Wednesday, December 30, 2009

 

Breakfast Briefing: GMAC, Tiger, Credit Chargeoffs, BofA, Appraisals

• GMAC Set for Another Cash Infusion - online.wsj
• Save Money Using A "Clean" Credit Card - consumerist
• To Recruit the Best, Admit Weaknesses - businessweek
• Tiger Leaves Shareholders in the Rough - minyanville
• Innovation Is a Better Way to Compete - businessweek

• Credit Card Delinquencies, Chargeoffs Rise Again; BofA Has Credit Card Headaches - globaleconomicanalysis
• Fund Chief Snared by Taps, Turncoats - online.wsj
• Are Homes now "Cheap"? - calculatedriskblog
• Rich Cling to Life to Beat Tax Man - online.wsj
• Glass-Steagall sequel would be a horror show for banking bigs - investmentnews

• US Slaps China with Another Trade Penalty: Steel Grating - cnbc
• Euro-zone money growth turns negative - marketwatch
• Fannie, Freddie, Heading to Zero - ritholtz
• 5 things to know about Medicare Advantage plans - Dec. 30, 2009 - money.cnn
• Hacker Pleads Guilty To Conspiracy In Credit-Card Data Theft - money.cnn

• FDIC Insurance: Changes to TAGP effective on Jan 1st - calculatedriskblog
• The Daily Walk of Shame: Fannie and Freddie (FNM, FRE) - fool
• Is it time to change home appraisal practices? Realty Q&A - marketwatch
• Twenty years later, China avoiding Japan's misteps - marketwatch
• The bears have literally disappeared - ritholtz

Permalink posted by markw @ 6:20 AM

Tuesday, December 29, 2009

 

Breakfast Briefing: Gordon Brown, 12 Highest Paid People, Fannie Mae

• 12 Highest Paid People of 2009 - businesspundit
• How to Land the Jobs of the Future - online.wsj
• Many Jobless Fall Through Insurance Safety Net - online.wsj
• Fannie Mae: Delinquencies Increase Sharply in October - calculatedriskblog
• Refusing to Use the Internet - online.wsj

• How I Invest (And What I'm Looking For) - businessinsider
• MS Predicts 5.5% 10-Year Treasuries, 30 Year Mortgages at 7.5%; I'll Take the Under - globaleconomicanalysis
• TSA Gets Some Damned Sense, Eases Flight Restrictions - consumerist
• What's The Right Amount Of Seed Money To Raise? - businessinsider
• Employers expect to boost hiring in 2010 - CareerBuilder - Dec. 29, 2009 - money.cnn

• Treasury and GSEs: A Failure to Communicate - calculatedriskblog
• Fed Pushes for New Exit Tool to Battle Inflation - cnbc
• Bad news for housing: Prices flattened in October - Dec. 29, 2009 - money.cnn
• Real Estate ETFs to Consider if the Recovery Continues in 2010 - seekingalpha
• CRE: "We thought we were different" - calculatedriskblog

• Study: Black Markets Protect European Economies - businesspundit
• 26 Mile Long Glut Of Idle Oil Tankers - globaleconomicanalysis
• Morgan Stanley said to consider new pay practices - Dec. 29, 2009 - money.cnn
• Gordon Brown Sold Gold At Rock Bottom, Cost The UK $10 Billion - businessinsider
• US Economy Could Grow 3% in 2010: Economist - cnbc

Permalink posted by markw @ 7:19 AM

Monday, December 28, 2009

 

Breakfast Briefing: Amazon, Housing, Save Money in 2010, Credit Writedowns...

• Amazon's Sales Tax Dodge Costs Teachers And Firemen Their Jobs - businessinsider
• Pawlenty Pushes Caps on Spending - online.wsj
• 10 Ways to Save Money in 2010 - smartmoney
• Gordon Crovitz: Technology Predictions Are Mostly Bunk - online.wsj
• Timing Will Be Key to Managing in 2010 - online.wsj

• Government Housing Support Update - calculatedriskblog
• Double dip recession and the perverse math of GDP reporting - creditwritedowns
• Trial loan modifications hurt borrowers' credit histories - Dec. 28, 2009 - money.cnn
• Canplats Gets Penmont Bid That Exceeds Goldcorp's - foxbusiness
• Krugman: Another Contraction Possible - calculatedriskblog

• Japan Industrial Production Rises For Ninth Month - foxbusiness
• The New Climate Litigation - online.wsj
• Ferrero Reportedly Examining Options Over Cadbury - foxbusiness
• Shoppers Spent a Little More This Holiday - cnbc
• Trial loan modifications hurt borrowers' credit histories - Dec. 28, 2009 - money.cnn

• $118 Billion In Us Debt To Be Auctioned This Week - businessinsider
• The year in review at Credit Writedowns - Crony Capitalism - creditwritedowns
• Recession Sets Italy Industry Output Back 25 Years: BOI - cnbc
• The Recession Begins Flooding Into the Courts - cnbc
• Top 135+ Personal Finance Posts for 2009 (That can be used 2010 and beyond) - tipd

Permalink posted by markw @ 7:28 AM

Wednesday, December 23, 2009

 

Progressive Launches Pay As You Drive Program in South Carolina

Progressive Insurance (Mayfield, Ohio) has announced availability of its MyRate insurance program, which uses the carrier's patented telematics-based technology, to auto insurance customers in South Carolina. Progressive describes MyRate as a behavior-based insurance program that gives drivers a customized rate based on how, how much and when their car is driven...

Drivers who choose to sign up for MyRate receive a device that plugs into a port in their car and measures how, how much and when the car is being driven. Cars driven less often, in less risky ways, and at less risky times of day can receive a lower premium. To cover the cost of the device and data transmission, Progressive will add a $30 technology expense to the customer's premium for each policy term that the customer is enrolled in the program...

I&T:

Permalink posted by markw @ 12:13 PM
 

Lunch Linkage: Lending, Credit Unions, Bailouts, AIG Bonus Money, Win Insurance, Mortgage Apps, 12(b)-1...

