Massachusetts Secretary of the Commonwealth William F. Galvin today called on Congress to temporarily suspend the 10% penalty tax on early withdrawals from 401(k)s.
Confidence among global institutional investors continued to slump this month as increased market turmoil has caused investors to lose their appetite for risk, according to the State Street Investor Confidence Index.
Second-quarter variable annuity sales fell to $41.9 billion, down 11.2% from the comparable period last year, according to NAVA Inc.
The historic bailout may be as low as $100 billion to $200 billion, rather than the $700 billion being requested by the administration, House Financial Services Committee Chairman Barney Frank, D-Mass. said yesterday.
Your clients, who are ordinary investors, still hold substantial positions in Lehman Brothers and Fannie Mae stock in their portfolio and are wondering what they should do to claim a tax loss for the year.
Lawmakers must take steps stabilize a financial situation that could pose “very serious consequences” for the U.S. “financial markets and for our economy," said Fed chief Ben Bernanke.
Third Avenue Institutional International Value Fund LP, a fund of Third Avenue Management LLC, filed a class action Friday against Reserve Management Corp. hinging on the firm's redemption process last week, when the net asset value of the Reserve Primary Fund fell to 97 cents.
Redemptions from U.S. money market mutual funds declined on Friday, with investors pulling out $5.2 billion compared to $47.7 billion the day before, according to the Westborough, Mass.-based research firm iMoneyNet.
The bond ratings agency said it has “sufficient” cash and government securities to fund potential termination payments related to guaranteed insurance contracts even if the notes issued by its MBIA Insurance Corp. unit are downgraded.
Checklists don’t have to be complicated, but each client must have one that’s customized just for them.
