Investment News articles from December 2005

Investment News archives from December 2005

At the Bell; Legg Mason wraps up its deal with Citigroup.(Late News)
December 5, 2005... Legg Mason Inc. of Baltimore said Thursday that it had completed the acquisition of New York-based Citigroup Inc.'s asset management unit in exchange for Legg Mason's retail-brokerage and capital markets businesses, plus stock and cash. The...

One on One With Laurence P. Greenberg of Jefferson National Life Insurance Co.(One on One)
December 5, 2005... Byline: Gary S. Mogel In a variable annuity era of 31 flavors and counting, Laurence P. Greenberg thinks that what consumers really want is vanilla. As chief executive of Jefferson National Life Insurance Co. in New York, Mr....

Congress jumps on abusive sales to military people; NASD, GAO support imposing a ban on periodic-payment plans.(News)
December 5, 2005... Byline: Dan Jamieson IRVINE, Calif. - With the Iraq occupation in the headlines, sales of insurance and investments to military personnel has become a red-hot regulatory issue. At a Senate Banking Committee hearing Nov. 17, senators...

Nest-egg planning can leave egg on your face.(Other Views)
December 5, 2005... Byline: Jim C. Otar Many of our clients spend between 20 and 30 years in retirement. In our current retirement planning practice, we assume an "average'' portfolio growth rate for the entire time horizon. The reality is, all asset values...

Fee-only advisers latest to enter hot commercial market; Clients consider 1031 exchanges too good to ignore.(News)
December 5, 2005... Byline: Brooke Southall SAN FRANCISCO - Fee-only advisers are competing with stockbrokers - and even commercial real estate brokers - for one of the hottest new ways for clients to invest and defer taxes. They are helping clients to...

Mounties regulating the regulators? The tax treatment of income trusts brings complaints of corruption.(News)
December 5, 2005... Byline: David Clarke OTTAWA - Who regulates Canadian securities regulators? The long answer is the voters. Worrisome for federalists, 60% of voters in the province of Quebec supported the separatist Bloc Quebecois, according to a poll...

Gasp! Fund board picks outside adviser.(Reverse Spin)
December 5, 2005... Byline: Frederick P. Gabriel Jr. In a rare display of guts, gumption and good old-fashioned gamete-producing gonads, a mutual fund board actually broke ranks and hired what they believe is a better investment adviser for the job. ...

Pension bill targets increased retirement savings.(Tax Watch)
December 5, 2005... Byline: Mark E. Battersby The Senate has approved changes to pension rules that include National Employee Savings and Trust Equity Guarantee Act improvements. The bill would change funding rules for single-employer defined benefit pension...

Managed-account providers hold at least $9.75 billion; ProManage tops list of vendors responding to study.(DC Record Keepers)
December 5, 2005... Byline: Jenna Gottlieb NEW YORK - in discretionary assets, according to a survey by sister publication Pensions & Investments. This year, for the first time, P&I surveyed managed-account vendors as part of its special report on defined...

Closing Quote.(Quotes)
December 5, 2005... "You're going to kiss a lot of frogs.'' Mark Tibergien, a partner in Moss Adams LLP of Seattle, on the challenge E*TRADE FINANCIAL Corp. faces: finding suitable registered investment adviser practices to purchase at reasonable prices. Page...

Can't get 'em for a song.(Short Interests)
December 5, 2005... Byline: Jeff Benjamin DETROIT - Avian-flu fears and higher energy prices are helping drive up the cost of goods and services gifted in the holiday classic "The Twelve Days of Christmas,'' according to the annual study conducted by PNC...

Greening of Goldman Sachs may make some clients see red.(Short Interests)
December 5, 2005... Byline: Brooke Southall SAN FRANCISCO - Although The Goldman Sachs Group Inc. has become the first global investment bank to pledge itself to preserving the environment - especially with respect to global warming - it can take its pledge...

Investors still fearful of asset allocation, poll finds; Clients resist selling their winners to buy underperformers.(News)
December 5, 2005... Byline: Carlise Peterson CHICAGO - Investors are still living in denial when it comes to asset allocation, according to a new poll by AllianceBernstein Investment Research and Management Inc. The two-part poll studied the attitudes of...

There's going to be a morning after.(Practice Management)
December 5, 2005... Byline: John P. Donovan A made-for-television remake of "The Poseidon Adventure'' made its debut the Sunday before Thanksgiving. You may well prefer the original movie, with Maureen McGovern singing the theme song, "The Morning After.''...