• Why Aren't Banks Lending? They Are Being Rational - ritholtz
• Credit Unions Cash In On Banking Backlash - cnbc
• Modifications: The Rentership Society - calculatedriskblog
• Corrupt Politics and Imprudent Bailouts are Two Peas in Same Pod - globaleconomicanalysis
• Builders Zero In on New Goal of Energy-Neutral Housing - online.wsj

• A Year Later, Less than Half of AIG Bonus Money Repaid - foxbusiness
• I'm going to shop around and find a rip-off bank that works for me - creditwritedowns
• Minor League Team Offers Win Insurance - cnbc
• Mortgage Applications Drop to 2-Month Low - cnbc
• The Continuing Private-Sector Recession - forbes

• Texas adviser used ex-NFL players to promote scheme, SEC claims - investmentnews
• Full Housing Crisis Effect Yet To Be Felt: Economist - cnbc
• Gold futures edge down in thin trading - marketwatch
• Macquarie to Buy Sal. Oppenheim Derivatives Business - businessweek
• Geithner: There Will Be No 'Second Wave' Crisis - cnbc

• NAPFA backs Schapiro's call to rethink 12(b)-1 fees - investmentnews
• The year in review at Credit Writedowns – Kleptocracy - creditwritedowns
• The Fed's $27 Billion (And Counting) Call Provision - zerohedge
• Taxpayer Burden Eases to $8.2 Trillion as Obama Supplants Fed - bloomberg
• USA Today: Best Business Books - ritholtz

Permalink posted by markw @ 10:01 AM
 

Seniors who bought inappropriate annuities from Great American Life Insurance Co. may be eligible for refunds

Minnesotans who were 65 or older and purchased a deferred annuity from Great American between Jan. 1, 2001, and Aug. 1, 2008, will get a letter with the information... Seniors who bought inappropriate annuities from Great American Life Insurance Co. may be eligible for refunds, the Minnesota attorney general's office said Tuesday.

About 2,000 policies with an estimated value of $50 million may be eligible for the refund claims, according to the AG's office... It said the Ohio company was deceptive in how it sold the annuities, some of which were not suited for the customers to whom they were sold. Some wouldn't give people in their 70s and 80s access to their investments without sizable penalties for at least 12 years. In some cases, annuities locked up all of the seniors' liquid assets or charged them hefty penalties to get access to their principal...

Star-Tribune: Seniors who bought inappropriate annuities from Great American Life Insurance Co. may be eligible for refunds

Permalink posted by markw @ 7:12 AM
 

Loans at 0.57% to Family Members Could Save Millions on Taxes

Estate planner Richard Behrendt helped his client make $5 million loans to each of his children this year, avoiding gift taxes of 45 percent and saving the kids as much as $837,000 apiece in interest... Rates for so-called intra-family loans have declined as much as 53 percent since 2008... BusinessWeek: Loans at 0.57% to Family Members Could Save Millions on Taxes

Permalink posted by markw @ 6:47 AM
 

USAA earns strong financial, debt ratings

Oldwick, N.J.-based A.M. Best assigned a rating of A++ superior to the insurance company and its subsidiaries. Concurrently, A.M. Best has affirmed the debt rating of “aaa” on the company’s medium-term note program and the AMB-1+ on the commercial paper program of USAA Capital Corp... BizJournals: USAA earns strong financial, debt ratings

Permalink posted by markw @ 6:45 AM
 

Breakfast Briefing: Existing home sales jump, VCs see opportunity, estate tax, mortgage apps fall....

• The $75 Future Computer - forbes
• Sales of existing homes jumps 7.4% in November - Dec. 22, 2009 - money.cnn
• Venture Capitalists See Opportunity in 2010 - online.wsj
• Most Profitable Global Companies - ritholtz
• Shocker! Banks with Lobbying Ties to Pols Get Bailouts! - ritholtz

• Estate tax expiration gives rise to opportunities... and heart-wrenching decisions - investmentnews
• Obama meets with community bankers to urge lending - Dec. 22, 2009 - money.cnn
• In Housing Today, Cash is King - cnbc
• MBA: Mortgage Applications Decrease Sharply - calculatedriskblog
• Fidelity eyes adding rivals' target date funds to its 401(k) mix - investmentnews

• Guest Post: Why the Federal Reserve's and Administration's Policies Will Not Work - zerohedge
• Citi Denies Theft Report, Says Accounts Are Safe - online.wsj
• After Record Lows, Mortgage Rates Headed Up in 2010 - cnbc
• Healy resigns post as NAIFA chief - investmentnews
• Sentiment picture rapidly improving for gold Mark Hulbert - marketwatch

• Market could gain 20 percent in 2010: Eisenstadt Outside the Box - marketwatch
• AIG To Remain In The Insurance Business - dealbreaker
• New Rules Require Lenders To Say Why They're Gouging You - consumerist
• Think Our Little Recession Was Bad? Check Out The Dark Ages - businessinsider
• JFK Delta Terminal A Living Hellhole, NYPD Required To Quell Crowds - consumerist

Permalink posted by markw @ 5:49 AM
 

Whole Life Dominates Cash Value Insurance Sales

When it comes to cash value insurance, whole life sales are picking up steam. Annual sales of whole life insurance were up 12 percent in third quarter of 2009, compared with the same period of 2008, according to LIMRA International.

By contrast, annual sales of universal life and variable universal life insurance dropped 14 percent and 64 percent, respectively, over the same period. And term insurance sales, after several years of strong growth, have been flat...

Registered Rep: Whole Life Dominates Cash Value Insurance Sales

Permalink posted by markw @ 4:53 AM

Tuesday, December 22, 2009

 

Lunch Linkage: Fitch hikes its outlook on Prudential, cites cash from Wachovia Securities sale

• Fitch hikes its outlook on Prudential, cites cash from Wachovia Securities sale - investmentnews
• GDP report shows economy grew 2.2% in third quarter - Dec. 22, 2009 - money.cnn
• US Treasuries Selling Off And More To Come - zerohedge
• ObamaCare and Taxes - online.wsj
• Sales of existing homes jumps 7.4% in November - Dec. 22, 2009 - money.cnn

• NYC Foreclosures Surge, As Unemployment Goes Into The Teens In Several Neighborhoods - businessinsider
• Economy 2010: A Recovery By Any Other Name - cnbc
• Report: FBI Probes Cyber Attack on Citigroup - foxbusiness
• Philly Fed State Coincident Indicators Show Improvement - calculatedriskblog
• Sales of existing homes jumps 7.4% in November - Dec. 22, 2009 - money.cnn

Permalink posted by markw @ 10:26 AM
 

Equity-Indexed Annuities on Roll at Banks, with SEC's Help

Regulators have agreed to delay plans to treat equity-indexed annuities like securities, but many bank-affiliated brokerages are already doing so... At First Bank in Creve Coeur, Mo., the annuities cannot be sold by licensed bankers, only by full-time financial consultants, said Bruce Stava, the director of advisory sales at First Bank Wealth Management Group. And sales at the $10.8 billion-asset bank are scrutinized much the same way securities transactions are, he said.

