Australian Banking & Finance articles from February 2002

Australian Banking & Finance archives from February 2002

It fails to lift returns: IT investments by banks over the last decade have not resulted in revenue increases, and electronic payment is unlikely to be the future of banking, according to a new report by management consultants, McKinsey.(Brief Article)(Industry Overview)
February 15, 2002... THE REPORT, `BANKING: THE IT Paradox', says throughout the 90s the focus of many retail banks on revenue growth resulted in major IT investments, but that those investments didn't always generate the desired results. A number of factors...

NAB board backs Cicutto.(endorses Frank Cicutto)(Brief Article)
February 15, 2002... NATIONAL AUSTRALIA GROUP chief executive Frank Cicutto is bruised but far from beaten in the wake of the $3 billion HomeSide misadventure. White many in the market believe Cicutto should have resigned as a result of the HomeSide tosses, the...

E-mail alerts play growing role.(credit card issuers use electronic mail for customer communication)(Brief Article)(Industry Overview)
February 15, 2002... E-MAIL ALERTS THAT PROMPT consumers to respond to pre-set credit card account activity thresholds differentiate leading from lagging Internet credit card offerings. A report by Gomez Inc, the Internet quality measurement firm, reveals the...

AMP to benefit from UK pensions change. (Current Account).(Brief Article)(Statistical Data Included)
February 15, 2002... PLANS TO FREE UP THE WAY investment products and pensions are sold in the United Kingdom will favour financial services group AMP Ltd. Britain's Financial Services Authority (FSA) said last week it planned to scrap a so-called...

The Rock boosts profit to $2.2 million. (Current Account).(Rock Building Society)(Brief Article)
February 15, 2002... SUBSTANTIAL GROWTH IN ITS core business of home tending has helped The Rock Building Society boost profit 19% to $2.2 million in the half year to December 31. New loan approvals surged to $219 million for the half-year compared to $64...

IMB doubles loan approvals for housing. (Current Account).(Brief Article)(Statistical Data Included)
February 15, 2002... NSW BUILDING SOCIETY IMB boosted its market share to four states and delivered a 122% increase in lending approvals in the second half of 2001. IMB expanded from its Illawarra roots into Victoria, Queensland, Western Australia and ACT, and...

SG launches MBS issue for Heritage Society. (Current Account).(SG Australia launches mortgage-backed securities issue)(Brief Article)
February 15, 2002... SG AUSTRALIA, THE CORPORATE and investment banking arm of Societe Generale Group, has launched the $261.6 million HBS Trust 2002-1 mortgage backed securities issue, the third public securitisation term note issue for Heritage Building Society....

Foreign banks tops in corporate dealings. (Current Account).(Brief Article)
February 15, 2002... TRANSACTION BANKING SERVICE is now the single biggest relationship issue for corporate bank customers in the Australian markets. The top five best rated primary transaction bankers by their corporate customers in performance across all 27...

On the record. (Current Account).(includes, Frank Cicutto receives NAB endorsement)(Brief Article)
February 15, 2002... "The board has reaffirmed that Frank Cicutto has its confidence as managing director and chief executive officer, as do other group executives involved in the management of HomeSide. NAB CHAIRMAN CHARLES ALLEN, RELEASING A REPORT WHICH...

Asset managers reassess approach to the wealthy. (News).(Brief Article)(Industry Overview)(Polling Data)
February 15, 2002... RELATIONSHIPS BETWEEN ASSET managers and their high net worth clients must rapidly evolve. According to Andersen's second annual report, High Net Worth Asset Management: a New Model?, there are some discrepancies between what high net...

Egg cracks it for a profit. (News).(Brief Article)
February 15, 2002... UK ONLINE BANK EGG HAS turned a profit for the first time. Egg has achieved the target it set when it went public in June 2000, reaching break-even point by the end of 2001. Commenting on the result, research house Datamonitor said the...

Macquarie's new private bank chief. (News).(Macquarie Financial Services Group)(Brief Article)
February 15, 2002... MACQUARIE FINANCIAL SERVICES Group has appointed Guy Hedley as head of private banking services. He joins the Macquarie team from BNP Paribas where he was appointed managing director, equities private in March 2000 and was involved in the...

AB&F's fund initiative. (News).(Australian Banking and Finance)(Brief Article)
February 15, 2002... AUSTRALIAN BANKING & FINANCE newsmagazine is launching an exciting new initiative this year focusing on the growing funds management sector. The inaugural 2002 Australian Banking & Finance Managed Funds and Markets Forum and Funds...