Insider to head exams for SEC Boston office.(Short Interests)
December 5, 2005... Byline: Sara Hansard WASHINGTON - The Securities and Exchange Commission has appointed its first associate district administrator for examinations in the Boston office. Lucile Corkery, assistant district administrator of the Boston office,...

An appeals court ruling means more FLPs may flop with IRS; Casts a shadow over popular tool for estate planning.(News)
December 5, 2005... Byline: Carlise Peterson CHICAGO - A recent court ruling is making it more difficult for financial advisers to utilize a popular estate-planning tool. In July, the 5th U.S. Circuit Court of Appeals ruled in favor of the Internal...

Group out to raise retirement industry profile; Association targets shift to distribution, from accumulation.(News)
December 5, 2005... Byline: Jeff Benjamin DETROIT - Members of the financial services industry, recognizing that millions of workers are about to shift from accumulating trillions of dollars of retirement assets to spending them, have formed the Retirement...

IRS focuses on catching tax cheats.(Monday Morning)
December 5, 2005... Byline: Jim Pavia A neighbor of mine was bragging about how he is "stealing'' television cable service. He claims he pays for service on just one TV in his home, yet he can access cable for free on several others. I am not one to side...

Congress mulls easing adoption of auto enrollment; Share of salary contributed to 401(k)s continues to rise.(News)
December 5, 2005... Byline: Sara Hansard WASHINGTON - Participants in 401(k) plans continue to increase the share of their salaries that they are contributing to 401(k) plans, according to a study of 2.3 million participants by The Principal Financial Group...

Insurers set to market term life aggressively; Commoditization of product sparks price competition.(News)
December 5, 2005... Byline: Gary S. Mogel NEW YORK - Insurance companies are cutting the cost of term life policies as a result of heightened competition and streamlined sales processes. For advisers, this is good news, as sales commissions generally are...

E*TRADE bulking up on advisers; Firm targets dozens of large fee-based practices.(News)
December 5, 2005... Byline: Brooke Southall SAN FRANCISCO - After years of misfires and aborted efforts at collaborating with a wealth management partner, E*TRADE FINANCIAL Corp. has seized on a go-it-alone strategy for using registered investment advisers to...

Adviser-author faults costly active management; Offers bare-bones investment strategy, no-frills service.(News)
December 5, 2005... Byline: Dan Jamieson IRVINE, Calif. - Richard Ferri, president of Portfolio Solutions LLC of Troy, Mich., is an investment guy, pure and simple. Clients get no financial planning. They learn even not to expect phone calls. What...

Industry momentum is key factor in sector fund's picks.(Street Wise)
December 5, 2005... Byline: Jeff Benjamin Being in the right place at the right time is what it's all about for Adrian Bachman, manager of the $210 million Rydex Sector Rotation Fund (RYSRX). He has been managing the fund for Rydex Global Advisors Inc. in...

Lower expenses not synonymous with better investment returns.(The Markets)
December 5, 2005... Common wisdom says lower expenses mean better returns - but not always. Lipper classifies both Calvert Social Investment Bond (CSIBX) and Vanguard Long-Term Investment Grade (VWESX) as corporate debt A-rated funds. CSIBX's 1.19% total expense...

Performance fees attract few converts; Fund companies are not enamored with incentive fees.(News)
December 5, 2005... Byline: Frederick P. Gabriel Jr. BOSTON -Slowly and reluctantly, and only after regulators embarrassed it into submission, the mutual fund industry is warming up to performance-based management fees. Shareholders in Janus mutual funds...

Lower stock market returns help slow down growth rate; DC record keepers see assets handled gain by just 9.6%.(DC Record Keepers)
December 5, 2005... Byline: Jenna Gottlieb NEW YORK - Defined contribution plan providers saw a 9.6% gain in assets under record keeping for the 12 months ended June 30 to nearly $2.94 trillion, according to sister publication Pensions & Investments' annual...

Calendar.(Calendar/Datebook)
December 5, 2005... December 6 - Ready for Roth? SunGard Corbel Inc. Cobb Galleria Centre, Atlanta; DoubleTree Guest Suites SouthPark, Charlotte, N.C. sungardcorbel.com. 6 - Third annual Broadband Communications and VoIP Conference: The New Era of...