Insurance Networking: Equity-Indexed Annuities on Roll at Banks, with SEC's Help

Permalink posted by markw @ 7:09 AM
 

More Employers Consider Annuities for 401(k) Plans

A growing number of employers are planning to incorporate annuities into their 401(k) plans as companies look for ways to provide workers with steady benefits in retirement, according to a survey by Watson Wyatt... Nearly 22% of employers with defined contribution plans currently offer an annuity as an option and 10% more are considering adding it, the survey found...

Financial Planning: More Employers Consider Annuities for 401(k) Plans

Permalink posted by markw @ 7:08 AM
 

Breakfast Briefing: Mortgage Mods, Banks, Fed, Bribery, SPY, Housing Prices Fall

• Lower modified mortgage payments means fewer redefaults - money.cnn
• Ahead of Meeting, Small Banks Advise Obama on Lending Opportunities - foxbusiness
• The Peoples' Revolt in Iran - online.wsj

• Tracking Vital Signs With a Smart Phone - online.wsj
• U.S. stocks seen rising in early part of 2010 - marketwatch
• Study: "Bailoutability" Of Crappy Banks Depends Most on Federal Reserve Ties - zerohedge

• S&P 500 on the cusp of its first-ever down decade - investmentnews
• OPEC to Leave Output Unchanged: President - cnbc
• Bribery in the U.S. Senate sets a new low point - ritholtz

• Beware the Taxpayer Bailout of Underfunded Teamsters Pension Funds - globaleconomicanalysis
• LoanPerformance: House Prices Fall 0.7% in October - calculatedriskblog
• Master Chart Of Airlines Fees - consumerist

• The Death of the Second (Third?) Golden Age of Private Equity? - zerohedge
• China Does Not Expect Rapid Export Rebound for 2010 - cnbc
• Bond prices fall as Dow rises 100 points, yield curve widens - Dec. 21, 2009 - money.cnn

• Dubai Financial Markets to buy Nasdaq Dubai - marketwatch
• F for Effort - online.wsj
• At 281 bps, 2s10s Hit Another All Time Record Wide - zerohedge

• House Price Indices: Case-Shiller and LoanPerformance - calculatedriskblog
• The Healthcare Bill Does Nothing To Solve The Looming Medicare-Induced Fiscal Crisis - businessinsider
• A Simple Recipe for Making Money - smartmoney

Permalink posted by markw @ 5:01 AM
 

AIG trying to distance itself from its past: Insurance giant to release VA riders under another name

Hoping to overcome distributors' suspicions and gain traction in the variable-annuity market, embattled insurance carrier AIG next month will introduce two VA benefit riders from a subsidiary that took its tainted name off the stationery.

But it may take more than a name change for people to ignore the parent company's past...

Investment News: AIG trying to distance itself from its past: Insurance giant to release VA riders under another name

Permalink posted by markw @ 4:51 AM
 

Brittany Murphy Leaves Will

TMZ has learned Brittany Murphy had a will when she died -- a will she executed before she met husband Simon Monjack... Sources say the will left her estate to her mother, Sharon Murphy...

TMZ: Brittany Murphy Leaves Will

Permalink posted by markw @ 4:49 AM

Monday, December 21, 2009

 

Lunch Linkage: In-store credit cards, Don Pitti, pay raises

• Instant in-store credit card offers in danger of extinction - foxbusiness
• OCC and OTS: Foreclosures, Delinquencies increase in Q3 - calculatedriskblog
• Fictional Reserve Lending And The Myth Of Excess Reserves - globaleconomicanalysis

• 3 perks to ask your boss for - and 9 not to - Dec. 21, 2009 - money.cnn
• Labor Data Show Surge in Hiring of Temp Workers - cnbc
• Donald Luskin November 2007: Buy Stocks, Buy Citi - ritholtz

• Treasurys Drop Ahead Of Key Economic Reports - foxbusiness
• Tough choice: credit card debt vs. down payment on a car loan - foxbusiness
• Chicago Fed Chief: 'No Urgent Need' to Raise Interest Rates - cnbc

• Don Pitti, financial planning pioneer, dies - investmentnews
• More employers to raise pay, but increases will be lower - Dec. 21, 2009 - money.cnn
• 2009's Worst Disclosures Buried in Footnotes - ritholtz

Permalink posted by markw @ 12:03 PM
 

The Misadventures of Moody's: Touting The Hartford, Mangling MetLife

Most analysts don’t have the access to the company financial records that Moody’s Investors Service, Standard & Poor’s and Fitch do when they formulate their credit ratings. Theoretically that should make them smarter than the rest of us.

But only theoretically. Each of the three big rating agencies got a black eye from its failure to understand, predict or provide insight into the real estate market crash that led to the recession. While the raters narrowly missed increased federal regulation, insurance regulators went after them with a vengeance, and now use Pimco as their rating agency of choice on the $145 billion portfolio of residential mortgage-backed securities that insurers currently hold.

So one can only wonder about Moody’s latest prognostication: downgrading the largest and arguably the healthiest U.S. life insurer, MetLife, by one notch to the fourth lowest credit rating...

BNet: The Misadventures of Moody's: Touting The Hartford, Mangling MetLife

Permalink posted by markw @ 5:29 AM
 

Breakfast Briefing: Asia, Bank of China, IBM subprime, Case-Shiller...

• A Reckless Health Care Bill That Nobody Believes In - online.wsj
• Fund Boss Made $7 Billion in the Panic - online.wsj
• Consumers Spend Asia Out of a Downturn - online.wsj

• Bank Of China Official: The World Is Running Out Of Money To Buy US Debt - businessinsider
• Looking for new markets, IBM taps subprime loans - marketwatch
• Fed's Flow of Funds now using Case-Shiller - calculatedriskblog

• Option Market Expects A Major Rally - businessinsider
• Mumbai brokers to awaken earlier - marketwatch
• Macau keeps the dice rolling - This Week in China - marketwatch

• Call Bank Of America About Account, Get Credit Limit Cut By 65% - consumerist
• It's Goldman Vs. London As Bank Threatens To Move Employees To Troubled Spain - businessinsider
• Weekly Summary and a Look Ahead - calculatedriskblog

• Bond ETFs navigate the Treasury yield curve ETF Investing - marketwatch
• Last-Minute Shopping May Counter Snow; Sales Forecast Unchanged - bloomberg
• The 'Global Imbalances' Myth - online.wsj

• Yeah, It's Pretty Much Chaos At Delta/Northwest Right Now - consumerist
• China Banks May Need $73 Billion Capital in 2010 - cnbc
• TIPS Give Way to Inflation as Deflation-Adjusted Yields Decline - bloomberg

Permalink posted by markw @ 5:22 AM
 

Without Broker Education Clause, Reform Bill Falls Short

Late last week, the House of Representatives narrowly passed a bill intended to rein in Wall Street’s worst excesses. The bill is designed to protect the rest of the economy from the big banks’ enormous appetite for risk. Some of the proposed changes are systemic, and the banks are now furiously lobbying to defeat those measures.

