Industry News

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NEWS INDUSTRY NEWS JUL 28, 2010
Pimco's Mohamed El-Erian: It looks like an 'exciting time for investing'

Ask Mohamed El-Erian about the very real financial problems threatening the developed world, and you get a surprising response.

By Jeff Benjamin
Americans on financial reform bill: Thumbs down
NEWS INDUSTRY NEWS JUL 28, 2010
Americans on financial reform bill: Thumbs down

Backers of the Dodd-Frank bill, which will be voted on this week, say the measure will prevent another financial crisis while protecting the assets of the American public.<br> Said public isn't buying.

By Bloomberg
Sin stocks: One reason it's good to buy bad
NEWS INDUSTRY NEWS JUL 28, 2010
Sin stocks: One reason it's good to buy bad

Dividend yields are starting to make sin stocks difficult to ignore, according to Jeff Middleswart, manager of the Vice Fund Ticker:(VICEX).

By Bloomberg
NEWS INDUSTRY NEWS JUL 28, 2010
Americans' use of financial planners unchanged since crisis

Nearly two-thirds of those surveyed said they believe the economy will improve but are more worried than they were at the beginning of the financial meltdown.

By Mark Schoeff Jr.
Fidelity broadens duties of two RIA executives
NEWS RIAS JUL 28, 2010
Fidelity broadens duties of two RIA executives

In yet another shakeup at the company, Scott Dell'Orfano adds relationship management to his duties, while Ron Fiske takes on the clearing unit.

By Jed Horowitz
Another longtime Fidelity exec exiting
NEWS INDUSTRY NEWS JUL 28, 2010
Another longtime Fidelity exec exiting

Laura Cronin, enterprise transformation officer and former CFO at Fidelity Investments, is departing. That makes three bigs who will leave the firm this year.

By Jessica Toonkel Marquez
NEWS RIAS JUL 28, 2010
Charles Goldman to leave Fidelity

Recruited from Charles Schwab Corp., Mr. Goldman will be leaving Fidelity after just one year.

By Jed Horowitz
Larry Hagman's star broker would make J.R. blush: Antilla
NEWS INDUSTRY NEWS JUL 27, 2010
Larry Hagman's star broker would make J.R. blush: Antilla

The actor's adviser, Lisa Detanna, was named one of the 'Top 100 Women Financial Advisors' by Barron's. She's also been named in several arbitration cases and lawsuits.

By Susan Antilla, Bloomberg News
Brazen Ponzi artist scammed FBI, IRS agents for two decades
NEWS INDUSTRY NEWS JUL 27, 2010
Brazen Ponzi artist scammed FBI, IRS agents for two decades

For more than two decades, scammer Kenneth Wayne McLeod gave seminars and managed money for U.S. law enforcement officials. Finally, the law caught up with him.

By Bloomberg
NEWS INDUSTRY NEWS JUL 27, 2010
Adviser to Ponzi scheme victims goes bust

Tax consultancy's specialty&#8212;helping those swindled in investment frauds may have been a tad too specialized: Chapter 7 filing shows less than a dozen clients

By Hilary Potkewitz, Crain's New York Business
NEWS INDUSTRY NEWS JUL 27, 2010
From the best seat in the house to the big house: Ponzi artist to plead guity

Shapiro to cop to $880M fraud; used illegal gains to, among other things, purchase floor seats at Miama Heat games

By Bloomberg
NEWS INDUSTRY NEWS JUL 27, 2010
Legg Mason tabs new retail distribution exec

Legg Mason Inc. named Tom Hirschmann to head of its institutional unit in the U.S., replacing Kim Mustin, who is leaving the asset-management firm.

By Bloomberg
Revealed: Millionaires' top stock and favorite mutual fund
NEWS INDUSTRY NEWS JUL 27, 2010
Revealed: Millionaires' top stock and favorite mutual fund

A survey of Tiger 21 members offers an intriguing glimpse into what millionaires do with their millions

By Bloomberg
NEWS INDUSTRY NEWS JUL 27, 2010
Retail investors bail while money managers binge on stocks

Individual investors are bailing out of the market. Meanwhile, mutual funds and other institutional investors are buying stock like crazy. What gives?

By Bloomberg
BlackRock's Doll and Arledge: Investment directions for 3Q 2010
NEWS INDUSTRY NEWS JUL 27, 2010
BlackRock's Doll and Arledge: Investment directions for 3Q 2010

The debt crisis in Europe and ensuing sell-off in risk assets in the second quarter have raised fears that the global economy could slip back into recession.

By mlanche
NEWS WIREHOUSES JUL 27, 2010
Merrill, UBS sued by Schwab over mortgage-backed securities

Units of Bank of America Corp.'s Merrill Lynch &amp; Co., UBS AG and Bear Stearns Cos. were sued by Charles Schwab Corp. over claims they lied or omitted information on mortgage-backed securities

By Bloomberg
Michael Hasenstab: Why now is the time to be a contrarian
NEWS INDUSTRY NEWS JUL 27, 2010
Michael Hasenstab: Why now is the time to be a contrarian

The sovereign-debt crisis in Europe has opened the door for contrarian investing in global fixed income, according to Michael Hasenstab, co-director of fixed income at the Franklin Templeton Fixed Income Group and manager of the $30 billion Templeton Global Bond Fund Ticker:(TPINX).

By Bloomberg
NEWS INDUSTRY NEWS JUL 27, 2010
John Hussman: A recession warning

Based on evidence that has always and only been observed during or immediately prior to U.S. recessions, the U.S. economy appears headed into a second leg of an unusually challenging downturn.

By Bloomberg
BNY Mellon buys $3B wealth manager
NEWS RIAS JUL 27, 2010
BNY Mellon buys $3B wealth manager

BNY Mellon on Friday said it reached a deal to buy I(3) Advisors of Toronto, an independent company with more than C$3.5 billion ($3.4 billion) in assets under advisement.

By Associated Press
Stocks on brink of 'big pop,' says famed investor
NEWS INDUSTRY NEWS JUL 27, 2010
Stocks on brink of 'big pop,' says famed investor

Famed investor and hedge fund manager Barton Biggs thinks the market is 'very, very oversold' and headed for a substantial rally -- and soon. Others aren't so sure

By John Goff