Advest reps flee ahead of takeover; Non-compete clauses, policies on small accounts among concerns.(News)
December 5, 2005... Byline: Dan Jamieson IRVINE, Calif. - Brokers at The Advest Group Inc. of Hartford, Conn., have been bailing out in advance of the company's takeover by Merrill Lynch & Co. Inc., which closed last Friday. Advest reps who have moved say...

Slash deficit, or face financial meltdown.(Editorial)
December 5, 2005... Before they left Washington for the Thanksgiving break, members of Congress failed to pass a weak deficit reduction bill that would have cut the federal deficit by $50 billion over the next five years. The bill probably will be passed by...

Bank products finding place in 529 business; CDs and savings accounts appeal to more-conservative investors.(News)
December 5, 2005... Byline: Charles Paikert NEW YORK - Banks are raising their profile in the Section 529 college savings program business. After a successful launch of certificates of deposit and savings accounts by Ohio's College Advantage 529 Savings...

Mutual funds outgrow old corporate structure; Independent boards among topics for debate.(News)
December 5, 2005... Byline: Sara Hansard WASHINGTON - Several organizations next year plan to recommend revisions to mutual fund regulations - ranging from allowing brokers to discount fund sales loads to abolishing the corporate structure of mutual fund...

529 network taps Ohioan as chairman.(Short Interests)
December 5, 2005... Byline: Charles Paikert NEW YORK - Jacqueline T. "Jackie'' Williams, executive director of the Columbus-based Ohio Tuition Trust Authority, has been named chairman for the College Savings Plans Network in Lexington, Ky., a national...

Study: Saving for retirement nearly as hard as quitting smoking.(Short Interests)
December 5, 2005... Byline: Gary S. Mogel NEW YORK - Saving money for retirement is about as difficult as losing weight or quitting smoking, but easier than exercising. Those were among the findings of the fifth annual "Retirement Reality Check'' survey...

Fund eases gifts for relief.(Short Interests)
December 5, 2005... Byline: David Hoffman NEW YORK - Pax World Management Corp. of Portsmouth, N.H., adviser to the Pax World Funds group, is trying to make it a little easier for employees and fund investors "to support peace, reconciliation and humanitarian...

Fund boards likely to assert themselves; But some insiders doubt they will be proactive enough.(News)
December 5, 2005... Byline: David Hoffman NEW YORK - Now that the mutual fund industry has had a little over a year to get comfortable with new compliance rules, expect fund boards to become much more active in the day-to-day operations of their funds, some...

Practice what you preach: Track your firm's financials.(Practice Management)
December 5, 2005... Byline: Joni Youngwirth Looking at financial goals and client performance is as natural to financial planners as breathing. Yet when it comes to tracking the financials of their own companies, that instinct doesn't always kick in for them....

Insurance company affiliate to purchase investment firm; Touchstone's deal to buy Constellation may start countertrend.(News)
December 5, 2005... Byline: David Hoffman NEW YORK - Cincinnati-based Touchstone Advisors Inc., adviser to the Touchstone Funds group and a subsidiary of Western and Southern Financial Group, said last week it had entered into an agreement to acquire the...

People.
December 5, 2005... Sentinel Financial Services Co. Inc. in Montpelier, Vt., has hired Russell Phillips, 56, as chief marketing officer. He was national director of product development for Lincoln Financial Advisors Corp. of Fort Wayne, Ind. National...

Compromise sought in regulating fee advisers; One suggestion: Form independent regulatory body.(News)
December 12, 2005... Byline: Sara Hansard WASHINGTON - Brokers who act as investment advisers should be regulated as legal fiduciaries, according to some proponents of uniform regulation. In addition, the consumer organization that follows investor issues...

Indies prefer index annuities.(Short Interests)
December 12, 2005... Byline: Gary S. Mogel NEW YORK - Best-selling fixed annuity products varied according to distribution channel, with independent producers being the only channel favoring an equity index product. Those were among the findings of the...

Survey: Hope and reality clash when it comes to paying taxes.(Short Interests)
December 12, 2005... Byline: David Hoffman NEW YORK - Investors know that managing the tax bite is important, but they remained confused as to how best to do it, according to a survey released last week by Eaton Vance Corp. of Boston Investors also had...