In addition, the bill has some provisions aimed at helping retail investors. For example, the bill would impose a fiduciary duty on brokers, requiring them to recommend only suitable investments and to put their clients’ interests ahead of their own. This step is long overdue since brokers, just like their investment advisor counterparts, typically offer products and services that go well beyond the simple purchase and sale of stocks and bonds-giving advice on mortgages, insurance, college tuition and retirement planning. In light of these wide-ranging responsibilities, many of which go to the heart of investors’ financial well-being, it only makes sense that brokers should be held to this higher standard...

Seeking Alpha: Without Broker Education Clause, Reform Bill Falls Short

Permalink posted by markw @ 5:17 AM
 

Consider Conseco

Conseco sells health insurance and other products, but until recently most investors considered it an ailing company. Tucked away in the quiet corner of Carmel, Indiana, Conseco bounced from misadventure to bankruptcy. Although it always paid its claims, if ever there was an insurer that looked like its pockets were empty, it was this one.

But that might not hold true anymore...

BNet: Consider Conseco

Permalink posted by markw @ 5:16 AM
 

The Individual Mandate: An Unconstitutional Exercise Of Congressional Power

It is generally agreed, by both proponents and opponents of the Administration’s health reform bill, that the lynchpin of the legislation is the individual mandate requiring uninsured Americans to obtain health insurance, or pay a penalty on their tax return for failing to do so. Without the mandate, even the Administration’s wildly exaggerated cost savings estimates simply cannot work. The whole plan is predicated on enlarging the risk pool by bringing in younger, healthier people who currently lack the means or the incentive – or both – to purchase health insurance.

Given the centrality of the mandate, it is somewhat surprising that little attention has been paid to the critical legal question of whether Congress has the constitutional authority to require Americans to purchase a commodity from a private, for-profit corporation...

CounterCurrents: The Individual Mandate: An Unconstitutional Exercise Of Congressional Power

Permalink posted by markw @ 4:45 AM
 

Why you shouldn't buy a variable annuity with living benefits

If you're about to make the plunge into a variable annuity with living benefits, I'd like to make a suggestion.

Don't.

Just as people were once urged to buy term life insurance and invest the difference rather than buy cash value life insurance, today's living benefits buyer would be better off buying a life annuity and investing the difference...

Dallas News: Why you shouldn't buy a variable annuity with living benefits

Permalink posted by markw @ 4:44 AM

Friday, December 18, 2009

 

Editorial: House Democrats' punitive proposals prompt three states to lobby for Michigan insurers' employment

Other states are licking their chops as Michigan Democratic lawmakers continue to demagogue home-based auto and home insurance carriers. While our Legislature is bristling with unfriendly proposals toward insurers, Ohio, Indiana and Iowa are among the states courting them and their well-paying white-collar jobs.

The contrast was especially prominent this week, when Ohio's development department circulated invitations to the launch of a new strategic plan for growing its insurance companies and financial institutions.

At the same time, Michigan's Democratic lawmakers were pushing legislation to increase government intrusion into the insurance business. Last summer, they also sponsored bills that would open the floodgates to lawsuits against insurers by creating new causes of legal action, fines and penalties to settle disputes over claim payments...

Detroit News: Editorial: House Democrats' punitive proposals prompt three states to lobby for Michigan insurers' employment

Permalink posted by markw @ 12:57 PM
 

Lunch Linkage: Tiger Woods, Saab, TIPS, Credit Cards...

• GM's Saab brand to wind down - money.cnn
• The European AIG: How Moody's Downgrade Of Greece Can Start The Avalanche - zerohedge
• How Tiger Woods Bribed National Enquirer To Quash Early Sex-Scandal Story - businessinsider

• TIPS Derived Expected Inflation: About 2% - mjperry
• Interactive: Life cycle of a delinquent credit card account - foxbusiness
• Hedge fund trade group bans reporters from big conference - investmentnews

• Scaling Up: Women-Owned Businesses Can Recharge The Global Economy - forbes
• U.S. Hurting in Wallet -- and Spirit - online.wsj
• 36 states reporting declining unemployment - Dec. 18, 2009 - money.cnn

• Unemployment Fell in Most US States in November - cnbc
• Fannie, Freddie suspend evictions for holidays - marketwatch
• Six More Months of Carry Trade: Roubini - cnbc

• Have you seen M3 lately? - ritholtz
• Euro-area banks may see $269 billion in write-offs - marketwatch
• Cramer Defends His Citi Call, Says He "Has No Idea Really How Citi Is Doing" - zerohedge

• Gold futures dip on tension between Iran and Iraq - marketwatch
• The Economist: The Recession Was Nothing, Here Comes The Real Pain - businessinsider
• Little-Known Government Agency Says Everything Is A-OK - dealbreaker

• Bonus Watch '09: Morgan Stanley - dealbreaker
• SIPC's legal tab for Madoff liquidation now up to $37M -- and counting - investmentnews
• LA Area Port Traffic in November - calculatedriskblog

Permalink posted by markw @ 10:37 AM
 

Breakfast Briefing: Credit Cards, BofA, Witching Hour, T-Bills

• Credit card's newest trick: 79.9 percent interest - finance.yahoo
• Agencies in a Brawl for Control Over Banks - online.wsj
• Feldstein: House Prices to Fall Further - calculatedriskblog

• Cavuto: White House Getting Desperate on Health Care - foxbusiness
• How To Lose 14% In Less Than Three Days? - zerohedge
• Behind the Rejection of Kelly as Bank of America CEO - online.wsj

• City of Copenhagen Hires Bark - finance.yahoo
• Businesses work with Invention Machine software to innovate - Dec. 17, 2009 - money.cnn
• Report on Housing: 'Shadow Inventory' Increases Sharply - calculatedriskblog

• Housing's Top Metros of 2009 - cnbc
• Citigroup suspends foreclosure sales and evictions - Dec. 17, 2009 - money.cnn
• Look Ahead: Wall Street Faces the Witching Hour - cnbc

• Credit card interest rates keep climbing higher - foxbusiness
• Detailing T-Bill Purchases - ritholtz
• Investing: Six People Who Helped Shape a Tumultuous Decade - businessweek

• Putnam Investments Survey Finds Americans Hopeful About 2010 Economy - wallstreetandtech
• AIG wins first round in lawsuit filed by financial planner - investmentnews
• What Does The End Of Fed's Temporary Liquidity Facilities Mean? - zerohedge

Permalink posted by markw @ 6:27 AM
 

Northwestern Mutual: Named "Best Place to Work" in the insurance industry

Northwestern Mutual is the “Best Place to Work” in the insurance industry in 2010 and is the 11th-best place to work in America overall, according to survey results from Glassdoor.com®, an online career and workplace community. The Milwaukee-based financial security company stands alone as the only company in its industry that ranks in Glassdoor’s Top 50 “Best Places to Work in 2010.”

