Investment News articles from February 2005

Investment News archives from February 2005

One on One With Daniel J. Fuss of Loomis Sayles & Co. LP.(One on One)
February 7, 2005... Byline: Mike Clowes At age 71, Daniel J. Fuss still travels the world tirelessly - researching economies, fixed-income markets and issuers as manager of the Loomis Sayles Bond Fund. The $2.7 billion fund, which he has been managing since...

Heir-y situation for Schwab? Lack of succession plan may make it willing to sell.(News)
February 7, 2005... Byline: Brooke Southall SAN FRANCISCO - Since reassuming the reins of the company he founded, Charles R. Schwab has begun turning things around. Price and staff cuts have helped boost the San Francisco-based broker's stock more than 30%...

Regulators to turn up heat on broker-dealers.(Conference Call)
February 7, 2005... Byline: Bruce Kelly ORLANDO, Fla. - Regulators last week outlined a full agenda for 2005 to independent-broker-dealer executives here at the Atlanta-based Financial Services Institute's first annual meeting. From money laundering to...

Insurers battle over fiduciary, dislosure regs; State regulators' proposals face opposition at March meeting.(News)
February 7, 2005... Byline: Sara Hansard WASHINGTON - Insurance salesmen would legally become fiduciaries, and insurance brokers would have to disclose all quotes they receive, under proposals on which state insurance regulators may act in the next month. ...

Russell veteran flies solo.(Short Interests)
February 7, 2005... Byline: Charles Paikert NEW YORK - Paul Greenwood, a 15-year veteran of Frank Russell Co., a division of Russell Investment Group, has founded a consulting company that specializes in boosting investment managers' performance. Mr....

TIAA-CREF changes concern some advisers; They worry about the firm's commitment to working with them.(News)
February 7, 2005... Byline: David Hoffman NEW YORK - Changes at TIAA-CREF in New York are causing some observers to question the firm's commitment to financial advisers. Chief among those changes is the departure of Michael F. Lane in September. He...

Pretty pennies? Not really.(Short Interests)
February 7, 2005... Byline: Brooke Southall SAN FRANCISCO - When it comes to providing shareholders with cash returns, Charles Schwab Corp. is putting in its two cents, literally. The San Francisco-based firm said Jan. 27 that it will pay a quarterly...

Fund managers seek greener pastures; Industry scandals, M&A activity help fuel defections.(News)
February 7, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - After being rocked by scandal and a spate of mergers and acquisitions, the $7.9 trillion mutual fund industry is primed for an aggressive round of job hopping among portfolio managers in the months...

Spitzer comes on strong at Waterhouse conference; He promises to continue his work, drawing a standing ovation.(News)
February 7, 2005... Byline: Brooke Southall SAN DIEGO - Eliot L. Spitzer isn't going away, despite a growing chorus of business and government interests that wish he would. The New York attorney general thundered home this message to the hundreds of...

Compliance pros hot commodity as SEC regs fuel boom; `Huge demand' sparks bidding wars, soaring salaries.(News)
February 7, 2005... Byline: Charles Paikert NEW YORK - If you are a compliance professional, this is about as good as it gets. The limited supply of experienced compliance professionals for registered investment advisory firms and high demand for their...

At the Bell; Schwab reduces online trading fee.(Late News)
February 7, 2005... Charles Schwab & Co. Inc. of San Francisco on Friday said it will cut online stock-trading commissions by 35% for investors with household assets of between $50,000 and $1 million. The discount broker will charge $12.95 for trades up to...

Putnam gets good news: Marsh settles.(Reverse Spin)
February 7, 2005... Byline: Frederick P. Gabriel Jr. The clouds hanging over Putnam Investments LLC are beginning to part. On Monday, insurance brokerage Marsh & McLennan Cos. Inc., Putnam's parent company, said it had reached an $850 million settlement...

Fund offers a tour of Asian, European stocks.(Street Wise)
February 7, 2005... Byline: Jeff Benjamin Henderson Investment Management Ltd. , one of the United Kingdom's largest money managers, with $130 billion under management, has over the past 15 years been in and out of the U.S. market through joint ventures and...