Visa secures payments. (News).(development of payment form handheld devices)(Brief Article)
February 15, 2002... VISA INTERNATIONAL HAS developed a new set of specifications to enable payments to be beamed securely from a handheld device to a terminal in a retail store using infrared technology. This form of payment is expected to be highly popular...

National abandons global model. (News).(National Australia Bank)(Brief Article)
February 15, 2002... NATIONAL AUSTRALIA BANK HAS effectively abandoned its global. business model. In a sweeping restructure, the group has announced new heads for Australia, the UK and the wholesale operation. Deutsche Bank's financial services team said...

Banks better risk managers. (News).(year 2002 earnings forecast)(Brief Article)(Industry Overview)
February 15, 2002... DESPITE A NUMBER OF HIGH-profile corporate collapses and the events of September 11, the major banks absorbed the negative impacts with minimal, impact on 2001 profitability. A report by ratings agency Fitch points out that while the worst...

The critical question. (News).(ING, ANZ Bank joint venture)(Brief Article)
February 15, 2002... Q: What will the proposed fund management joint venture with ANZ mean for INS in Australia? "The venture will build on ING's strong market position and create a top-four retail fund manager in Australia with distinct market strengths. ...

Fuji Xerox to sponsor lectures. (News).(Fuji Xerox Australia)(Brief Article)
February 15, 2002... FUJI XEROX AUSTRALIA HAS signed on as sponsor of Australian Banking & Finance newsmagazine's 2002 Lecture Series. Fuji Xerox specialises in document (electronic and paper) management systems, providing software, hardware and outsourcing...

Alienation of income in mortgage industry: despite lobbying by the MIAA and Gadens Lawyers, mortgage intermediaries may still be caught by the alienation of personal income legislation. (denovan's law).(Brief Article)
February 15, 2002... IF THE LEGISLATION APPLIES, A company receiving income is taxed as an individual The application of the legislation is, however, irrelevant to the company paying the money because the payment is still deductible in the ordinary way. The...

Don't bank on biometrics just yet. (News).(Brief Article)
February 15, 2002... DESPITE THE BENEFITS biometrics could bring to financial institutions and consumers alike, the high cost of implementing these technologies combined with a tack of industry consensus could delay its widespread use for at least a decade. ...

St Andrews teams with Royal Sun. (News).(St. Andrews Insurance, Royal and SunAlliance Insurance)(Brief Article)
February 15, 2002... ST ANDREW'S INSURANCE (Australia) is deepening its role in the financial services sector by teaming up with Royal & SunAlliance Insurance Australia to develop an innovative bancassurance program for Australian financial institutions. The...

21C: in a regular series identifying the executives most likely to be the next breed of CEO's of financial institutions in Australia, Australian Banking & Finance profiles Peter Hawkins. (News).(Brief Article)
February 15, 2002... PETER HAWKINS, group managing director, personal financial services, ANZ Bank Hawkins was appointed to this role in May 1999, and is one of six members of ANZ's executive management committee. He is responsible for the personal...

Reform of debit card interchange essential. (credit union comment).(Brief Article)
February 15, 2002... THE RESERVE BANK'S ZEAL TO reform the payments system has so far been limited to credit card schemes. Credit unions want to see reform of debit card interchange arrangements. In its December 2001 consultation document Reform of Credit...

Interim executives in demand. (executive suite).(Australia)(Brief Article)
February 15, 2002... RECENT STATISTICS INDICATE THAT 25% of the Australian workforce is now employed casually, or on a contract basis. This will soon be considerably higher. The downturn in the global, economy, combined with the uncertainty following the...

Viewpoint: four respected industry figures have their say. (News).(employment in Australia banking)(Brief Article)
February 15, 2002... Q: Are enough graduates still being attracted to careers in the banking and finance industry? Kimberley Marshall, manager, talent and graduates, ANZ Graduates are still being attracted to careers in the and finance industry, but we're...

Telcos take care of non-core business: partnering is the catch cry to be heard around many an Australian telco when it comes to working with the major banks this year. (Special Feature -- Telecommunications In Financial Services).(Brief Article)
February 15, 2002... Chris Hancock, managing director, Optus Business, says partnering with Australia's major banks will. remain a major focus for Optus in 2002. "We're trying to make sure they understand we're not just a supplier of technologies, we're...