In addition, Northwestern Mutual Chairman and Chief Executive Officer Edward J. Zore ranks as the most popular insurance company CEO in America, receiving an 89% approval rating from Northwestern Mutual home office employees and independently contracted financial representatives...

WisBusiness: Northwestern Mutual: Named "Best Place to Work" in the insurance industry

Permalink posted by markw @ 5:01 AM
 

22% of DC plans have annuity as distribution option

Twenty-two percent of employers that sponsor defined contribution plans offer an annuity as a plan distribution option, according to a Watson Wyatt Worldwide survey...

Pensions & Investments: 22% of DC plans have annuity as distribution option

Permalink posted by markw @ 4:58 AM
 

Annuity Services Insurance Center Fined $15,000

The California Department of Insurance has fined Annuity Services Insurance Center $15,000 for deceptive advertising practices targeting senior citizens in California, Insurance Commissioner Steve Poizner said.

Beginning in August 2004, Investor’s Union LLC, doing business as Annuity Service Insurance Center, sent out at least 235,000 unsolicited mailers to California residents, CDI said. The notices stated that recipients, "… may have an annuity that has reached the end of its surrender period," and told them to contact the Annuity Service Insurance Center. Those who responded were asked questions about their investments and assets. Those who qualified were then scheduled to meet with salespeople for an annuity/life insurance sales pitch...

Claims Journal: Annuity Services Insurance Center Fined $15,000

Permalink posted by markw @ 4:57 AM
 

SEC tightens rules on investment advisors

The U.S. Securities and Exchange Commission has adopted rules designed to reduce the possibility of fraud or theft of client assets by an investment advisor.

The SEC said that the rule changes will substantially increase protection for investors who turn their money and securities over to an investment advisor that maintains physical custody of those assets. Most advisors don’t retain custody of their clients’ assets, the SEC says, but over the past year, it has brought a series of enforcement cases against advisors who had access to their clients’ assets and misused them...

Investment Executive: SEC tightens rules on investment advisors

Permalink posted by markw @ 4:56 AM

Thursday, December 17, 2009

 

Wells Fargo to Pay $4.5 Billion for Prudential Stake in Joint Venture

Shares of Prudential Financial (PRU) rose nearly 4% on Wednesday, a day after it was announced that Wells Fargo & Co. (WFC) would purchase Prudential’s minority stake in a joint venture through a cash payment of $4.5 billion... The transaction is expected to close by Dec. 31... The joint venture, which was originally launched by Wachovia Corp. with Prudential, became property of Wells Fargo after it acquired Wachovia...

Fox Business: Wells Fargo to Pay $4.5 Billion for Prudential Stake in Joint Venture

Permalink posted by markw @ 11:29 AM
 

Lunch Links: Bernanke, Stimulus, Citi and Moynihan

• All Eyes Shift To Citi's Impending 83% Dilution - zerohedge
• Bank of America taps Brian Moynihan as new CEO - money.cnn
• A Second Look for Small Business Loan Applicants - businessweek

• Top 10 Outrageous Predictions for 2010 - cnbc
• Are You Ready to Make Real Money? - fool
• House Approves Next Stimulus - calculatedriskblog

• Bernanke to be Cleared for Second Term Despite Critics - cnbc
• SAC Capital, Steve Cohen Sued By Ex-Mrs. C - dealbreaker
• Weekly Initial Unemployment Claims - calculatedriskblog

Permalink posted by markw @ 8:36 AM
 

Breakfast Briefing: Fed, Citi, TARP, Sovereign Debt and Innovation

• Fed: Rates to stay near zero due to weak economy. - Dec. 16, 2009 - money.cnn
• House to vote on extending jobless benefits filing deadline - Dec. 16, 2009 - money.cnn
• Home construction rebounds with an 8.9% jump - Dec. 16, 2009 - money.cnn

• Fed Upgrades Assessment of Economy - online.wsj
• Citi TARP Repayment is a Tax Dodge - ritholtz
• Is sovereign debt the new subprime? - finance.yahoo

• The Year in Innovation - businessweek
• Will the US Reinstate Glass Steagall ? - ritholtz
• Small business lending drops $1 billion in October - Dec. 16, 2009 - money.cnn

• David Rosenberg And A Few Good Economic Observations... His 2010 "Outlook" - zerohedge
• US House Approves $155 Billion Jobs Bill - cnbc
• MBA: Mortgage Purchase Applications Flat, Rates Rise - calculatedriskblog

• The Best Performing Stocks Of The Decade - businessinsider
• House Approves $290 Billion Increase In U.S. Debt Ceiling Limit - zerohedge
• Housing Starts in November: Moving Sideways - calculatedriskblog

• The Most Painfully Annoying Business Jargon - forbes
• Credit Suisse to pay $536 million in DOJ deal - marketwatch
• Krugman And The Cover Hypocrisy - zerohedge

Permalink posted by markw @ 4:57 AM
 

TIAA issues $2 billion in notes to bolster capital

The Teachers Insurance and Annuity Association of America has issued $2 billion in 30-year notes to reinforce its capital position, the association said Wednesday... The surplus notes will pay an annual interest rate of 6.85 percent and mature in December 2039, TIAA said in a statement. They are subordinate to policyholder obligations...

AP: TIAA issues $2 billion in notes to bolster capital

Permalink posted by markw @ 4:52 AM
 

MetLife Downgraded by Moody’s on ‘Elevated’ Investment Losses

MetLife Inc., the largest U.S. life insurer, had its credit rating cut by Moody’s Investors Service after three straight quarterly losses... “Elevated levels of investment losses” will weigh on the New York-based insurer, Moody’s said in a statement yesterday as it cut the senior debt rating one level to A3, the fourth lowest of 10 investment grade ratings, from A2.

MetLife is bracing for losses on its $50 billion in commercial real estate loans and commercial mortgage-backed securities. The insurer, which used derivatives to maintain profits last year as markets slumped, has posted $2.57 billion in losses this year as stocks and bonds recover...