Closing Quote.(Quotes)
February 7, 2005... "At the moment, I'm agnostic to the whole thing.'' James Harkin, a veteran American Express adviser based in Tucson, Ariz., commenting on American Express Co.'s plan to spin off its brokerage and money management unit. Page 24

Some same-sex couples face income tax quandary.(Tax Watch)
February 7, 2005... Byline: Mark Battersby When a landmark court ruling last year made Massachusetts the first state to sanction same-sex marriages, gay men and lesbians may have failed to realize that the federal government would not recognize their unions....

High-deductible health plans may cause debt.(Short Interests)
February 7, 2005... Byline: Gary S. Mogel NEW YORK - High health insurance deductibles, such as those required by health savings accounts, cause more people to rack up debt to pay medical expenses, compared with traditional plans. That is a finding of a...

Revenue-raising idea gets attention of senators; Report suggests ways to help close `tax gap'.(News)
February 7, 2005... Byline: Sara Hansard WASHINGTON - The government could bring in an additional $164 billion in taxes over the next decade by collecting Federal Insurance Contributions Act taxes on salary reduction contributions to employee benefit...

Adaptive-market theory offers investor insights.(Monday Morning)
February 7, 2005... Byline: Mike Clowes The key implication of the efficient-market hypothesis, the dominant market theory of the past two decades, is that it is impossible for investors consistently to beat the return of the stock market on a risk-adjusted...

Grasso was greedy, NYSE was oblivious.(Editorial)
February 7, 2005... A recent development in the lawsuit against former New York Stock Exchange chairman Richard Grasso has to leave many questioning the business judgment at the Big Board. The NYSE long refused to release a confidential document known as the...

New rules proposed for 529 savings plans; Muni board eyes closing of a `gap' with NASD regs.(News)
February 7, 2005... Byline: Charles Paikert NEW YORK - Section 529 college savings plans are coming under more scrutiny. The Municipal Securities Rulemaking Board filed with the Securities and Exchange Commission last month a request to bring regulations...

Planners support Bush plan; But some want him to move cautiously.(News)
February 7, 2005... Byline: Sara Hansard WASHINGTON - Financial planners support President Bush's Social Security private-account plan, but they are cautious as well. Responding to the President's State of the Union message last Wednesday night calling...

Get 'em while they're young.(Short Interests)
February 7, 2005... Byline: Brooke Southall SAN FRANCISCO - American Express Financial Advisors Inc. is investing in teaching kids the basics of investing. The Minneapolis-based company is ponying up $60,000 to sponsor The Stock Market Game in schools in...

Financial services on upswing.(Short Interests)
February 7, 2005... Byline: Gary Mogel NEW YORK - The global financial services industry grew 19% in 2004 to a record value of $7.5 trillion, and continued strong growth is predicted for 2005. Those findings are from "State of the Financial Services...

Jack LaLanne's new cause: Financial fitness; Nonagenarian is industry's latest celeb pitchman.(News)
February 7, 2005... Byline: Rick Miller CHICAGO - After a lifetime of promoting physical fitness, Jack LaLanne at 90 is now a celebrity spokesman advocating financial fitness for retirees. "People should have a financial checkup - it's as important just...

Raymond James exec blasts SEC official.(Conference Call)
February 7, 2005... Byline: Bruce Kelly ORLANDO, Fla. - Richard Averitt, the outspoken chief executive of Raymond James Financial Services Inc., boiled over here last Wednesday at the Atlanta-based Financial Services Institute's first annual meeting when a...

African-American market presents opportunity.(Short Interests)
February 7, 2005... Byline: Rick Miller CHICAGO - One in four blacks has a professional financial adviser, suggesting an opportunity for advisers to serve the market, according to a survey released last week by LIMRA International Inc. in Windsor, Conn. ...

Boutiques find creative ways to survive; As many turn to series trusts, caution is advised.(News)
February 7, 2005... Byline: David Hoffman NEW YORK - Escalating operating expenses have made it more difficult to run small mutual funds, but predictions by some industry experts that groups which do so will disappear as a result of rising costs may be...

Questions abound about AEFA spinoff; Can AmEx unit `survive without the AE?'.(News)
February 7, 2005... Byline: Jeff Benjamin DETROIT - American Express Co.'s announcement last week that it plans to spin off American Express Financial Advisors Inc. has sent ripples across the financial services industry regarding the future of the brokerage...