Mobile commerce a major growth area for banks. (Special Feature -- Telecommunications In Financial Services).(Brief Article)
February 15, 2002... MOBILE COMMERCE IN THE banking and finance arena will rely on successful partnerships between the telcos and the banks, according to industry commentators. John Brand, program director, electronic business strategies, Meta Group, says...

Pace of innovation to surge. (Special Feature -- Telecommunications In Financial Services).(Brief Article)
February 15, 2002... OVER THE PAST YEAR, EVERYTHING and nothing has changed in the telecommunications industry. Few will have missed the massive re-rating of telecommunications stocks around the world, the drying up of venture capital for new infrastructure...

PowerTel champions a smarter approach to network management. (Special Feature -- Telecommunications In Financial Services).(Brief Article)
February 15, 2002... IN DATA CENTRIC INDUSTRIES such as banking and finance, the transfer and back-up of highly sensitive data is critical to business operations and productivity. Add to this a need to support multiple enterprise systems, such as daily auditing and...

ANZ selects NetIQ for Windows system. (New Economy Banker).(Brief Article)
February 15, 2002... ANZ BANK HAS SELECTED NETIQ'S management software, AppManager, to manage its Microsoft Windows 2000-based systems. This follows the roll-out of AppManager to 1,300 ANZ branch and data centre servers, which is to be completed soon. ...

Staffware streamlines all internal processes. (New Economy Banker).(Brief Article)(Product Announcement)
February 15, 2002... SPEEDY PROCESSING IS imperative for large organisations such as banks and telcos to manage the volumes of transactions they deal with on an hourly, if not minute by minute basis. This is achievable only in an agile enterprise wherein a...

G&D wins contract for smart card platform. (New Economy Banker).(Giesecke & Devrient)(Brief Article)
February 15, 2002... SMART CARD DEVELOPER AND manufacturer Giesecke & Devrient (G&D) Australasia is the successful supplier in a world-first open platform credit card system that is fully compliant to the Visa Open Platform (VOP) standard being implemented by the...

SFE outsources clearing technology in $US28m deal. (New Economy Banker).(Brief Article)
February 15, 2002... SFE CORPORATION LTD IS entering into an extensive agreement with OM, a global leader in exchange, clearing and settlement technology, to outsource its core clearing technology and operational support functions. The agreement represents a...

NCR manages currency. (New Economy Banker).(Brief Article)
February 15, 2002... MANAGING THE CASH WHICH resides in ATMs and bank vaults throughout the country is a major job, and one which Australia's major banks are not necessarily well equipped to do. Since the Reserve Bank made the decision to withdraw from cash...

US banks lift spending. (New Economy Banker).(Spending on technology)(Brief Article)
February 15, 2002... US BANKS WILL SPEND OVER US$34 billion on technology this year. Despite the current recessionary environment, US banks will increase their technology spending this year by over 4% compared to 2001, according to a new report from Celent...

Online customer interaction -- we've only scratched the surface. (the Nielsen/ netRatings report).(Brief Article)
February 15, 2002... THE PROLIFIC GROWTH IN online account registrations at all, levels of retail banking serves to highlight the changing, or evolving, role of the Internet as a transactional medium. Along with retail and airline operations, the banking...

Credit unions must change tack or become second-rate. (News).(Must return to customer service)(Brief Article)
February 15, 2002... CREDIT UNIONS NEED TO RETURN to their founding principle -- personal service -- if they are going to succeed in the highly competitive financial services industry, according to Reliance Credit Union general manager John May. May, like...

New kids all settled. (Behind The Screens).(Gail Kelly at St George)(Michael. Hawker at Insurance Australia Group)(Brief Article)
February 15, 2002... THE TWO NEW FINANCIAL SERVICES CEOs on the block, Gail Kelly at St George and Michael. Hawker at Insurance Australia Group [formerly NRMA Insurance] are settling in well at their new homes. Both have spent the past few weeks meeting staff...

Franky came close. (Behind The Screens).(Frank Cicutto)(National Australian Bank)(Brief Article)
February 15, 2002... A CEO ON A BIGGER SCALE, NAB'S Frank Cicutto, has been a little squeamish in his seat of late with the HomeSide debacle swirling around him. Publicly the NAB says there was never any question of Big Frank resigning, but our Melbourne spies...