Antidote to runaway fees: Decouple, disclose.(Editorial)
December 12, 2005... Talk of "reforming'' mutual fund regulation is in the air again. In a speech last month, Paul Roye, former head of the Securities and Exchange Commission's investment management division, expressed support for an idea put forth by the SEC...

NASD plans 'risk scores' for broker-dealers; Next Gen program eyes `regulation from a distance'.(News)
December 12, 2005... Byline: Bruce Kelly NEW YORK - NASD is promising big changes to how it examines firms, going so far as to assign broker-dealers and individual registered representatives "risk scores'' based on customer complaints, arbitrations, civil and...

Accountability seen as key to expanding business; Focus on products could damage adviser practices.(News)
December 12, 2005... Byline: Gary S. Mogel NEW YORK - Many advisers may be dropping the ball by thinking that knowing a lot about financial planning and investment products is the key to increasing their income. Accountability among advisers and their...

At the Bell; GOP seeks add-on to extend 15% rate.(Late News)
December 12, 2005... Senate Republican leaders hope to get a measure to extend tax cuts on capital gains and dividends added to a conference bill it will negotiate this week with the House. The move comes in response to the House's approval Thursday of $56...

Elderly make easy marks for the easily credentialed; Unscrupulous advisers prey on the retired.(News)
December 12, 2005... Byline: Sara Hansard WASHINGTON - State securities regulators have begun to view easy-to-get "senior adviser'' and "senior specialist'' designations with alarm. Such marks allow advisers to claim a specialty in financial planning for...

Bush officials lobby for strong pension reform.(Tax Watch)
December 12, 2005... Byline: Mark Battersby In a recent New York Times Op-Ed article, officials from the Bush administration called on Congress to "act now to secure the pension promises made to America's workers.'' The Bush administration reportedly plans to...

Hedge funds increase use of 'side pocket' investments; Isolate hard-to-price assets such as private equity from rest of portfolio.(News)
December 12, 2005... Byline: Jeff Benjamin DETROIT - Side-pocket investments - which can add hidden risk to portfolios - are gaining popularity among hedge fund managers as the industry pushes further into the private-equity space in search of alpha. ...

Bond investors thrown a curve; Slight inversion soon may become a serious issue.(News)
December 12, 2005... Byline: David Hoffman NEW YORK - The U.S. Treasury yield curve has been flirting with inversion for a while, but the situation quickly could become more serious. Some market observers say that investors can anticipate a more...

Corporate earnings soaring in quality too.(Monday Morning)
December 12, 2005... Byline: Mike Clowes Companies have reported double-digit earnings gains, on average, so far this year, versus the amount during the comparable period last year, yet the stock market has produced less than double-digit returns. Some...

Morningstar to battle Advent for advisers; Will add portfolio accounting software to Advisor Workstation.(News)
December 12, 2005... Byline: Brooke Southall SAN FRANCISCO - Morningstar Inc. is entering the market for portfolio accounting software for independent financial advisers, bringing it into competition with Advent Software Inc. The Chicago-based fund tracker...

U.S. company sued for income trust fraud.(News)
December 12, 2005... Byline: David Clarke OTTAWA - Several U.S. companies have tapped into Canadian investors' enthusiasm for income trusts, which are investments structured in a manner similar to that of U.S. real estate investment trusts. Now one has run...

TD Waterhouse: Don't be late to the party, or else.(Short Interests)
December 12, 2005... Byline: Brooke Southall SAN FRANCISCO - TD Waterhouse Institutional Services is imposing a wallet-vacuuming late fee on its most indecisive financial advisers. The New York-based asset custodian will charge $599 to advisers who fail to...

Smith Barney shift: 'Financial advisors'.(Short Interests)
December 12, 2005... Byline: Dan Jamieson IRVINE, Calif. - Beginning next year, Smith Barney brokers will be known as "financial advisors,'' rather than the current title of financial consultant. In a memo sent to the troops last month, Russ Morton, head...

New VA feature extends benefit to the spouse; Advisers like idea of guarding survivor's income stream.(News)
December 12, 2005... Byline: Gary S. Mogel NEW YORK - Spousal guarantees, a new feature in variable annuities, provide a surviving spouse with the same minimum-income stream in retirement as the spouse who owned the contract. "It's very important to make...

ACLI raps bill's travel-based underwriting curb.(Short Interests)
December 12, 2005... Byline: Sara Hansard WASHINGTON - Legislation approved 371-49 last week by the House of Representatives to reauthorize the Terrorism Risk Insurance Act for the first time would cover group life insurance plans under its protections....

