- Money Management Executive
The U.S. Department of Justice has brought charges against Paul Eustace, founder, president and principal trader of Philadelphia Alternative Asset Management, which the Commodity Futures Trading Commission shut down two years ago.
November 12 - Money Management Executive
Speaking before the Investment Company Directors Conference last week, Andrew J. Donohue, director of the Securities and Exchange Commission’s investment management division, called on directors to be more meticulous about making sure fund investments are properly valued. He pointed to the subprime crisis as evidence of this importance.
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The Supreme Court heard arguments last week in a case seeking to eliminate a state's right to issue tax-free municipal bonds for paper concerning its own state, but to tax out-of-state municipal bonds.
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The self-policing efforts of the $1.8 trillion hedge fund industry took a step forward with last week's release of the Managed Funds Association's guidelines for best practices in the industry.
November 12 -
The digital age continues to make inroads at the Securities and Exchange Commission, as the SEC said on Nov. 2 it is considering a plan to permit fund managers to file applications for exemptive relief, or variances from agency procedures, over the Internet. The industry has through Dec. 14 to comment on the proposal.
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After more than a decade of fits and starts for prospectus profiles, it appears that both the mutual fund industry and the Securities and Exchange Commission are finally comfortable with the idea.
November 12 -
Amid the sobering talk of a possible recession, there were two pieces of news last week that are cause for additional consternation. First, bond guru Bill Gross of Pimco warned that the subprime crisis could linger for another two years, wiping out another $250 billion in loan defaults through the end of next year on top of the $900 billion worth of current questionable collateralized debt obligations and subprime loans.
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