Gauging whether a client is a stock or bond; Free tool may help advisers allocate assets more effectively.(News)
February 7, 2005... Byline: Rick Miller CHICAGO - In the future, financial advisers mapping out a client's asset allocation may first ask themselves whether the client is a stock or a bond. As odd as it sounds, the question may become the norm now that a...

FSI's goal: 20,000 reps in two years; FPA says broker-dealer group's initiative is not a conflict.(News)
February 7, 2005... Byline: Bruce Kelly ORLANDO, Fla. - The Financial Services Institute last week unveiled an ambitious plan to bring aboard as many as 20,000 registered representatives over the next two years. To some, the move puts the Atlanta-based...

Bush's tax reform panel will address AMT.(Tax Watch)
February 14, 2005... Byline: Mark Battersby According to White House insiders, the 2006 budget won't include fixes for the alternative minimum tax or "other important tax policy issues'' in the scope of tax reform. Instead, the administration will look to...

Morningstar tool to zone in on funds.(Short Interests)
February 14, 2005... Byline: Frederick P. Gabriel Jr. NEW YORK - First there was the Zone diet, now there is the Ownership Zone. Mutual fund research company Morningstar Inc. has started offering investors a new way to analyze funds. The Chicago-based...

Budget proposes small-business tax credits; Wider use suggested for tax-favored HSAs.(News)
February 14, 2005... Byline: Sara Hansard WASHINGTON - Small businesses could get refundable tax credits for contributions to employee health savings accounts under the proposed fiscal 2006 budget released Feb. 7 by President Bush. That was one of the more...

John Hancock unit aims to double sales force by 2010; An acquisition or recruiting may help broker, formerly Signator Investors, reach this goal.(News)
February 14, 2005... Byline: Bruce Kelly NEW YORK - John Hancock Financial Network is embarking on an aggressive growth campaign intended to double its sales force to 3,000 advisers by the end of the decade. While Boston-based John Hancock's parent,...

Hartford annuity offers two death benefit guarantees.(Product Watch)
February 14, 2005... The Hartford (Conn.) Financial Services Group Inc. has created Hartford Advanced UL, a flexible-premium universal-life policy issued by its Simsbury, Conn.-based subsidiaries Hartford Life Insurance Co. and Hartford Life and Annuity Insurance...

Enabling the disabled with special-needs trusts.(Other Views)
February 14, 2005... Byline: Ronnie Ringel Individuals with disabilities are living longer, fuller lives than ever before and in many cases are outpacing their families' abilities to care for them. With increased longevity comes greater and varied...

Microloans bring relief to regions blasted by tsunami.(Short Interests)
February 14, 2005... Byline: Aaron Siegel NEW YORK - In the aftermath of the tsunami's enormous wrath, small donations from the financial world are the calm after the storm. The Dec. 26 tsunami, which battered Southeast Asia and reached as far as Africa,...

Waterhouse burnishes its custodian image.(Conference Calls)
February 14, 2005... Byline: Brooke Southall SAN DIEGO - The hot Santa Ana winds made for bumpy landings at Lindbergh Field here early this month, but TD Waterhouse Group Inc. smoothly hosted its biggest national conference yet. The New York-based discount...

Outsourcing CCO job sparks controversy; SEC unsure that a `rent-a-cop' is up to task.(News)
February 14, 2005... Byline: Charles Paikert NEW YORK - As the need for compliance services grows, investment advisers and asset managers appear to be deeply divided about the merits of outsourcing the all-important chief compliance officer job in light of SEC...

Add 'certified wealth strategist' to designation duel; Profusion of certifications is `confusing,' FPA says.(News)
February 14, 2005... Byline: Charles Paikert NEW YORK - Make room for another industry designation. The latest entry into an already crowded field rolls out next month when courses begin for a certified wealth strategist designation from the Cannon...

Canada's PSA-like accounts a boon for advisers; Popular plans defer income tax revenue.(News)
February 14, 2005... Byline: David Clarke OTTAWA - If its Canadian counterpart is any indication, President Bush's retirement savings plan, if adopted, could prove a real boon for investment advisers. Since the 1970s, Canadians have been able to invest a...

Reform efforts could mean boost for proprietary funds; Rise in popularity of `lifestyle' offerings may be key to growth.(News)
February 14, 2005... Byline: David Hoffman NEW YORK - Proprietary funds offered by brokerage houses, banks and other distributors could see something of a resurgence if 12(b)-1 fees or mutual fund revenue-sharing agreements are compromised as a result of the...

