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REGULATION, LEGAL & COMPLIANCE OCT 23, 2008
Still more reg reform needed, Greenspan says

Following the “breakdown of the central pillar of competitive markets,” new regulatory changes will be needed in the areas of fraud, settlements and securitization in order for the financial markets to “return to stability,” former Federal Reserve Chairman Alan Greenspan said today.

RIA NEWS OCT 23, 2008
15,000 added to jobless rolls last week

The number of American workers who filed new claims for jobless benefits rose to a seasonally adjusted 478,000 during the one-week period ended Oct. 18, from a revised 463,000 the prior week, according to Department of Labor data.

RIA NEWS OCT 23, 2008
Finra reaches ARS agreements with firms

The Financial Industry Regulatory Authority Inc. today announced agreements in principle with Bank of New York Mellon Capital Markets LLC, City National Securities Inc. and Harris Investor Services Inc. to settle charges related to the selling and marketing of auction rate securities.

RIA NEWS OCT 23, 2008
brokersXpress to buy Horwitz & Associates

BrokersXpress, which focuses on representatives and advisers who trade options, said on Tuesday that it is paying $4 million in cash and additional consideration based on future performance for Horwitz & Associates.

OPINION OCT 23, 2008
IRA beneficiary designation can be a trap

Advise clients that the choices they make on their beneficiary forms are more important than they might imagine.

RIA NEWS OCT 23, 2008
FDIC chief urges aid to at-risk homeowners

Federal Deposit Insurance Corp. chairman Sheila Bair this morning urged the government to exercise the power provided by the $700 billion Emergency Economic Stabilization Act of 2008 to assist homeowners facing foreclosure.

LIFE INSURANCE AND ANNUITIES OCT 22, 2008
Ambac installs new chief executive

Ambac Financial Group Inc. of New York has selected David W. Wallis as its new president and chief executive.

REGULATION, LEGAL & COMPLIANCE OCT 22, 2008
SIFMA, others call for sweeping reg reforms

The financial services industry yesterday called on Congress to enact sweeping regulatory reforms, including creating a “stability regulator” to oversee systemic risk in all financial services firms.

RIA NEWS OCT 22, 2008
Institutional investors recoil from risky assets

Global institutional investors have continued to retreat from risky assets, as the financial crisis has worsened and the potential for a global recession has grown, according to the State Street Investor Confidence Index, developed by State Street Associates LLC of Cambridge, Mass.

RIA NEWS OCT 22, 2008
LPL names president of Associated Securities

LPL Financial of Boston has tapped Allison Couch to be president of Associated Securities Corp., its El Segundo, Calif., subsidiary.