Investors scared away by shaky equity markets have been mining the gold market, but financial advisers are mixed as to whether the investments in the precious metal are a long-term play.
The Securities and Exchange Commission has ordered more than two dozen hedge funds to turn over trading records and e-mail communications made between Sept. 1-19, The Wall Street Journal reported today.
“I would argue that the fundamentals are fine,” said Jonathan Golub, former chief investment strategist at The Bear Stearns Cos. Inc., “but the credit crisis is the only thing that is relevant right now.”
Charles Schwab & Co. is taking advantage of the financial crisis by attempting to lure brokers from Merrill Lynch and Morgan Stanley and other wirehouse brokerage firms to go independent and use Schwab as their custodian.
The House of Representatives approved legislation yesterday that would relieve about 25 million middle-class taxpayers from paying the alternative minimum tax this year.
Sales of existing homes fell to a seasonally adjusted rate of 4.91 million units in August, down 2.2% from July and 10.7% from a year ago, according to the National Association of Realtors of Chicago.
Advisers undoubtedly are concerned about their clients in this time of financial crisis, said Charles Goldman, executive vice president of Schwab Institutional, but they probably aren’t doing enough about it.
Lauded for its ability to make use of advanced technology to make its website user-friendly, Fidelity Investments Institutional Services Co. of Boston was ranked as the financial intermediary with the best website by kasina LLC.
Treasury Secretary Henry Paulson today told a House committee he was open to considering limits on executive compensation in the Bush administration’s proposed $700 billion bailout package for the nation’s financial institutions.
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.