Investors' dependence on rate cuts growing.(Short Interests)
December 12, 2005... Byline: Sara Hansard WASHINGTON - A growing percentage of middle-income people, especially the elderly, depend on the 15% tax rate on capital gains and dividends passed in 2003, according to a survey put out by the Tax Foundation in...

Bonds, income the main focus; closed-end equities more world-oriented.(The Markets)
December 12, 2005... Closed-end funds' flavor leans heavily toward bonds and income; of the 681 total funds/classes, 67% are taxable or muni bond in nature. Another 13% invest in convertibles, utilities, real estate investment trusts or preferred stock, or are...

Niche players vie for 529 rebate biz; No. 1 Upromise facing new challenges on a number of fronts.(News)
December 12, 2005... Byline: Charles Paikert NEW YORK - Competition in the retention and rebate business for Section 529 college savings plans is heating up. While Needham, Mass.-based Upromise Investments Inc. still is the 800-pound gorilla of the field,...

One on One With Joe Hurley of Savingforcollege.com LLC.(One on One)
December 12, 2005... Byline: Charles Paikert If Section 529 college savings programs have a public face, it belongs to Joe Hurley. Ever since the tax-advantaged plans were introduced by states across the country in the late 1990s, Mr. Hurley, a certified...

Fund boards quietly flexing new muscle; `Nuclear option' of firing adviser likely to remain rare despite Clipper move.(News)
December 12, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - Though few mutual fund boards would dare go "nuclear'' on the management company that oversees their funds' portfolios, more are quietly using their newfound clout to influence fees and press for...

Forex trading come-ons gain currency; Investors encouraged to take gambit with retirement funds.(News)
December 12, 2005... Byline: Carlise Peterson CHICAGO - Some financial advisers are warning clients to beware of using retirement assets to engage in foreign-currency-exchange trading. For even the most sophisticated investors, so-called forex trading can...

Smokers feel pinch in their insurance wallets; Employers to apply surcharges; insurers increasing premiums.(News)
December 12, 2005... Byline: Gary S. Mogel NEW YORK - Smoking has become almost as bad for individuals' insurance premiums as it is for their health. Starting Jan. 1, many employers will institute group health-insurance surcharges for employees who smoke....

Broker network lays down law on Merrill rule; Reps must register with Calif. firm as investment advisers.(News)
December 12, 2005... Byline: Bruce Kelly NEW YORK - A leading broker-dealer network is telling its affiliated registered representatives that they must register with the firm as investment adviser reps when discussing or selling financial planning products -...

Growth in 529 assets may be slowing.(Conference Call)
December 12, 2005... Byline: Charles Paikert BOSTON - Growth may be slowing in the Section 529 college savings plan business. Brian Boswell, a research analyst for Boston-based Financial Research Corp., told audience members at the 529 Technical Conference...

Fiserv aims higher in custody plan business; Hopes new brand, technology will help it shed also-ran status.(News)
December 12, 2005... Byline: Brooke Southall SAN FRANCISCO - Fiserv Investment Support Services' new president of adviser custody plans to transform the Denver-based firm from a chronic laggard into a respected competitor through improved technology and better...

Alternative investments for minorities.(Short Interests)
December 12, 2005... Byline: Nicquan Lovell NEW YORK - Minority-owned asset management firm Dynasty Financial Group LLC plans to offer clients a unique brand of service. "We provide access to money managers that have market-neutral strategies to...

Asset manager disputes 'short squeeze' theory.(Street Wise)
December 12, 2005... Byline: Jeff Benjamin Kevin Gates, manager of the $10 million TFS Market Neutral Fund, does not subscribe to popular Wall Street analysis contending that there is an inherent demand built into stocks that are sold short. Mr. Gates, who...

Morgan Stanley in a pinch, but Mack's no grinch; Generous bonuses belie weak financials, lagging stock price.(News)
December 12, 2005... Byline: Aaron Elstein CNS NEW YORK - This Thursday will be the most important day of the year for Morgan Stanley's thousands of investment bankers and traders. That's when they'll get a gilded reminder of what makes Wall Street such a...

Closing Quote.(Quotes)
December 12, 2005... "Firing an adviser looks easy on the surface. But it really is a nuclear option.'' James H. Bodurtha, chairman of the Independent Directors Council, on the options available to independent directors seeking to improve a mutual fund's...