Bloomberg: MetLife Downgraded by Moody’s on ‘Elevated’ Investment Losses

Permalink posted by markw @ 4:50 AM
 

The 75 Best Business Blogs

BusinessPundit: The 75 Best Business Blogs

Permalink posted by markw @ 3:45 AM

Wednesday, December 16, 2009

 

Missed a few spots: 'Sweeping' financial reforms don't clean house

When it comes to protecting consumers from rogue financial advisers, politicians just can't get out of their own way. The result is sound and fury, accomplishing nothing... As part of the sweeping financial services reforms that passed in the House this week, there was a requirement for the Securities & Exchange Commission to write rules that would establish a "fiduciary duty" for brokers who provide investment advice. While most people were focused on the broader aspects of regulatory reform, this was the one element most likely to hit home for financial consumers... MarketWatch: Missed a few spots: 'Sweeping' financial reforms don't clean house

Permalink posted by markw @ 6:11 AM
 

Breakfast Briefing: Debt Ceiling, Dubai, Mortgage Modifications, Citi, Bernanke

• 99% Of Americans Are Against Raising The Debt Ceiling - zerohedge
• Great deals on mortgage modifications, including 2% interest - money.cnn
• Cavuto: Losing the Health-Care Reform Sale - foxbusiness

• Citigroup's "Massive" Tax Break - calculatedriskblog
• DataQuick: SoCal Home Sales Increase in November - calculatedriskblog
• Bernanke Nomination Linked to Bid to Audit Fed - online.wsj

• Austrian bank collapse furthers fears of contagion - ritholtz
• Forecasting housing prices for 2010 - money.cnn
• FDIC Boosts 2010 Budget, Staff as Bank Failures Rise - bloomberg

• Foreclosure Buyer Demand Dips as Supply Builds - cnbc
• The Deal Mounts a Comeback - online.wsj
• QB Asset Management Rips Apart Roubini's "Spam Is More Valuable Than Gold" Thesis - zerohedge

• Zynga Raising $180 Million At An Astounding Valuation - businessinsider
• Fasten Seatbelts for the Great Central Bank Exit - cnbc
• Dubai Bail Out Now Fully Priced In - zerohedge

• Yes, China Has Fully Arrived As A Superpower - forbes
• How the falling U.S. dollar affects your stock portfolio - money.cnn
• Higher tax rates ahead, so make the most of 2010 TaxWatch - marketwatch

Permalink posted by markw @ 5:45 AM
 

Benelli: SEC chickens out on annuity rule

Last week, in a filing with the U.S. Court of Appeals the Securities and Exchange Commission (SEC) agreed to a two-year delay in the implementation of it’s controversial Rule 151A which would have required so-called “indexed” annuities to be regulated in the same manner as securities... Under the SEC “capitulation” to the insurance industry rule 151A will be shelved until January of 2013, giving that industry another 3 years to push an unregulated product that has sometimes been called the AK-47 of senior abuse — the indexed annuity... Times-Herald: Benelli: SEC chickens out on annuity rule

Permalink posted by markw @ 4:50 AM
 

Sun Life unit racks up $1B in variable annuity sales

The U.S. division of Sun Life Financial Inc., which is based in Wellesley, Mass., said third-quarter variable annuity sales totaled $1.08 billion, a 30.4 percent increase from the previous three months... Sun Life’s U.S. division said it captured 3.5 percent market share in the quarter as other insurers scale back their variable annuity operations... BizJournals: Sun Life unit racks up $1B in variable annuity sales

Permalink posted by markw @ 4:41 AM

Tuesday, December 15, 2009

 

Evening Education: Credit Cards Chargeoffs, Trustcash, TARP, Euro

• Credit Card Charge-Offs Increase - calculatedriskblog
• Trustcash Completes Testing of Money Transfer Technology - money.cnn
• Tables Turn on the Euro - online.wsj

• Lewie Ranieri wants to fix the mortgage mess - Dec. 9, 2009 - money.cnn
• Determine What To Charge as a Consultant - businessweek
• Ratigan Dissects TARP Repayments - zerohedge

• For Second Time In A Row, One Month Bill Auction Closes At 0.000% - zerohedge
• Fannie Freddie May Need Another $400 Billion Taxpayer Assistance - globaleconomicanalysis
• Holiday Cheer From The Obama Administration: The 12 Months Of Default - zerohedge

• What's in a financial advisory firm's name? - investmentnews
• Citi, Goldman and Morgan chiefs no-shows at White House meet - investmentnews
• Is Barney About To Spoil The Banker Party (Retail Banks Discount Window Access)? - zerohedge

• Roth IRAs: To convert, or not to convert? New tech helps answer the question - investmentnews
• Wholesale prices rise more than expected in November - Dec. 15, 2009 - money.cnn
• The Secret Language of Money - tipd

• Futures Fall; Fed Meeting Eyed - online.wsj
• Macmillan to Sell Enhanced E-Books - online.wsj
• Adviser groups blow tops over House bill's 'hat-switching' clause - investmentnews

• How Cons Steal Your ATM Card - consumerist
• Why This Speculative Investment Could Ruin Your Savings - fool
• The Fed will hike rates -- in 2011 - money.cnn

Permalink posted by markw @ 1:14 PM
 

Breakfast Briefing: Wells Fargo to repay $25 billion government bailout

• Wells Fargo to repay $25 billion government bailout - money.cnn
• The Real Reason Google Is Getting Into The Mobile Business (GOOG) - businessinsider
• Shadowstats' John Williams: Prepare For The Hyperinflationary Great Depression - zerohedge

• Inside the Design Thinking Process - businessweek
• Teen Runs Up $22,000 Verizon Bill - consumerist
• Cap-and-Trade Carbon Credit Extortion Scam In Full Swing - globaleconomicanalysis

• Is the Recession Over? The Debate Continues - foxbusiness
• Our Marketing Plan - ritholtz
• Google's War With Apple Is Hotter Than Ever (GOOG, AAPL) - businessinsider

• FDIC's Bair takes the "Over" - calculatedriskblog
• Experts: Economy Will Rebound, Job Growth Won't - businessweek
• Bank of America Pledges to Increase Small and Medium Business Lending - money.cnn

• Greece Enters Twilight Zone: Announces 90% Banker Bonus Tax, Expectations For Sub 3% Deficit - zerohedge
• Mexico Downgrade By S&P From BBB+ To BBB Means More Bailout Coming - zerohedge
• Fake Steve Jobs Rants About The Decline Of American Quality - consumerist

• China To Curb Property Rally, State Media Says - foxbusiness
• Coming To Nevada Brothels In 2010: Male Prostitutes - consumerist
• Bank of America pledges $5 billion for small business loans - Dec. 14, 2009 - money.cnn

Permalink posted by markw @ 4:49 AM
 

Annuity Process Needs Streamlining

Automation and standardization will be the keys to success for advisors and broker-dealers who handle annuities for retirees in the near future, say experts from The Depository Trust & Clearing Corporation (DTCC), based in New York City.

