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How to navigate the ‘cash for clunkers’ program – Tax News & Information – Investment News
General Motors Corp. has returned and the “cash for clunkers” bill has been enacted by Congress, providing vouchers valued from $3,500 to $4,500 when you trade in a vehicle. Let us explore some of the tax and finance decisions that enter the process.
Surprise! Audits could cost up to $24,000 per pop
If a Securities and Exchange Commission proposal that advisers deducting fees from client accounts conduct annual surprise audits is enacted, such audits could cost as much as $24,000 apiece, some three times the $8,000 estimated by the SEC, according to the Financial Planning Association.
Haggling with hedgies: Investors have the upper hand, finally
Hedge funds' recent poor performance, along with a sluggish economy, has finally given investors the upper hand in negotiating fees on these historically high-priced alternative investments.
Former Paine Webber chief vies to buy AIG Advisors
Two private-equity firms with strong ties to retail broker-dealers are the final bidders for the AIG Advisor Group — the network of broker-dealers that houses about 6,000 independent registered reps and investment advisers — and a winner could be determined in the next several days, according to sources.
Putnam to lower management fees, add performance fees on some funds
Putnam Investments has announced it is lowering management fees on several of its retail mutual fund categories in order to be more competitive.
SEC short-sale action receives mixed reviews
The SEC's action to address short-selling abuses may help expose the impact of the problem, but it might not get to the heart of the issue, according to some critics.
SEC rule on ‘naked’ short-selling now permanent
Federal regulators has made permanent an emergency rule aimed at reducing abusive short-selling, put in at the height of last fall's market turmoil.
Hockey star says money manager bilked him of $43M
Former Detroit Red Wings hockey star Sergei Federov has filed a lawsuit charging a Michigan man and his businesses with swindling him out of $43 million.
After Finra warning, firms back away from leveraged ETFs
At least three brokerage firms have decided not to sell leveraged exchange traded funds a month after the Financial Industry Regulatory Authority Inc. warned brokers that they “typically are unsuitable for retail investors” who hold them longer than a day.
Ivy Funds splits with Henderson Global Investors
The Ivy Funds has filed with the Securities and Exchange Commission to terminate its subadvisory agreement with Henderson Global Investors Inc. for management of the $220 million Ivy European Opportunities Fund (IEOAX).
Departing chief draws kudos for righting Putnam’s ship
Putnam Investment's reputation, tarnished as a result of once-poor mutual fund performance and past scandals, has been stabilized thanks to the efforts of its departing chairman, according to industry observers.
<i>InvestmentNews.com</i> readers sound off
“We have been voting proxies for clients for years. Now the SEC is forcing our clients to vote instead. They have no clue what to do and how to vote, so they just throw it away … Thanks to the brilliant minds at the SEC.”
Emmet A. Larkin Co. quits the clearing arena
Another clearing firm bites the dust. Emmet A. Larkin Co. Inc. last month quietly shut down its back-office and clearing operations.
Active-versus-passive debate rages on
The stock market’s tumult is breathing new life into the old active-versus-passive debate.
$231 million set aside for Madoff claims
A court-appointed trustee unraveling Bernard Madoff's massive fraud so far has allotted $231 million from a securities industry fund that compensates victims — a record amount for the fund, but a mere fraction of what was lost.
In SEC rule, proxy-holding brokers would need client consent before casting ballot
A new rule would keep brokers who held proxy votes for their clients from voting on their behalf without specific instructions on how to vote under a proposal issued in a 3-2 today by the Securities and Exchange Commission.
T. Rowe Price opens its first large-cap core fund
T. Rowe Price Group Inc. launched the U.S. Large-Cap Core Fund (TRULX), which will invest in both growth- and value-oriented large-cap stocks.
Supreme Court upholds state enforcement of banking laws
The U.S. Supreme Court has upheld New York’s power to enforce state banking laws against nationally chartered banks.
SEC tells State Street it could face civil charges
State Street Corp. on Monday disclosed in a regulatory filing that the Securities and Exchange Commission could bring civil charges against its primary subsidiary for possible securities violations.
New trade group wants ‘authentic fiduciary standard’
A group of 11 fee-only advisers and consultants today started a media campaign to push for adoption of a strong fiduciary standard in connection with financial services regulatory reform.
