Portfolio

If elected, Democratic presidential candidate Barack Obama plans to increase the capital gains tax between five and 10 percentage points, from its current rate of 15%. The effect of Obama’s possible candidacy, along with his tax program, has already sent concern throughout the financial world, the Newark Star-Ledger reports. Some financial planners are advising investors to take advantage of the current lower rates and to drop some mutual funds and stocks.

The honeymoon between Chinese mutual fund investors and the surging market appears to be over. Investors are attributing large financial loses to what many are characterizing as “unprofessional” management, China Daily reports. Beginning in the third quarter last years, a surge in the Chinese market prompted 23 mutual funds to split their funds, which decreased the price, to try to expand scale quickly.

Hard times, unemployment and medical emergencies are leading more and more workers to take loans from their 401(k) retirement plans.

London-based hedge fund The Children’s Investment Fund Management LLP (TCI) posted its largest monthly loss ever – over $1 billion – for June 2008.

Prudential Financial recently announced an insurance program targeted at the Lesbian, Gay, Bi-Sexual and Transgender (LGBT) community.

Wells Fargo & Co., while bruised by California's slumping housing market, increased revenue by capitalizing on recent acquisitions in its insurance business and growing demand in the agriculture sector to beat analysts' second-quarter earnings expectations.

U.S. Bancorp has named William Benjamin as CEO of U.S. Bancorp Investments Inc. and U.S. Bancorp Insurance Services LLC.

The Philadelphia wealth management firm Janney Montgomery Scott LLC has hired Francis J. McAleer Jr. as director of wealth management sales and marketing in its wealth management department.

WASHINGTON — Given another day to consider the Treasury Department’s plan to backstop Fannie Mae and Freddie Mac, lawmakers were considerably less enthusiastic and seemed likely to make significant changes. Some Senate Banking Committee members were downright skeptical, arguing that the plan’s costs must be pinpointed.

State Street Corp.'s top executive said market conditions will make it difficult for his Boston company to maintain its strong second-quarter growth, but he hopes to weather the second half by focusing on core businesses, cutting expenses, and attracting new customers.