A surprising amount of work is still done by paper and it may take a push from outside the industry to change that, says Adam Bryan, DTCC managing director of insurance and retirement services. That push could be forthcoming in the state and federal regulation changes that are to be considered in the coming months. DTCC provides money settlement and information services for the financial industry...

FA Mag: Annuity Process Needs Streamlining

Permalink posted by markw @ 4:38 AM
 

Scammers scrape RAM for bank card data

Forget keyloggers and packet sniffers. In the wake of industry rules requiring credit card data to be encrypted, malware that siphons clear-text information from computer memory is all the rage among scammers, security researchers say.

So-called RAM scrapers scour the random access memory of POS, or point-of-sale, terminals, where PINs and other credit card data must be stored in the clear so it can be processed. When valuable information passes through, it is uploaded to servers controlled by credit card thieves.

While RAM scrapers have been around for a few years, they are a "fairly new" threat, according to a report released Wednesday that outlines the 15 most common attacks encountered by security experts at Verizon Business. They come in the wake of Payment Card Industry rules that require credit card data to be encrypted as it passes from merchants to he processing houses.

SecurityFocus: Scammers scrape RAM for bank card data

Permalink posted by markw @ 4:35 AM

Monday, December 14, 2009

 

Swindler pleads guilty, faces up to 45 years

Looking pale after nearly 10 months in federal detention, a Rockland-based financial adviser accused of stealing at least $133 million from more than 400 investors pleaded guilty Friday to federal charges.

James Nicholson, 43, a Haverstraw native who lived a jet-set life from a multimillion-dollar mansion in Saddle River, N.J., faces a maximum of 45 years in prison when sentenced April 30 by U.S. District Court Judge Richard J. Sullivan.

As part of his plea agreement, Nicholson also faces at least $6 million in fines and possibly paying restitution to his investors. He will forfeit all his properties and his share in a jet airplane — financial investments topping $37 million...

LoHud: Swindler pleads guilty, faces up to 45 years

Permalink posted by markw @ 8:34 AM
 

U.S. watchdog asks why Lincoln got rescue funds

The government's Troubled Asset Relief Program watchdog wants to know: Why did the U.S. Treasury assign Radnor-based Lincoln National Corp. nearly $1 billion in TARP rescue money, when Lincoln's business has "little to do with lending to consumers and businesses"? Philly: U.S. watchdog asks why Lincoln got rescue funds

Permalink posted by markw @ 5:32 AM
 

Breakfast Briefing: Citigroup strikes deal to repay TARP

• Citigroup strikes deal to repay TARP - money.cnn
• Many Americans to spend less on holiday - CNN poll - Dec. 14, 2009 - money.cnn
• Turn on the home-equity tap again - money.cnn

• Morgan Stanley Hires Gregory Fleming - online.wsj
• Summary and a Look Ahead - calculatedriskblog
• Cities Shut Off Streetlamps; Indianapolis Threatens $2500 Fines - globaleconomicanalysis

• A Simple Yet Comprehensive View Of America's Unemployed - zerohedge
• Thoughts on Fed's Exit Strategy: Stephen Roach vs. Mish - globaleconomicanalysis
• Greenspan: Bernanke Is Out Of Bullets, Now Inflation Is The Big Risk - businessinsider

• Developing Countries Say 'No Money, No Deal' in Climate Talks - bloomberg
• Abu Dhabi Gives $10 Billion to Dubai, Repays Nakheel Bond - cnbc
• Texas, Pennsylvania Teachers Funds Are Troubled - globaleconomicanalysis

• Euro-area Oct. Industrial Production Down 0.6% - foxbusiness
• Many Americans to spend less on holiday - money.cnn
• Fed Likely to Keep Rates Low At Final Meeting of Year - cnbc

• Bank Of England: The World Is Losing Confidence In Us - businessinsider
• Italcementi Upped At Morgan Stanley In Sector Note - foxbusiness
• Volcker: We Need to Think More Boldly - ritholtz

Permalink posted by markw @ 5:27 AM
 

Plan to place B-D advisers under Finra scrapped

Hours before passing the most significant financial-reform package in nearly 80 years, the House Friday killed an amendment that would have given the Financial Industry Regulatory Authority Inc. the authority to regulate investment advisers at broker-dealers... The massive bill, which was passed by a vote of 223-202, would create a financial services oversight council to monitor the financial markets and potential threats to the nation's economic system... Investment News: Plan to place B-D advisers under Finra scrapped

Permalink posted by markw @ 5:23 AM
 

Why Japanese Bonds Yielding 1.3% Offer Highest Return

Nowhere are yields as low as in Japan’s debt market and nowhere are returns higher as Prime Minister Yukio Hatoyama’s government fails to stop deflation... The combination of the fastest drop in consumer prices in five decades and the yen trading at about a 14-year high has turned Japanese government bonds into the past month’s best performers among the 26 markets tracked by Bloomberg and the European Federation of Financial Analysts Societies. The debt returned 3.6 percent in dollar terms and 5.6 percent in euros. So-called JGBs rose 0.83 percent this year in local currency... Bloomberg:

Permalink posted by markw @ 5:19 AM

Friday, December 11, 2009

 

Lunch Linkage: House scraps amendment to place B-D advisers under Finra

• House scraps amendment to place B-D advisers under Finra - investmentnews
• Q3 2009: Mortgage Equity Extraction Strongly Negative - calculatedriskblog
• Five Year-End Tax Strategies for Small Businesses - online.wsj

• 8 ways to stay debt-free during the holidays - foxbusiness
• University of Michigan Consumer Sentiment - calculatedriskblog
• Retail Sales increase in November - calculatedriskblog

• House set to pass financial regulatory reform - Dec. 11, 2009 - money.cnn
• The Suddenly Brighter Employment Picture - smartmoney
• U.N. Draft Agreement Seeks to Halve CO2 Emissions By 2050 - online.wsj

• In Michigan, One Answer to the Jobs Crisis - businessweek
• Madoff A Year Removed: Unraveling a Secret - foxbusiness
• A year later, Jewish charities still hurting from Madoff blow - investmentnews

• CIT rises from the ashes, ready to make small business loans - Dec. 11, 2009 - money.cnn
• Treasury Earns $936 Million From Auction of J.P. Morgan Warrants - online.wsj
• Action Alert: Stop The CFPA Gutting - consumerist

Permalink posted by markw @ 10:47 AM
 

Brunch Briefing: Remember How We Bailed Out The Banks So They Could Keep Lending?