Schwab's sharp to make cuts, its advisers say; More-competitive prices seen as plus with clients.(News)
February 14, 2005... Byline: Brooke Southall SAN FRANCISCO - The price war between discount-brokerage giants Fidelity Investments and Charles Schwab & Co. Inc. is on! But advisers see a silver lining for themselves and Schwab despite what Wall Street seems...

Breaking up may not be so hard to do after all; Putnam looking to distance itself from Marsh & McLennan, observers say.(News)
February 14, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - The future of Putnam Investments LLC may be in flux. Now that Marsh & McLennan Cos. Inc., Putnam's insurance brokerage parent, has reached an $850 million settlement with New York Attorney...

Several factors behind fund asset growth in 2004; Performance, fund scandals are key, study finds.(News)
February 14, 2005... Byline: David Hoffman NEW YORK - It wasn't just performance that accounted for asset growth among some of the fastest-growing mutual fund groups in 2004, though that was part of it. Asset growth also was affected by such factors as...

Calendar.(Calendar/Datebook)
February 14, 2005... FEBRUARY 17-18 - Savings and Retirement Symposium, Securities Industry Association. Fort Lauderdale (Fla.) Marina Marriott. sia.com. 23-25 - 13th annual East Coast Defined Contribution/401(k) Conference, Pensions & Investments/IBF...

Technology will bring adviser wraps to the masses; SaveSimply will allow the creation of branded products.(News)
February 14, 2005... Byline: Rick Miller CHICAGO - SaveSimply Inc., a Pittsburgh-based technology company, is launching a service this month that allows financial advisers to bring a fully managed wrap program to mainstream investors. "There is huge market...

Employers fear medical-cost sharing might jeopardize employee health; Potential decrease in productivity also a concern.(News)
February 14, 2005... Byline: Gary S. Mogel NEW YORK - Medical-cost-sharing plans, such as high-deductible group health insurance coupled with health savings accounts, are causing some employers to question whether the cost benefits of the plans may be...

FPA weighs in again on Merrill Lynch rule.(Short Interests)
February 14, 2005... Byline: Sara Hansard WASHINGTON - Regulations requiring that brokers make sure investments are suitable for clients provide a "lower standard of consumer protection'' than the legal fiduciary standard that investment advisers must meet,...

New ETFs brought in big money last year; More of the same is expected this year.(News)
February 14, 2005... Byline: David Hoffman NEW YORK - Exchange traded funds that were launched last year pulled in an impressive amount of assets compared with their mutual fund counterparts. That will be repeated this year, said some industry experts....

Memo to advisers: Don't lose clients' trust.(Monday Morning)
February 14, 2005... Byline: Jim Pavia I am leaving my bank. After more than 15 years, I have become disenchanted with the unresponsive service, and I no longer trust the bank with my hard-earned money. So why should you care that I am looking for a...

Higher reserves debated for universal life; New requirement could increase cost of the popular product.(News)
February 14, 2005... Byline: Sara Hansard WASHINGTON - State insurance regulators are debating whether to impose higher reserve requirements for universal-life policies with secondary guarantees. The life and health actuarial task force of the Kansas City,...

No-lapse guarantees seen threat to insurer solvency; Regulators question adequacy of reserves for universal-life policies.(News)
February 14, 2005... Byline: Gary S. Mogel NEW YORK - Insurers' goal of putting universal-life policyholders' minds at ease may have gone a little too far, raising a red flag at the New York State Insurance Department and among insurance industry analysts. ...

American College offers credit to CSAs.(Short Interests)
February 14, 2005... Byline: Rick Miller CHICAGO - To promote its chartered adviser for senior living designation, The American College for a limited time is offering course credit to holders of a related credential. Holders of the certified senior adviser...

Senior citizens slam deferred annuities; 10,000 could get refunds under a class action; misconception is alleged.(Variable Annuity Providers)
February 14, 2005... Byline: Gary S. Mogel NEW YORK - Deferred annuities have come under fire in two California cases in which senior citizens allege that annuity payments under the contracts they purchased wouldn't start until they were well beyond their...

Is a true financial planning coalition on the horizon?(Other Views)
February 14, 2005... Byline: Paul M. League A Jan. 24 InvestmentNews article reported that the Financial Planning Association (which supports the certified financial planner designation), and the American Institute of Certified Public Accountants (which...

