Money Management Executive Latest News

Consumers enrolled in health savings accounts span all income groups, ages and careers, a UnitedHealthcare report found. However, enrollment is highest among those earning less than $25,000, clocking in at 64%.

The Reserve announced Tuesday that its Primary Fund broke the buck, with shares worth only 97 cents on the dollar, due to $785 million worth of Lehman Brothers blue-chip commercial paper and medium-term notes that had fallen to zero value as of 4 p.m.

Justin F. Ficken, a former broker with Prudential Securities, pled guilty before U.S. District Judge Patti B. Saris on Monday to deceptively market timing mutual funds for seven hedge funds between January 2001 and September 2003, earning himself and two other brokers a combined $6 million in commissions.

With Lehman Brothers’ in Chapter 11, Bank of America acquiring Merrill Lynch, Fannie Mae and Freddie Mac bailed out by the government, Bear Stearns acquired by JPMorgan and the future of AIG and Washington Mutual now hanging in the balance—mutual fund investors are calling to find out about potentially treacherous exposure. But so far, The Wall Street Journal reports, they are holding steady and not seeking mass redemptions.

A number of leading mutual and pension funds are invested in Lehman, Merrill Lynch and AIG and could suffer as a result, the Toledo Blade reports. How badly the shock to investors’ retirement savings will be, has yet to be sorted out, however.

As the shock of the turmoil in the financial services industry continues its ripple effect, businesses and governments outside New York and Boston are bracing for lower tax rolls as a direct result of tax cuts.

Edward Jones to Pay $7.5M for Revenue Sharing

Identity theft, data loss and other privacy violations are among the leading threats faced by financial institutions. Depending on their nature, they can inflict reputational and brand damage, cause revenue losses and prompt civil liability suits by customers. What's more, regulators are taking an increasingly hard line in these matters. Two new regulatory measures to safeguard investor privacy have far-reaching implications for investment companies, and executives need to take steps to comply.

The Securities and Exchange Commission plans to propose as early as the end of the month rules that would enhance municipal disclosure, SEC Chairman Christopher Cox said in an interview.

Let us hope that New York Mayor Michael Bloomberg is correct in the words he spoke at Ground Zero last Thursday, the seventh anniversary of the tragic terrorist attacks in New York and Washington. The date 9/11, Bloomberg said, "lives forever in our hearts and our history, a tragedy that unites us in a common memory and a common story, the day that began like any other and ended as none ever has."