The week in review (in under 60 seconds)

This was the week that regulators — state and federal — piled fraud charges on Morgan Keegan all at once. The coordination among regulators got a lot of attention, of course. But the excerpts that regulators called out from court documents offered some new color to paint a new picture of what they alleged happened in Morgan Keegan’s bond funds. (And perhaps why some really rich and high-profile investors might have lost a chunk of their money).
Morgan Keegan aside, financial advisers are hiring again, but are just being a little cautious. A star adviser in Seattle was taken down by a surprise audit, attempted suicide, was barred from the business, and finally admitted to bilking clients out of millions this week.
The wealthy are apparently going to get audited by the IRS more than usual this year.
Warren Buffet had a few little problems in his otherwise seemingly perfect world.
And John Sykes opened up to InvestmentNews about what really happened at GunnAllen.
Then there’s the question of the week: Is this a time to tell clients to run from equities? UBS says so, and is apparently telling clients to look at commodities. If commodities aren’t for you, then one of the top bond fund managers of the last decade had some thoughts on where you can put your clients’ money if (when) interest rates rise.