The head of Lancer Management Group LLC and Lancer Management Group II LLC has been found guilty of overstating the hedge funds’ valuations, manipulating the prices of seven securities and falsely representing the funds’ holdings in newsletters.
Investors scared away by shaky equity markets have been mining the gold market, but financial advisers are mixed as to whether the investments in the precious metal are a long-term play.
“I would argue that the fundamentals are fine,” said Jonathan Golub, former chief investment strategist at The Bear Stearns Cos. Inc., “but the credit crisis is the only thing that is relevant right now.”
Charles Schwab & Co. is taking advantage of the financial crisis by attempting to lure brokers from Merrill Lynch and Morgan Stanley and other wirehouse brokerage firms to go independent and use Schwab as their custodian.
The House of Representatives approved legislation yesterday that would relieve about 25 million middle-class taxpayers from paying the alternative minimum tax this year.
National Financial Partners Corp. warned investors that its total revenue took a dive during the third quarter.
New jobless claims rose to their highest point in seven years due to the weakening economy and the recent hurricane season, according to a report released today by the Department of Labor.
Under the agreement, the Putnam fund purchased shares in Federated fund with cash and portfolio securities valued at $12.3 billion, said Putnam spokeswoman Laura McNamara.
Thirteen banking and insurance executives have been selected to join the Washington-based trade association’s board.
Sales of existing homes fell to a seasonally adjusted rate of 4.91 million units in August, down 2.2% from July and 10.7% from a year ago, according to the National Association of Realtors of Chicago.