No tears for former NYSE members.(Reverse Spin)
December 12, 2005... Byline: Frederick P. Gabriel Jr. Isn't this an identity crisis most of us would like to have? About 95% of the New York Stock Exchange members who voted Tuesday approved the Big Board's merger with electronic exchange Archipelago...

Wirehouse sweeps raising concerns; Brokers, regulators question lower rates for investors.(News)
December 12, 2005... Byline: Dan Jamieson IRVINE, Calif. - Morgan Stanley & Co. Inc. last month became the latest wirehouse to sweep customers' cash into bank deposit accounts. Some brokers say they are concerned about the new policy, because many clients...

Canadian fund shareholders left unprotected; Duel for fund firm exposes holes in securities regulation.(News)
December 19, 2005... Byline: Jeff Benjamin DETROIT - A feisty bidding war in Canada over a $3.8 billion mutual fund complex unintentionally has fueled a national debate over the need to fill some gaping holes in the country's regulatory framework. As...

Some firms tell brokers to hide their CFPs.(News)
December 19, 2005... Byline: Sara Hansard Some brokerage firms are requiring their registered representatives to remove their certified financial planner designations from their business cards, stationery and any client communications for fear they will be...

Large 'mass affluent' market feels underserved by advisers; Investors with 100G to $1M are risk averse, unlikely to have financial plan, notes report.(News)
December 19, 2005... Byline: Charles Paikert NEW YORK - Having $1 million in the bank doesn't get the same level of respect that it used to - at least from financial advisers, according to the results of a soon-be-be released report. Only about half of all...

Testing tools to help advisers manage retirement assets; Shift from accumulation to distribution provides an opportunity.(News)
December 19, 2005... Byline: Carlise Peterson CHICAGO - Morningstar Inc. is blazing a trail in the market for retirement savings distribution. In January, Chicago-based Morningstar will begin testing a program that will help advisers monitor and manage...

Bill bottleneck earns Congress failing grade.(Editorial)
December 19, 2005... Let's put coal in the stockings of everyone in Congress. It's almost certain the "hardworking'' (hardly working?) members of Congress will head off for their winter vacations this week without acting on the alternative minimum tax fix or...

Firms thumb noses at small accounts.(Editorial)
December 19, 2005... Give the little guy a break - that should be Wall Street's motto. But one could be forgiven for thinking that the motto of some financial services firms is: Never give the little guy a break. As reported in last week's InvestmentNews,...

One on One With Ron Baron of Baron Capital Group Inc.(One on One)
December 19, 2005... Byline: David Hoffman NEW YORK - Ron Baron does things a little differently than other money managers. The 62-year-old president and chief executive of Baron Capital Group Inc. of New York, the parent of BAMCO Inc., adviser to the...

Small custodian to compete with large players; Colorado firm hires Fiserv exec to guide expansion.(News)
December 19, 2005... Byline: Brooke Southall SAN FRANCISCO - Stephen A. Finn has placed two outsize wagers in the past few years, and his tiny custodian is starting to win assets from big advisory firms. "I anted up twice'' in recruiting a chief executive...

SEC appointee sure to feel heat on broker-dealer rule; Effect of possible second extension among growing concerns.(News)
December 19, 2005... Byline: Sara Hansard WASHINGTON - A brokerage industry regulator and an investment management lawyer are reported to be among the candidates for director of the Securities and Exchange Commission's division of investment management. ...

Disclosure boxes big plus in annuity sales kits.(News)
December 19, 2005... Byline: Gary S. Mogel NEW YORK - Insurers that prominently display regulatory disclosures in their variable annuity sales kits ranked the highest among advisers and clients who use the kits. That was a major finding of the 2005 Best...

Spitzer sees Greenberg as a grinch.(Reverse Spin)
December 19, 2005... Byline: Frederick P. Gabriel Jr. Maybe, this explains why we never see Maurice R. "Hank'' Greenberg and a grinch together in the same room? New York Attorney General Eliot L. Spitzer has accused the former chairman of New York-based...

Diagnosis at GM, Ford: Unbalanced portfolios.(Monday Morning)
December 19, 2005... Byline: Mike Clowes What's wrong with General Motors Corp. and Ford Motor Co.? I'm no automotive expert, but I can provide a diagnosis of their current ills based on investment theory: Both companies have undiversified portfolios, or...