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Talk about taking the money and running. When firefighters showed up at Martin Frankel?s maximum-security Connecticut mansion on May 5, they found a blazing file cabinet and two fireplaces stuffed with burning documents ?- and no Frankel. The unlicensed broker had lit out of town with anywhere from $218 million to $915 million in his clients? money, most of it from small insurance firms from Oklahoma to Arkansas. Short-Term Capital Management? Try insurance fraud ?- and now the New York Daily News reports that six weeks later, authorities have finally come to the same conclusion and issued a warrant...
...blame them, considering the sorry record of most fund managers? With less than 20% of active managers outperforming the market, it is understandable that last year, for the first time ever, asset growth in individual stocks outpaced that of funds at discount broker and fund supermarket Charles Schwab. Or that No. 1 Fidelity has been stepping up promotion of its brokerage services, as more customers have looked to open hybrid portfolios made up of stocks and funds. "This industry has grown so rapidly that there is a shortage of good managers," says Bridget Macaskill, CEO of Oppenheimer Funds. "But mutual...
Sarkis says Biscotti was a joint venture between a real estate broker, a banker and a lawyer. The broker's wife, he says, was responsible for the business, but was realizing she didn't have time...
...want any partners -- chief Javier Solana insisted on "Fox News Sunday," that "there will be one commander" of the postwar force -- and the Russians aren't looking to take any more orders from the West. "Under our law and under our morality," said former prime minister and current peace broker Viktor Chernomyrdin on Sunday, "we will never be under NATO." Right now, as Milosevic seems finally to have admitted, there's no other place...
...trade rate (that's sans advice), and offering another plan of their own: $1,500 a year for unlimited trades and unlimited advice. Merrill's bigwigs are touting that plan as the best way to go, pointing out that you'll get more unbiased advice from a broker who doesn't work on a per-trade commission (and like most flat-fee programs, it's on average a good moneymaker for Merrill). But the $1,500 plan also goes right to the heart of Merrill's reluctance to get into the online business in the first place: their brokers. "Merrill...