Morningstar grades stocks' stewardship; Evaluates if they do right by shareholders.(News)
February 14, 2005... Byline: Rick Miller CHICAGO - After launching fiduciary grades for mutual funds last year, Morningstar Inc. in Chicago last week introduced a new grading system for stocks. Morningstar's A-to-F stewardship grades are designed to help...

At the Bell; Investment chief at Putnam retiring.(Late News)
February 14, 2005... Steve Oristaglio, 49, Friday announced that he will retire later this year as head of investments at Boston-based Putnam Investments LLC. Kevin Cronin, who has served as the firm's deputy head of investments since July, has been named as his...

Federated shopping for money funds; CEO sees opportunities as competition increases.(News)
February 14, 2005... Byline: Frederick P. Gabriel Jr. BOSTON -Federated Investors Inc. is on the prowl. The Pittsburgh-based company, which late last year said that it would acquire $29 billion in money market funds from Alliance Capital Management LP of...

Closing Quote.(Quotes)
February 14, 2005... "Anybody who can close one client in one day for $850 million, we want to talk to him about asset gathering.'' J. Thomas Bradley Jr., president of TD Waterhouse Institutional Services Inc., on why the New York broker brought to its San...

One on One With Adam S. Bold of The Mutual Fund Store.(One on One)
February 14, 2005... Byline: Rick Miller On his syndicated radio call-in show, Adam S. Bold, founder and chief investment officer of The Mutual Fund Store in Overland Park, Kan., has been known to fume over variable annuities. How does Rush Limbaugh feel...

Hedge fund failure rate below 5%, reports show.(Short Interests)
February 14, 2005... Byline: Jeff Benjamin DETROIT - The latest numbers coming out of the hedge fund industry show that the failure rate of the alternative-class investment product has been less than 5% on an average annualized basis since 1996. The data,...

SEC needs to move on investor education.(Editorial)
February 14, 2005... The progress of the Securities and Exchange Commission's investor education program has been delayed amid disagreements over how it should be run. As its primary mission is to "protect investors and maintain the integrity of the securities...

Hedge funds scramble to comply with regs.(Conference Calls)
February 14, 2005... Byline: Jeff Benjamin KEY BISCAYNE, Fla. - The increased regulatory oversight of the hedge fund industry emerged as an underlying theme last week at the winter meeting of the Managed Funds Association. While the agenda of the...

Funds' recouping of settlement $ for investors eyed; Agency calls probe "fact-finding inquiry''.(News)
February 14, 2005... Byline: Sara Hansard WASHINGTON - The Securities and Exchange Commission is investigating how mutual funds go after money owed to investors from settlements in class actions. The commission late last month began getting in touch with...

A first: VAs with option for ETFs; Though receptive, advisers concerned over compensation.(News)
February 14, 2005... Byline: Gary S. Mogel NEW YORK - Integrity Life Insurance Co. of Louisville, Ky., is offering the first variable annuities that include the option of investing in exchange traded funds. Other variable annuity providers may follow suit. ...

Cambridge snags another large accounting firm; CB&H Business Services liked Cambridge's `open architecture'.(News)
February 14, 2005... Byline: Bruce Kelly NEW YORK - One of the fastest-growing independent-contractor broker-dealers continues to build its niche with certified public accountants. Following up on last year's success of recruiting one of the top 15...

Stock bonanza at First Montauk; Block issuance of new shares to CEO, ex-CEO could help assure merger.(News)
February 14, 2005... Byline: Bruce Kelly NEW YORK - First Montauk Financial Corp., in the middle of a merger with another broker-dealer holding company, last Wednesday issued a deluge of new shares to its new chief executive and his predecessor. William J....

Variable comp for 401(k)s is illegal, experts warn; Brokers running risk of disgorgement.(News)
February 14, 2005... Byline: Rick Miller CHICAGO - Brokers who select for 401(k) plans mutual funds that pay them different levels of compensation are violating rules under the Employee Retirement Income Security Act and are running the risk of having to...

TD Waterhouse snatches up Merrill exec; Wirehouse's commitment to biz serving advisers under question.(News)
February 14, 2005... Byline: Brooke Southall SAN FRANCISCO - The Merrill Lynch & Co. Inc. executive hired away from Charles Schwab & Co. Inc. to build up its fledgling asset custody group for independent advisers has left. Derek Bruton vacated his position...

