Search

The article reports that Jeffrey Feingold will replace Harry Lange as manager of Fidelity Investments' Magellan mutual fund. During Lange's six-year tenure at Magellan it underperformed the Standard & Poor's 500 index, and through September 12, 2011 was down over 12% for the year. In addition to Magellan, Feingold will continue managing several other funds at Fidelity.

The article discusses the performance of two stock funds introduced in 2010 by bond-fund company Pacific Investment Management Co. (Pimco). The company's global-stock fund and emerging-markets fund have both underperformed their benchmarks. The funds are overseen by former U.S. Treasury Department official Neel Kashkari, whom Pimco hired in 2009.

The article discusses the impact on insurance companies and government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac of a downgrade by ratings firm Standard & Poor's Corp. (S&P) of long-term U.S. government securities. Under S&P guidelines, the financial strength of insurers and GSEs depends in part on the national credit rating. Consequently, both Fannie and Freddie along with several insurers including Knights of Columbus saw their ratings downgraded as well.

The article discusses the impact of a downgrade by ratings firm Standard & Poor's Corp. of U.S. long-term debt on money-management firms and insurance companies in the U.S. Many such firms were forced to examine whether the downgrade triggered violations of their internal policies that could compel the sale of U.S. bonds. Western Asset Management determined that the downgrade put the firm out of compliance with rules regarding the average credit ratings for portfolios they manage.

The article discusses the worried reaction of investors to a drop of more than 500 points in the Dow Jones Industrial Average of August 4, 2011. Call centers for brokerage firm Charles Schwab Corp. and mutual-fund company T. Rowe Price Group Inc. received high volumes of calls from concerned investors. Financial planner Garth Scrivner said clients to were calling to ask whether a new financial crisis was underway.

The article discusses uncertainty on the part of investors regarding a possible default by the U.S. government on its debt, or a potential downgrade of the nation's top-level credit rating. It is unclear how U.S. Treasury bond prices would react in either event. Executives at an unnamed major bank were able to supply strong arguments to support and undermine each of several courses of action suggested during a meeting.

The article reports that the U.S. Federal Reserve and Securities and Exchange Commission are concerned over the exposure of U.S. money market funds to European banks. Collectively the funds hold about $1 trillion in the debt of several large European banks including BNP Paribas SA and Barclays PLC, which themselves hold large quantities of sovereign debt from Greece and other European nations. Regulators worry about the impact of a worsening debt crisis in Europe on the debt of those banks.

The article discusses prominent U.S. money managers whose investments in Chinese stocks have not gone well. Hedge-fund manager John Paulson's company owns a 14% stake in tree-plantation company Sino-Forest Corp., whose shares have declined in the wake of allegations about flawed accounting. Mutual-fund company Fidelity is one of several large U.S. investors in financial-technology firm Longtop Financial Technologies Ltd. whose shares fell suspicions of accounting irregularities.

The article reports that money-management firm Pacific Investment Management Co. (PIMCO) has generated losses in excess of $3.4 billion on its holdings of bonds issued by failed investment bank Lehman Brothers Holdings Inc. PIMCO paid an average of $0.91 per dollar of face value for the bonds, but has since marked them down to $0.25.

The article discusses the plans of money-management firm Charles Schwab Corp. to offer 401(K) plans consisting entirely of exchange traded funds (ETFs). Schwab hopes the initiative will help it gain market share in 401(k) plans against industry leaders Fidelity Investments and Vanguard Group. Critics say that introducing ETFs into 401(K)s could make the latter more volatile.

The article discusses BlackRocks Solutions (BRS), the risk-management unit of asset-management firm BlackRock Inc. BRS has helped the U.S. Federal Reserve sell more than $5 billion in troubled assets it accumulated during the 2008-2009 financial crisis. Some critics says BRS has come into possession of market-sensitive information that BlackRock could make profitable use of, but BRS head Rob Goldstein says BRS has robust information-security procedures in place.

The article discusses a difference of opinion between two bond-fund managers on how the bond market will react to the expected end of the U.S. Federal Reserve's program of buying government securities. Bill Gross of Pacific Investment Management Co. expects prices of U.S. Treasury bonds to decline, while Rick Rieder of BlackRock believes prices will remain stable or even rise some.

The article discusses fund manager Henry Ellenbogen of T. Rowe Price Group Inc. Since assuming management of the firm's New Horizons mutual fund in march, 2010, it has appreciated almost 46% in value. Ellenbogen's fund concentrates on young, fast-growing companies, particularly in the technology sector. Among his holdings are shares of microblogging service Twitter Inc. and restaurant Chipotle Mexican Grill Inc.

The article reports that the U.S. Federal Reserve is consulting with money-management firm BlackRock Inc. on a potential auction of subprime-mortgage bonds it acquired from insurer American International Group (AIG) in 2008. Financial-services firms Barclays Capital and Credit Suisse Group AG are said to be interested in bidding. Previously, AIG itself offered $15.7 billion for the securities.

