Corporate & Securities Law

What About Elm Street?

Posted on November 21, 2008
Over the past several months, both with the election and the credit crisis, much has been written and spoken about Wall Street vs. Main Street. But what has been largely overlooked is how the current financial crisis is affecting the individual, small investors on Elm Street...

Liquidated Commonfund Creates Severe Financial Dilemmas for Colleges

Posted on October 15, 2008
With the abrupt liquidation of the widely held short-term investment fund managed by Connecticut-based Commonfund, more than 1,000 colleges across the country suddenly confront serious financial problems. With Wachovia Corp. as trustee, the $9.3 billion Commonfund for Short Term Investments Fund basically provided colleges with a “checking account” out of which they could pay for [...

PIMCO High Income Fund Loses Over Half Its Value

Posted on October 15, 2008
The PIMCO High Income Fund (NYSE:PHK) has lost 55% of it value in one very turbulent month.  On September 10 this Fund closed at $11.49.  By October 10 its value had plummeted to $5.07.   According to its disclosures, the PIMCO High Income Fund operates as a closed-end management investment company...

$700 Billion Bailout Mistake

Posted on September 24, 2008
Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke are on the Hill trying to sell their $700 billion bailout to lawmakers. Yesterday Secretary Paulson and Chairman Bernanke testified before Congress that the bailout must be passed quickly and cleanly in order to prevent further economic crisis...

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John Hancock Bond Fund Losses

Posted on September 09, 2008
The John Hancock High Yield Bond Fund has made the list. Just not the list its fund managers would like. On September 8, 2008, the Wall Street Journal listed its Leaders and Laggards. The Hancock Fund ranks near the top in the worst-performing bond fund category...

Morgan Keegan Bond Funds Top List

Posted on September 09, 2008
Once again three Morgan Keegan Bond Funds top the list of Wall Street’s worst-performing bond funds.  The RMK Select Intermediate Bond Fund, High Income Fund and Short Term Bond Fund share this distinction for yet another time. These funds have lost 84...

Did Morgan Keegan Target Seniors and Small Investors?

Posted on August 11, 2008
Regulators in five states are investigating whether Morgan Keegan, a Memphis-based brokerage firm, failed to disclose the risks associated with seven of its mutual funds.  These funds were loaded with debt positions that some have labeled “toxic...

Merrill Lynch Accused of Deceptive Marketing of Auction-Rate Securities

Posted on August 01, 2008
Massachusetts Secretary of State William Galvin is coming down on Merrill Lynch, one of the largest securities firms in the U.S., for not disclosing to its investors the volatility of the auction-rate market. Galvin claims that Merrill sold auction-rate securities to investors, even though it was aware that the market was collapsing...

Arbitration Fairness?

Posted on July 30, 2008
Imagine, after the market collapsed you were forced to sell your auction-rate securities at a significant discount, even though you were advised beforehand that these securities were as safe as money-market funds. Then, at your arbitration hearing, one of the three panel members charged with deciding your case is an employee of another firm that also sold auction-rate securities...

UBS Charged In Auction-Rate Wrongdoing

Posted on July 25, 2008
UBS AG is facing charges for promoting auction-rate securities as conservative, money-market funds at a time when the auction-rate market was plummeting. New York Attorney General Andrew Cuomo alleges that UBS is responsible for repurchasing $25 billion in auction-rate securities from its investors rather than the mere $3...

Wachovia Raided by Regulators

Posted on July 23, 2008
A team of investigators inspected Wachovia Corp.?s securities division Thursday as part of an ongoing investigation into the company?s sales of auction-rate securities. Regulators from more than five states searched the St. Louis headquarters to uncover information about sales practices, internal evaluations of the auction-rate securities market and marketing strategies...

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