industry powerhouse.

The Memphis Music Foundation (MMF) has drawn a bead on leveling the playing field for Memphis artists in the music business, with myriad programs designed to that end. And The Consortium Memphis Music Town, aka The Consortium MMT, is a national music mentorship non-profit.

The MMF

The Memphis Music Foundation (www.memphismeansmusic.com) has myriad programs designed to aid Memphis artists. Let's take a peek.

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Businesses face health-care decisions

Businesses face health-care decisions

MONEY MATTERS: Although the Affordable Care Act does not require companies to provide employee health insurance, business owners may want to pay special attention to the law's tax implications.

Large employers that do not offer workers a minimum level of essential health coverage could be hit with costly penalties. Meanwhile, financial incentives may be available to certain small employers that choose to provide employee health coverage.

For many businesses, the presence of certain staffing thresholds may also influence hiring decisions.

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A fighting chance for Memphis artists and musicians

A fighting chance for Memphis artists and musicians

ON OUR WAY TO WEALTHY: While other cities may have surpassed Memphis as far as their music business infrastructure, Memphis has not given up the fight. As African-American Music Appreciation Month (AAMAM) dawns, three organizations in the city are putting forth every effort to give Memphis artists and musicians a fighting chance in the industry.

The Memphis & Shelby County Music Commission, the Memphis Music Foundation and the Consortium Memphis Music Town are all aggressively supporting Memphis talent. As part of our celebration of AAMAM, we'll profile all three, beginning this week with the Memphis & Shelby County Music Commission (MSCMC).

According to its website (www.Memphismusic.org), the Music Commission preserves, fosters and promotes Memphis music locally, nationally and throughout the world. That involves education, networking, advocacy and professional and industry development.

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Student loan mess: What’s at stake?

Student loan mess: What’s at stake?

NEW YORK – On July 1, the interest rates on student loans subsidized by Uncle Sam will most likely double to 6.8 percent.

Congress and the White House agree that something should be done, but they don't agree on what. The Republican-controlled House passed a bill that would stop the rates from doubling now but allow them to rise later. Obama vowed to veto it. On Friday, Sen. Harry Reid said the Senate would vote next week to extend the current rate for two more years.

If this sounds familiar, it is. Last year, facing a July 1 deadline, Congress put off any tough decisions and kept rates the same. In a press event Friday, President Obama blamed Congress for another round of interest rate roulette.

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  • Written by Jennifer Liberto/CNNMoney

African Americans more financially confident, but underserved

African Americans more financially confident, but underserved

NEW YORK – While the average African American is feeling more financially secure, many still feel neglected by the financial industry, new research shows.

Half of African Americans say their financial situations have improved from a year ago, compared to 33 percent of the general population, according to a Prudential report released Tuesday. The survey polled 1,153 people who identified as African American or black and a general sampling of 471 Americans.

African Americans are also significantly more confident about making financial decisions. Nevertheless, they get 13 percent less contact from financial advisers, and only 26 percent of respondents feel that a financial firm has "effectively engaged and shown support for the African American community." As a result, only 19 percent have financial advisers, compared to 30 percent of the overall population.

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  • Written by Blake Ellis/CNNMoney

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