Aussie Stadium a winner. (Behind The Screens).(ANZ Bank)(Brief Article)
February 15, 2002... THERE'S NO DOUBT ABOUT AUSSIE John Symond. When he does something, he does it big. His latest sponsorship deal to have the Sydney Football, Stadium renamed Aussie Stadium is a beauty from a marketing perspective. Others in the...

The history of bank notes. (Behind The Screens).(Brief Article)
February 15, 2002... WITH THE INTRODUCTION OF Euro notes and coins on 1 January 2002, it is perhaps an opportune time to look at some of the history behind bank notes, since they still form an important part of daily commerce. Bank notes have traditionally been...

Payments threat to banks: the Australian banking industry has been warned not to rely too heavily on concentrated pools of payment revenue otherwise face `attack' from regulators and competitors.(Brief Article)(Statistical Data Included)
February 28, 2002... IN A GLOBAL PAYMENT REPORT, The Boston Consulting Group said banks were often too slow to take full advantage of the multi-billion dollar revenue raiser, which makes up 35% of total global banking revenues. BCG vice president and author of...

2002 Awards ready to go.
February 28, 2002... THE 2002 AUSTRALIAN Banking & Finance newsmagazine Awards are up and running with our judging panel now finalising the shortlist of nominations. The voting coupon will firstly appear in the March 15 issue of AB&F, and in subsequent issues,...

Proust jumps at chance for control.(Elizabeth Proust becomes managing director of asset finance at ANZ Bank)(Brief Article)
February 28, 2002... FOR SOMEONE WHO HAS BEEN in the banking business for just four years, the ANZ Bank's Elizabeth Proust has done pretty well for herself by any measure. She now ranks as one of the top women executives in a traditionally male dominated...

Macquarie expects a flat profit result. (Current Account).(Macquarie Bank)(Brief Article)(Statistical Data Included)
February 28, 2002... MACQUARIE BANK EXPECTS ITS net profit for the year to end-March 2002 to be slightly ahead of year-earlier results despite enduring the worst investment banking conditions in a decade. "While there are still two months before the bank's year...

Elders Rural Bank almost doubles profit. (Current Account).(Brief Article)(Statistical Data Included)
February 28, 2002... ELDERS RURAL BANK, A 50-50 venture owned by Futuris Corp Ltd and regional Bendigo Bank, has posted net profit growth of 96% to $8.5 million for the six months to end-December 2001. Retail deposits grew almost 18% to $1.087 billion compared...

Banking world. (Current Account).(Brief Article)
February 28, 2002... [ILLUSTRATION OMITTED] Caption: People walk by the 410 Madison Avenue, New York branch of the Bank of China. Bank of China was fined $20 million by US and Chinese regulators for loan fraud stemming from preferential treatment the bank's...

RBA concerned by household debt. (Current Account).(Reserve Bank of Australia)(Brief Article)
February 28, 2002... THE RESERVE BANK HAS expressed concern over a rising level of household debt, saying it left people more exposed to changes in interest rates and asset values. Householld credit grew at an annualised rate of 16.5 percent over the six...

Homeloans introduces honeymoon rate. (Current Account).(Brief Article)
February 28, 2002... NATIONAL MORTGAGE GROUP Homeloans Ltd has introduced a `honeymoon' product to the market which it guarantees will cost less than the four major banks for five years. Based on a 4.99% `honeymoon' rate for 12 months, Homeloans then...

CBA, NAB lead funds management industry. (Current Account).(Commonwealth Bank of Australia and National Australia Bank)(Brief Article)(Statistical Data Included)
February 28, 2002... AUSTRALIAN MANAGED FUND assets rose over the December 2001 quarter despite investor uncertainty following the September 11 attacks on US cities, fund rating agency Morningstar said. Commonwealth Bank of Australia's Colonial business and...

On the record. (Current Account).
February 28, 2002... "It's beyond belief that a report on banking and small business would not mention that one in four bank branches have closed." DIRECTOR OF THE FINANCIAL SERVICES CONSUMER POLICY CENTRE AT THE UNI OF NSW CHRIS CONNOLLY ON A KMPG CONSULTING...

Murray targets return to double-digit profit growth. (News).(David Murray, chief executive of Commonwealth Bank of Australia)(Brief Article)(Statistical Data Included)
February 28, 2002... COMMONWEALTH BANK OF Australia has posted a first half net profit of $1.2 billion, up just six percent on a year ago but still a record, and forecast a rapid return to double-digit earnings growth. A blowout in bad debts and weaker returns...

