Word: bondses
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Both Walesa and Tyminski promised to make things better but never specified how they would accomplish that goal. Walesa called vaguely for "acceleration" of the transition toward free markets, decontrolled prices and private property. To that end, he vowed to be "a President with an ax," one who would force...
Three weeks ago, in one of the largest claims ever against a mutual fund operator, officials in New York and Massachusetts filed fraud charges against First Investors (assets: $3.5 billion) and a total of seven of its top executives. At least five other states may follow suit. "These were the...
Within a year of his hiring in 1986, Loncar had dumped enough high-risk junk, most of it on unsophisticated buyers and senior citizens with fixed incomes, to become one of First Investors' "Top 100" salesmen. "When clients asked if these investments were safe, we were taught to mislead them...
"It was like telemarketing," recalls a former top salesman, Michael Rukujzo, who quit last year. According to Rukujzo and other agents, prospective purchasers were hooked by the high yields -- 12% to 13%, versus 5% to 6% offered by most banks -- and were falsely told that the bonds were safe and...
The ride down has been almost as steep as the climb up. In 1990 alone, share prices in both funds have dropped more than 30% (see graph). Even on a long- term basis, the Fund for Income and the High Yield Fund are among the industry's worst performers. Benalder...