Fund manager sees opportunity in home building.(Street Wise)
February 14, 2005... Byline: Jeff Benjamin In many respects, the home building industry could easily be considered a contrarian play on the current market cycle. Interest rates have been inching higher in a trend that is expected to continue. Home prices -...

Falling through the glass floor at HP.(Reverse Spin)
February 14, 2005... Byline: Frederick P. Gabriel Jr. It's true: The bigger they are, the harder they fall. Palo Alto, Calif.-based Hewlett-Packard Co. on Wednesday gave the boot to its controversial chairman and chief executive, Carly Fiorina. "While I...

Top 25 providers of variable annuities ranked by assets.(Variable Annuity Providers)
February 14, 2005... Company Assets ($m) 1 TIAA-CREF 287,883 730 Third Ave. New York, NY 10017-3206 (212) 490-9000 2 The Hartford 87,298 Hartford Plaza 690 Asylum Ave. Hartford, CT 06115 (860) 547-5000 3...

Firm with exec NASD found lax hires another; Broker-dealers feel increased scrutiny of regulators.(News)
February 21, 2005... Byline: Bruce Kelly NEW YORK - Evidently it's becoming more difficult to find an executive these days who hasn't been touched by regulatory scrutiny. Case in point, J.P. Turner & Co. LLC, an Atlanta independent contractor...

Push to link Social Security to tax reform seen; Ways and Means chairman backs a linkage.(News)
February 21, 2005... Byline: Sara Hansard WASHINGTON - A movement is afoot in Washington to try to tie Social Security reform to overall tax reform, and some financial planners agree that the two issues ought to be tackled together. Rep. Bill Thomas,...

Breaux says U.S. should tax income and consumption.(Short Interests)
February 21, 2005... Byline: Sara Hansard WASHINGTON - The vice chairman of the President's Advisory Panel on Federal Tax Reform has indicated that he favors moving to a tax system that includes both income and consumption taxes, it was reported following the...

At the Bell; Insurance execs knew of bid rigging.(Late News)
February 21, 2005... Seventy percent of 270 insurance and reinsurance executives were aware of bid rigging in the industry before New York Attorney General Eliot L. Spitzer shined a light on the practice, according to a survey released Thursday by Q.Know...

Chief executives need to be made accountable.(Editorials)
February 21, 2005... It's apparent that in the world of big-time chief executives, there is virtually no downside to any damage left behind after their departure. Carleton S. Fiorina was fired from her chief executive position at Hewlett-Packard Co. for...

ETFs attracting venture funds; New look likely, but some advisers aren't convinced.(News)
February 21, 2005... Byline: David Hoffman NEW YORK - Some big venture capital names are getting behind exchange traded funds, and the industry may never look the same, but some financial advisers aren't sure the new look is for them. Earlier this month,...

Life insurance execs focus on challenges; Eye synergies, building on growth.(News)
February 21, 2005... Byline: Gary S. Mogel NEW YORK - Building on last year's modest growth and pursuing optimal scale through consolidation will be at the forefront of life insurance company agendas, according to executives who participated in Atlanta-based...

Active managers slip into closet; Funds tracking the indexes more closely.(News)
February 21, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - The number of actively managed equity funds that are "closet'' index funds has tripled in the past four years. Consequently, many investors are paying active management fees for results that...

Exec sees market ripe for hedgelike mutual funds.(Street Wise)
February 21, 2005... Byline: Jeff Benjamin When TFS Capital LLC, a hedge fund shop, launched its first mutual fund in September, it wasn't so much about breaking new ground as about getting it right. Larry Eiben, co-founder and chief operating officer of...

Closing Quote.(Quotes)
February 21, 2005... "I thought it would all be gone. The news of what they were doing was so shocking and terrible - they were raping and pillaging.'' Stephen Harper, a retired financial adviser living in Santa Rosa, Calif., who invested in a San Diego hedge...

AIG under Spitzer's microscope again.(Reverse Spin)
February 21, 2005... Byline: Frederick P. Gabriel Jr. Talk about deja vu. No sooner did the world's biggest insurer, American International Group Inc., settle charges that it helped other companies manipulate their earnings than regulators began poking around...