Adbank in `best shape ever'. (News).(Brief Article)
February 28, 2002... BARRY FITZPATRICK IS A REGIONAL banker and a realist. Those who know him will tell you he is not one to boast or embellish. He calls it as it is in other words. So when he comes out and says the bank "is in the best shape it has ever...

Axiss, AB&F to stage major conference. (News).(government agency and Australian Banking and Finance)(Brief Article)
February 28, 2002... AUSTRALIAN BANKING & FINANCE newsmagazine has teamed up with Axiss, the Federal Government agency dedicated to positioning Australia as a global financial services centre in the Asian time zone, to launch a major finance conference and expo in...

EFT Code next on regulatory agenda: with the launch of both the Financial Services Reform Act and the new privacy legislation behind us, financial institutions should now be looking to their next regulatory challenge, the new Electronic Funds Transfer (EFT) Code of Conduct. (News).(electronic funds transfer)(Brief Article)
February 28, 2002... THE NEW EFT CODE BECOMES binding on code subscribers on April. 1 and will include virtually every type of consumer-initiated EFT transaction from card and PIN based transactions to internet and electronic banking to smart cards and pre-paid...

Industry to hire more. (News).(financial service companies)(Brief Article)(Polling Data)
February 28, 2002... FINANCIAL SERVICES COMPANIES are more optimistic about the future than they were in the last quarter of 2001. Almost 25% of financial, services organisations are predicting hiring increases in the next quarter, according to a survey by...

Borda to speak at AB&F Lecture. (News).
February 28, 2002... THE CHIEF EXECUTIVE OF Deutsche Bank Ken Borda has agreed to speak at an Australian Banking & Finance-Fuji Xerox Lecture in Sydney on April 23. Borda has turned Deutsche into one of the most successful investment banks in Australia. ...

How far can ATMs evolve? (News).(Brief Article)
February 28, 2002... WHILE THE INTERNET HAS fuelled customer expectations of greater convenience, where they can conduct "banking anytime anywhere" the ATM has at present been some what left behind. However a number of banks are now re-evaluating that part of...

NCR Australia has appointed Electronic Banking Solutions.(Brief Article)
February 28, 2002... NCR AUSTRALIA HAS APPOINTED ELECTRONIC BANKING SOLUTIONS (EBS) as the master reseller in Australia for its EasyPoint* 55 and EasyPoint* 53 Automatic Teller Machines (ATMs). Both ATMs have been designed at the NCR laboratories in Dundee,...

2IC. (News).(Profile David Clarke, CEO of Westpac Banking Corp.)(Brief Article)
February 28, 2002... In a regular series identifying the executives most likely to be the next breed of CEOs of financial institutions in Australia, Australian Banking & Finance profiles David Clarke. DAVID CLARKE, Group Executive Business & Consumer Banking,...

Improving loyalty the key focus: (CRM has been a major buzz word in the financial services industry over the past 12 to 18 months, but in the current depressed economic climate is it still a major concern? (Special Feature - CRM 2002).(Brief Article)
February 28, 2002... AUSTRALIA'S MAJOR CRM VENDORS believe it is still very much a key focus for the country's financial services organisations, it's just that the emphasis has moved from being purely about implementing a CRM solution per se to ensuring that the...

Viewpoint: three respected industry figures have their say. (Special Feature - CRM 2002).(Brief Article)
February 28, 2002... Q: Are Australia's major banks being proactive enough when it comes to CRM? Angela Gregory, managing director, Asia Pacific region, Staffware "We have found banks to be more cautious than other sectors when it comes to implementing a...

VoIP technology offers enormous benefits to finance: according to The Forum Corporation *, the average organisation is losing between 15 and 35% of its customers annually, with 69% of these defections due to poor sales or service interactions. (Special Feature - CRM 2002).(Brief Article)
February 28, 2002... TRADITIONALLY, WHILE TELEphony-based call centres were only able to handle voice-only customer contact, with the growth of the Internet, banks and financial institutions now have a powerful new medium for providing superior customer service....

How to increase revenue and preserve existing customers. (Special Feature - CRM 2002).(in finance and insurance sectors)(Brief Article)
February 28, 2002... DEREGULATION AND GLOBALisation has seen a wave of mergers and acquisitions taking place as institutions strive for scale of operation to drive cost ratios down and profit margins up -- and the trend is set to continue. The net result of...

