The push to require investment advisory firms to use independent custodians gained momentum today after members of the Senate Banking Committee and officials of the SEC endorsed the action at a hearing on the giant Ponzi scheme allegedly perpetrated by Bernard L. Madoff.
The Mortgage Bankers Association is predicting that 2009 will be another rocky year for the housing sector, with housing starts falling 22.9%, new-home sales declining 31% and new-home prices falling another 5.1%.
Lincoln National Corp. has announced that it will lay off 5% of its employees, or approximately 540 positions, according to published reports.
While incoming contributions to the Fidelity Charitable Gift Fund dropped 43% last year, its grant making to non-profit organizations increased.
Despite the economic downturn, investors with more than $100,000 in assets were still optimistic about investing in green ventures, according to a survey released today by Allianz Global Investors.
Who would be better at running an independent broker-dealer than an independent rep?
The severe market downturn is wreaking havoc on an independent-broker-dealer industry, putting all sources of income under siege and flattening already thin profit margins.
Disenchanted brokers are migrating slowly to independent channels, adding to the coffers of major custodians like Charles Schwab & Co. and Fidelity Investments.
The latest attack on short selling could come in the form of a reinstatement of the so-called uptick rule, which requires that a stock moves upward in price before it can be sold short.
The brokerage industry may have to pony up as much as $1 billion to replenish the Securities Investor Protection Corp. fund, should SIPC's liquidation of Bernard L. Madoff Investment Securities LLC of New York deplete its reserves.