The article discusses financial-market reaction to political protests in Egypt. The Dow Jones Industrial Average declined over 166 points, and the Standard & Poor's 500 index lost 23.20 points. Oil gained 4% to finish at $89.34 per barrel. The price of insuring against the default of the sovereign debt of several countries including Morocco and Saudi Arabia rose.

The article reports that representatives of hedge funds have met with officials of the U.S. Department of Education (DOE) who are drawing up rules to govern the for-profit education industry. Among those who have been in contact with the DOE are Steve Eisman of hedge fund FrontPoint Financial Services, who has sold short the shares of some for-profit colleges.

The article discusses New York state attorney general Eric Schneiderman. Unlike predecessors who focused much attention on wrongdoing in the financial-services industry, Schneiderman is more apt to involve his office in issues of social justice and civil rights. The author describes Schneiderman's personal and professional background.

The article discusses Andrew Madoff, son of disgraced Ponzi swindler Bernard L. Madoff. Andrew has been coping with his father's notoriety and the suicide of his brother Mark by staying busy. He takes piano lessons, rides his bicycle, and works as operations manager for Black Umbrella LLC, a company created by his fiancée, Catherine Hooper.

The article discussed the popularity among young adults, especially women, of the English novelist Jane Austen. English professor Joan Klingel Ray says Austen's prose lets women vicariously experience the challenges in finding a suitable mate. Nili Olay of the Jane Austen Society of North America observes that social media such as the Facebook online social network has helped her organization attract members.

The article discusses the efforts of attorney and entrepreneur Don Hartsell to organize an around-the-world race for dirigibles. To this end he has spent $2 million of his own money and raised a like amount from sponsors. Practical challenges include the costs involved in flying a vessel such distances, and avoiding the airspace of certain countries.

The article focuses on Ryan Carlson, a former commodities futures trader on the Chicago Mercantile Exchange. Carlson has created a Web site devoted to recording and preserving the hand signals formerly used by traders on the exchange to make transactions. The rise of electronic trading has reduced the role of the floor traders in exchange activity, and the hand signals have become obsolete and are seldom if ever used.

The article reports that billionaire television personality Oprah Winfrey has hired Peter Adamson to manage her personal finances. Adamson is a successful investor who will leave his role as chief investment officer for philanthropist Eli Broad. He will be in charge of a dedicated office Winfrey has established to handle her financial affairs.

The article discusses the impact of a decision by NYSE Euronext and Nasdaq OMX Group to cancel certain trades that transpired amid a temporary stock-market crash on May 6, 2010. Both exchanges said they would void transactions at prices 60% of more distant from those that prevailed prior to the crash. Some profitable trades were wiped out because they narrowly met that requirement. The outcomes of trades made by money managers Anthony Welch and Ian Naismith are described.

The article discusses how an economic downturn in the U.S. has diminished the ability of parents to provide financial assistance to their children. Without help from their parents, some people may be forced to postpone attending college or purchasing a home. Specifics for several affected families are discussed including that of Maurice Johnson, who was laid off from GE Capital in 2009.

This article reports that town officials of Hesperia, California have asked Ken Bannister to remove his exhibits and museum from his Banana Club and Museum in the town. The town wants to bring new blood into the town and plans to replace Bannister's museum in the city-owned space with an exhibit of the artifacts collected by the late historian John Swisher.

The article reports that the U.S. Internal Revenue Service will impose new regulations on tax-preparation firms. Employees of such outfits as H&R Block Inc. and Jackson Hewitt Tax Service will be required to pass an exam and complete 15 hours of training annually. Implementation is set to begin in 2011.

The article reports on the proposed construction of an apartment complex in the city of Ken Kesey in Eugene, Oregon, designed to boost job creation in the technology sector and economic growth.

The article discusses efforts by square-dancing enthusiasts in the U.S. to increase participation, especially among younger people. By one estimate fewer than 1% of square dancers in 2005 were between the ages of 19 and 29. To make square dancing more attractive to youth, organizations have resorted to such measures as using hip-hop music for dances.

The article examines unemployed persons in the U.S. such as executives who have received relatively generous severance payments from their former employers. Many of these persons have maintained their levels of consumption during the recession, but face financial problems as they are still unable to find work. Paul Joegriner, a former bank chief executive officer (CEO) from Maryland is presented as an example.

The article discusses Professor Ralph Anspach's battle to sell a board game called "Anti-Monopoly." Hasbro Inc. owns the "Monopoly" board game and trademark, and has worked to thwart Anspach. After years of research Anspach hopes to show that something similar to "Monopoly" was a folk game before Hasbro registered the trademark in 1935, thus rendering the trademark invalid.

The article discusses financial market results for October 14, 2009. The Dow Jones Industrial Average gained 144.80 points, the Nasdaq Composite index added 32.34 points, and the Standard & Poor's 500 index rose 18.83 points. Oil settled at $75.18 per barrel, and the yield on the ten-year U.S. Treasury note finished at 3.425%.

The article discusses an increase in home barbering in the U.S. as a result of the recession, as families who seek to save money are cutting each other's hair. Hair salons report significant drops in revenue in 2009, while sales of electric hair clippers have increased. Humorous anecdotes of disastrously bad home haircuts are presented.