Full view of customer information essential. (Special Feature - CRM 2002).(Brief Article)(Statistical Data Included)
February 28, 2002... COULD 2002 BE THE YEAR OF THE customer' from the banks perspective? Despite the economic downturn and industry consolidation, competition is forcing banks to increase IT spending this year by an average of 4%. Overall IT spending...

Analytics critical in driving CRM return on equity. (Special Feature - CRM 2002).(Brief Article)
February 28, 2002... THERE HAS BEEN A SIGNIFICANT shift in business focus in financial services organisations, from product sales and profits to customer profitability and customer retention. Along with the shift in business focus, organisations are changing...

Insurers must refocus. (Special Feature - CRM 2002).(Brief Article)
February 28, 2002... NEW FRONT-OFFICE CRM TECHNOLOGIES will now allow insurance companies to cut costs and to stimulate their businesses by refocusing from individual lines of business onto customer retention. The historically conservative insurance industry,...

Credit unions lead online charge with myCU: credit unions have historically been recognised as being at the forefront of using technology to better service their customers - they were the first to introduce ATMs into Australia. (New Economy Banker).(Brief Article)(Statistical Data Included)
February 28, 2002... ONCE AGAIN, CREDIT UNIONS ARE leading in the area of online financial services with the launch of myCU. Intech Credit Union, servicing the IT industry, has launched myCU, hailing it a next generation online financial service. MyCU,...

St George part of smart card breakthrough. (New Economy Banker).(Brief Article)(Statistical Data Included)
February 28, 2002... ST GEORGE BANK AND Worldsmart Technology Pty Ltd (WST) have joined forces to offer a world first in smart card technology with a live system that enables a range of retailers, groups or clubs to participate. The scheme will initially see...

BCP -- no plans, no business? (Special Report - Disaster Recovery & Systems Backup).(Business Continuity Planning)(Brief Article)
February 28, 2002... UNDOUBTEDLY, BUSINESS Continuity Planning (BCP) has gained a new level of interest following recent events with companies placing a greater emphasis on disaster recovery planning and a more professional approach to this critical but often...

Managing the risk of disruption: the events of September 11 and the ongoing threat of terrorism have re-shaped the way people think about business continuity and disaster recovery. So what are the lessons to be learned for financial institutions? -- Ted Surette and Vincent Genn of KPMG take a look at these lessons. (Special Report - Disaster Recovery & Systems Backup).(Statistical Data Included)
February 28, 2002... DISASTER RECOVERY AND business continuity plans have traditionally focused on managing the risk of disruption and recovery of information technology and core business processes. While most organisations will have considered the threat of...

CUSCAL's CEO search. (Behind The Screens).(Credit Union Services Corporation (Australia) Ltd.)(Brief Article)
February 28, 2002... CREDIT UNION SERVICES CORP (CUSCAL) is in the market for a new chief executive following the sudden departure of Steve Laue. Did he jump or was he pushed? Well, the board of CUSCAL is not saying but Screens can tell you not even his...

MIAA's new council. (Behind The Screens).(Mortgage Industry Association of Australasia )(Brief Article)
February 28, 2002... AUSTRALASIA'S PEAK BODY FOR the residential and commercial mortgage industry, the Mortgage Industry Association of Australasia (MIAA) has a new national council for its 20th anniversary year. The announcement coincides with a 150% growth in...

One flash and you're ash. (Behind The Screens).(Allied Irish Banks PLC)(Brief Article)
February 28, 2002... BUZZ WORDS AND PHRASES ARE commonplace in the ever-changing financial marketplace. The latest problems to beset Allied Irish Bank courtesy of a $US750 million loss by a Nick Leeson-style rogue trader has given rise to a phrase which is...

Capital gains. (Behind The Screens).
February 28, 2002... "What I'm really looking for is some little investment that won't keep bobbing up and down." [ILLUSTRATION OMITTED]

Wall St strategists baffle investors. (Behind The Screens).(humorous captions for investors from Steve Galbraith)(Brief Article)
February 28, 2002... WALL STREET STRATEGISTS ARE very, very smart -- yet some investors, remembering last year's host of wrong market calls, refuse to be impressed by the dazzling displays of brilliance. Most often, the highly paid market gurus express their...