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Top guns call for caution
The worst of the recession may be over, but the financial system still faces risks, Mohamed El-Erian, chief executive of Pacific Investment Management Co., and Laurence Fink, chief executive at BlackRock, warned financial advisers at the Schwab Impact conference last week in San Diego.
Another flagrant foul
Morgan Keegan & Co. Inc. has lost another arbitration case stemming from losses suffered by a former professional athlete when its bond funds blew up: This time it is liable to a former NBA all-star for $1.45 million in damages.
Congress should keep heat on the SEC
Wagging his finger from the bully pulpit of Federal Hall, President Obama reminded financial leaders last week of the urgent need for new, tighter financial regulation.
Widow files arbitration claim against Deutsche Bank, claiming risky fund was sold to her as safe
A North Carolina woman today filed an arbitration claim with the Financial Industry Regulatory Authority Inc. against Deutsche Bank Securities Inc., claiming that the firm misrepresented a fund as a conservative investment for her marital trust, when it was in fact unsuitable.
New York Insurance Department to hold hearing on life insurance and annuities sales to seniors
The New York Insurance Department will hold a public hearing tomorrow on the marketing of life insurance and annuities, specifically focusing on suitability of sales to seniors.
Finra bars Ex-Morgan Stanley rep for allegedly bilking 97-year-old’s charity
A former Morgan Stanley broker was barred today by the Financial Industry Regulatory Authority Inc. for allegedly misappropriating $11,156.47 from the charitable foundation of a 97-year-old nursing home resident who was his client for more than 20 years.
CFTC: CapitalStreet Financial ran a $1.3M Ponzi scheme
The Commodity Futures Trading Commission has charged CapitalStreet Financial LLC, a foreign exchange trading firm in Denver, N.C., with operating a Ponzi scheme in which at least 69 customers were allegedly bilked out of an estimated $1.3 million.
Advisers skeptical of Obama’s Wall Street reform plans
Advisers are wary of President Obama's financial-regulation plans despite his warning today against a return “to the days of reckless behavior and unchecked excess.”
Life insurers lobby for tax breaks
With tax reform high on the administration's agenda for next year, the life insurance industry is pushing for preferential treatment for annuities.
Schumer plan to let SEC keep fines, fees sparks controversy
Sen. Charles Schumer's plan to allow the Securities and Exchange Commission to keep the fines it levies is drawing fire for creating a possible conflict of interest for the agency.
N.Y. regulation would increase transparency on insurance brokers’ pay
The New York State Insurance Department is proposing a rule requiring more transparency about how the sellers of insurance products are compensated.
Investment banks’ profits will be squeezed by stricter regulation, JPMorgan predicts
Tighter regulation on investment banks will force firms to cut salaries, eliminate staff and reduce capital commitments to the business, according to research from JPMorgan Chase & Co.
Finra bars two brokers accused of scamming widows and the disabled
The Financial Industry Regulatory Authority Inc. last week barred two brokers in separate actions, charging that they ran Ponzi schemes that victimized dozens of investors, including the elderly or mentally and physically disabled.
Parsing the industry’s F word
So much rides on the meaning of “fiduciary,” a word alien to the vast population and, at least until recently, to a good part of the financial world.
SEC’s Schapiro issues warning to broker-dealer executives
Securities and Exchange Commission Chairman Mary L. Schapiro last week issued an open letter to broker-dealer chief executives, warning them to make sure supervisors are vigilant about conflicts of interests as they recruit registered representatives.
Michigan football coach faces $3.9M suit in loan
An Alabama bank is suing University of Michigan football coach Rich Rodriguez for defaulting on a real estate loan — but his adviser claims that the coach was the victim of a Ponzi scheme.
Kennedy’s death impacts Wall Street reform effort
President Barack Obama's plan to recast how the government regulates Wall Street could be thrown a curve this fall if Sen. Tim Johnson, a Democrat whose home state is a major hub for credit card companies, takes over the chairmanship of the Senate's banking committee.
College savings plan legislation likely to be sidelined by health care push
A bill that would continue to allow investors in Section 529 college savings plans to make two changes each year to their investment allocations appears unlikely to pass the House anytime soon, industry and Washington insiders say.
SEC, CFTC to ‘harmonize’ rules
Two agencies with oversight of the financial markets are trying to coordinate their regulations to eliminate differences involving similar types of investments and instruments
Sorry, Charlie; the game is over
If only you had read my column a year ago and resigned, as I suggested, you could have been enjoying yourself this summer rather than be dealing with an ever-widening mess.