The article discusses the increased incidence in the U.S. of banks canceling consumers' credit cards without any prior warning. Such abrupt cancellations are legal if the card has been dormant or the customer is delinquent on the account. Bank of America Corp. and J.P. Morgan Chase & Co. are among banks that have terminated cards in this manner.

The article examines the sport of professional yo-yoing. Interest in the toy has seen a revival during the recession. Technological advances make it possible for yo-yo competitors to perform tricks that were formerly impossible, but the increased speed generated by the toy has resulted in a sharp increase in injuries, some of them serious, suffered by yo-yo enthusiasts.

The article discusses consumer discontent with credit-card companies. Amid a recession that has seen cards canceled and credit lines reduced, some are voicing protest in unconventional ways. Internet videos show cards being set afire, cut with scissors, and chopped up in blenders. Gary Chappell of Nevada, Texas recorded his conversation with a Bank of America customer-service representative and sent it to Governor Rick Perry.

The article presents reviews of several hair-styling consultations including one from a New York City outlet of Sassoon Hair Salons, another from Christo Fifth Avenue in New York City, and a third from the Web site www.thehairstyler.com.

The article discusses unfortunate timing on the part of some investors. According to TrimTabs Research, investors pulled $70 billion out of stock funds and stock-related exchange-traded funds during February and March, 2009. Since March, though, share prices have risen dramatically. Financial advisers often counsel against selling during downturns.

The article discusses how traders at the New York Stock Exchange are coping with boredom. As exchanges adopt technology that electronically automates trading, floor personnel find themselves with decreasing volumes of work and increasing amounts of spare time. A lounge at the Exchange serves as a screening room where members watch DVDs.

The article reports that an increasing number of young men, especially college students, have taken up the practice of pipe smoking. Sales of pipe tobacco, which had declined steadily since the 1960s, increased from 4.9 million pounds to 5.3 million pounds annually from 2006-2008. Pipe smoking has been linked to oral cancers and tooth decay.

The article reports that the continuing fall in U.S. housing prices has resulted in an increase in the number of first-time home buyers. The National Association of Realtors estimated that over 40 percent of buyers in the final quarter of 2008 were first-time buyers. Home prices have fallen by an average of 25 percent since their peak in 2006.

The article discusses the impact of a deteriorating economy on private schools in the U.S. Enrollment at Trinity Episcopal School in Galveston, Texas has declined 12%. Other schools have seen increases in applications for financial aid, and falling charitable contributions. The Ramaz School in New York City lost several million to accused investment swindler Bernard Madoff.

The article focuses on the financial services firm Edward Jones, a retail stock brokerage. The company still depends on door-to-door salesmen to attract new clients. The grueling nature of that work leads to high employee turnover, but the company continued to expand in 2008. The difficulties of selling financial services in the midst of a financial crisis are examined.

The article discusses finance professionals inspired to verse by financial crises in the U.S. Former hedge fund trader Todd Federman has written poems lamenting the subprime mortgage crisis and falling asset markets. Property-related haiku is the specialty of erstwhile mortgage broker Mike Mueller.

The article reports that banks and retailers are raising the fees and interest rates on credit cards they issue. Steepening losses on cards have prompted firms to impose more demanding conditions, especially on less credit-worthy customers. Citigroup Inc. and American Express have both raised rates they normally charge on unpaid balances. Home Depot has cut back on credit lines it offers customers.

The article discusses the use of hypnosis to help people cope with financial anxieties. Hypnotist Laura Ryan-Day helped Gary Manouelian find a new job and begin paying down his debts. Hypnotist and psychologist Neil Fiore says patients troubled by financial concerns have more than doubled in number.

The article discusses inducements being offered to purchasers of small cars by automobile manufacturers. Manufacturers' discounts are available for both the Toyota Corolla and Ford Focus. Nissan Motor Co. offers cash back on certain models. A $1000 discount on the Dodge Caliber from Chrylser LLC is being offered in some areas.

The article discusses the poor savings habits of workers in their 20s. Just 49% of those who qualify have 401(k) plans with their employers. Market turmoil in the U.S. has discouraged many from saving and investing. Advice offered to young investors includes participating in 401(k) plans to maximize the employer's matching contribution, and eschewing an overly conservative investing style.

The article discusses the status of employee benefits when a company declares bankruptcy in the U.S. The Pension Benefit Guaranty Corp. insures pensions up to a specified maximum. Employee's 401(k) plans are shielded from the firm's creditors but otherwise are not insured. Health-care coverage is discontinued if the company declares Chapter 7 bankruptcy.

The article discusses the Slug Queen Pageant in Eugene, Oregon. For twenty-five years contestants have dressed as slugs in an effort to gain the judges' favor. Bribing judges is commonplace and encouraged. Previous winners have included an attorney, a mail carrier, and a maker of biodegradable caskets.

The article discusses prepaid debit cards for college students. Amid efforts by several schools to restrict on-campus marketing by credit card firms, companies such as U.S. Bancorp and Wal-Mar Stores Inc. have resorted to debit cards. Although the cards make overdrafts almost impossible, they do entail significant fees and limited consumer protection.