Industry News

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NEWS LIFE INSURANCE AND ANNUITIES DEC 18, 2009
Federal pay limits create storm at AIG

American International Group Inc. chief executive Robert H. Benmosche's reported threat to quit two weeks ago — and subsequent pledge to continue his work at AIG — sets the stage for a battle over pay curbs while underscoring the enormous challenges AIG still faces, observers say.

NEWS LIFE INSURANCE AND ANNUITIES DEC 18, 2009
AIG CEO Robert Benmosche tells employees he plans to remain CEO

American International Group Inc. has released a letter Benmosche sent to employees Wednesday following a Wall Street Journal report that said he was threatening to quit. The Journal said Benmosche has been frustrated by heavy government oversight and cumbersome restrictions on executive pay.

NEWS LIFE INSURANCE AND ANNUITIES DEC 18, 2009
MassMutual cuts additional 160 workers

Massachusetts Mutual Life Insurance Co. announced another series of terminations this week, cutting back 160 posts in its Enfield, Conn., and Springfield, Mass., offices.

NEWS LIFE INSURANCE AND ANNUITIES DEC 18, 2009
Life settlement firms that hit skids could hurt policy sellers

A recent bankruptcy protection filing by a provider of life settlements raises concerns that consumers in the midst of selling a policy, as well as investors, may get a raw deal in this and similar situations.

NEWS LIFE INSURANCE AND ANNUITIES DEC 18, 2009
Feds want to get their hands on life settlements, observers say

As states propose and pass rules for oversight of life settlement transactions, industry participants wonder just how far the Securities and Exchange Commission will reach into the market to provide uniform guidance on disclosure and broker registration.

NEWS LIFE INSURANCE AND ANNUITIES DEC 18, 2009
Insurance industry players, regulators meet to discuss life settlement

State insurance and securities regulators yesterday appealed to members of the Senate for tougher oversight of life settlement transactions in order to curb abuse of senior citizens.

NEWS INDUSTRY NEWS DEC 17, 2009
Dollar rises, stock futures fall

Stock futures are indicating a lower opening on Wall Street following declines in overseas markets after the Federal Reserve indicated it would start pulling back some emergency supports.

NEWS MUTUAL FUNDS DEC 17, 2009
Bill would pave the way for mutual funds to invest in commodities

Mutual funds could invest directly in commodities under legislation introduced Wednesday by House Ways and Means Committee Chairman Charles Rangel, D-N.Y., and Select Revenue Measures Subcommittee Chairman Richard Neal, D-Mass.

NEWS INDUSTRY NEWS DEC 17, 2009
Stocks battered by jobs data, corporate forecasts

A rising dollar and disappointing corporate forecasts pushed stocks lower and Treasurys higher on Thursday.

NEWS INDUSTRY NEWS DEC 17, 2009
Bank of America ready to name replacement for Ken Lewis?

Bank of America's board is meeting to discuss potential replacements for CEO Ken Lewis who has said he plans to leave by the end of the year.

NEWS WIREHOUSES DEC 17, 2009
Bank of America CEO search may extend into 2010

Bank of America is having such a hard time finding a new CEO that some analysts are wondering if Ken Lewis might have to stay past his planned Dec. 31 departure.

NEWS INDUSTRY NEWS DEC 16, 2009
Covestor lines up five money managers for 'adviser-less' platform

The five new management firms will add 12 strategies to the Covestor platform's mix of 46 investment strategies.

NEWS INDUSTRY NEWS DEC 16, 2009
Stock futures point to higher opening ahead of Fed announcement

Stock futures are indicating a higher opening on Wall Street Wednesday ahead of data on consumer prices and housing and the Federal Reserve's decision on interest rates.

NEWS INDUSTRY NEWS DEC 16, 2009
Stocks up in early trading on inflation, housing data

Stocks rose in early trading Wednesday following a benign reading on consumer inflation and a rebound in housing starts.

NEWS RIAS DEC 16, 2009
Some Wall Streeters claim layoffs were liberating

It's been a long, dry spell for many of the suit-clad Wall Streeters who were handed their pink slips before hardly anyone was talking recovery. But sit down with a handful of ex-finance industry workers volunteering to work for free as interns in a city-sponsored retraining program, and they seem almost ... happy.

NEWS INDUSTRY NEWS DEC 16, 2009
Wells Fargo to pay cash for Prudential's stake in brokerage unit

Wells Fargo & Co. today said that it would buy up Prudential Financial Inc.'s minority stake in Wells Fargo Advisors LLC, shelling out cash for the purchase.

NEWS RETIREMENT PLANNING DEC 16, 2009
Family most sought out for financial help — not advisers

Americans are more likely to turn to family members and friends — rather than advisers — for financial advice, according to data from Sun Life Financial Inc.

NEWS WIREHOUSES DEC 16, 2009
From under the radar into thin air

Easygoing Charles Johnston does not have the celebrity star power of the executives who run the other brokerage houses on Wall Street.

NEWS RIAS DEC 16, 2009
Fed should be left alone on money decisions

It appears likely that Congress will punish the Federal Reserve for its role in the financial crisis by taking away some of its independence and responsibilities. The legislators are scapegoating.

NEWS RETIREMENT PLANNING DEC 16, 2009
SEC wilts on surprise adviser audits

The SEC is backpedaling on a proposal that would require advisory firms that deducted fees from client accounts to undergo costly surprise audits.