• Treasury: Only about 4% getting long-term mortgage help - money.cnn
• Fed Q3 Flow of Funds Report - calculatedriskblog
• Everything The Decade Made Obsolete - businessinsider

• CME Group Thrives on Technology Innovation - wallstreetandtech
• Bank of America avoids Feiberg's latest round of pay cuts - money.cnn
• Comparing Expectations: Big Business vs. Small Business - businessweek

• Why Bank of America's TARP Payback Is Bad News - consumerist
• The China Bubble - forbes
• Retail Sales: "Looks like the middle of August out there" - calculatedriskblog

• Gallup: Spending Down Across Incomes; WSJ: Stores Face Discount Dilemma - globaleconomicanalysis
• WaPo: New TARP Rules to Aid Small Businesses? - calculatedriskblog
• How the Bazaar by Jose Andres Is Changing Restaurants - online.wsj

• $13 Billion 30 Year Auction Closes At 4.52%, Big Tail In Ugliest 30 Year Auction This Year - zerohedge
• U.S. household net worth grows $2.7 trillion - money.cnn
• Remember How We Bailed Out The Banks So They Could Keep Lending? - businessinsider

Permalink posted by markw @ 6:19 AM
 

Shhh: AIG back on top in fixed annuities

American International Group has anonymously climbed back to the top spot in fixed annuity sales, a private U.S. research firm said... Research firm Kehrer-Limra said Western National Life, an AIG subsidiary, was the top seller of fixed annuities in the third quarter, while the previous leader, New York Life, dropped to third and Transamerica fell to fourth place.

But many customers are no longer aware the annuities they buy are backed by bailed out insurer AIG where sales slid until Western National and another subsidiary, First SunAmerica, dropped references to AIG on their contracts, The New York Times reported Thursday...

UPI:

Permalink posted by markw @ 5:11 AM
 

For Now, SEC Shifts Gaze From Indexed Annuities

When a federal push to curb investor risk put certain annuities under the eye of financial industry regulators, the move drew complaints from insurers who insisted their products worked different than traditional securities and independently of the stock market.

On Wednesday, the Securities and Exchange Commission took the insurers’ protest to heart and issued a two-year stay on a rule that would have brought indexed annuities under the jurisdiction of the SEC and the eyes of the Financial Industry Regulatory Authority...

SmartMoney: For Now, SEC Shifts Gaze From Indexed Annuities

Permalink posted by markw @ 5:09 AM
 

Insurers' Bank Deals Under Fire

A special inspector general faults the U.S. Treasury for allowing life insurers to buy tiny savings and loans to qualify for bailout funds, saying doing so violated "the spirit" of the Troubled Asset Relief Program aimed at boosting lending by banks... The report, released Thursday, concludes that Hartford Financial Services Group Inc. and Lincoln National Corp. used very little of the $4.35 billion they collectively received in TARP money for any activity tied to the little banks they acquired... WSJ: Insurers' Bank Deals Under Fire

Permalink posted by markw @ 5:05 AM
 

Presidential Life Alleges Possible Self-Dealing By Chairman

A battle over the control of a Nyack, N.Y., life insurance company has evolved into accusations of improprieties by the company's chairman and chief financial officer, both of whom were removed from their roles as the company and the New York Insurance Department launch investigations... WSJ: Presidential Life Alleges Possible Self-Dealing By Chairman

Permalink posted by markw @ 4:53 AM

Thursday, December 10, 2009

 

Late Lunch Linkage: Venture capitalists sounding hopes of IPO rebound

• Now Let Us Admire The Clever Way In Which BAC Has Screwed Taxpayers Again - businessinsider
• Weekly Initial Unemployment Claims Increase to 474,000 - calculatedriskblog
• Massive Construction Boom Causes Saudi Arabia To Run Out Of Sand - businessinsider

• The Low-Risk Way to Ride the Rally - fool
• Weekly Jobless Claims Increase 17,000 to 474,000 - foxbusiness
• Costco's Profit Inches Higher, Meets Expectations - foxbusiness

• How To Make The World's Easiest $1 Billion - businessinsider
• Inflation Returns to China - online.wsj
• [KR04] Keiser Report with Steve Keen - maxkeiser

• Venture capitalists sounding hopes of IPO rebound Therese Poletti's Tech Tales - marketwatch
• Is Open Innovation Over? - businessweek
• The China Bubble - forbes

• NYSE Short Interest Stays Flat At 13.2 Billion Shares, Down 12% Over Prior Year - zerohedge
• Investing in a High Unemployment Era - fool
• That Nice Mrs. Romer Is . . . Dangerous - zerohedge

Permalink posted by markw @ 11:08 AM
 

Breakfast Briefing: Translating Nest Eggs Into Retirement Income

• Translating Nest Eggs Into Retirement Income - foxbusiness
• Bank Of America Completes Repaying $45 Bln In TARP - foxbusiness
• Most of Madoff's victims are still wrestling with his mess - money.cnn

• Stimulus Checkup - 100 Ridiculous Projects Funded by the American Recovery Act - globaleconomicanalysis
• Cavuto: More Stimulus an Unstimulating Reality - foxbusiness
• Bank of America: Check's in the mail - money.cnn

• Comedy Central Takes On The Federal Reserve - zerohedge
• TARP Extended, Now a "Petty Cash Drawer for Politically Favored Interests" - globaleconomicanalysis
• The Rentership Society - calculatedriskblog

• MBA: Mortgage Refinance Applications Increase - calculatedriskblog
• Consumers Permanently Downgrading Brands They Buy - consumerist
• Irrational Exuberance: Then & Now - ritholtz

• Citi Plans $20 Bln Offering To Repay TARP - foxbusiness
• SunGard Enhances FastVal Independent Valuation Service - wallstreetandtech
• Can Americans no longer afford insurance? - Intl. Assoc. of Registered Financial Consultants - producersweb


Permalink posted by markw @ 4:56 AM
 

Canadians not confident that they have enough life insurance: survey

A third of Canadians feel that they do not have enough life insurance for their family’s needs, a recent RBC Insurance survey reveals... Of more than 1,000 Canadians polled by Ipsos Reid in early November, only 68% said they feel like they have enough life insurance for their family’s needs... The survey found that adults with children are particularly concerned about the effects of a death or disability. Of parents surveyed, 76% said they worry about what would happen to their family if their income dropped because of death or illness... Investment Executive: Canadians not confident that they have enough life insurance: survey

Permalink posted by markw @ 4:40 AM
 

New York Life Broadens Its Fund Distribution

New York Life Investments is expanding its lineup of stand-alone, stable-value offerings by adding products and increasing distribution to include third-party channels... The unit of New York Life Insurance Co. announced Monday that it would make its two stable-value products—the Guaranteed Interest Account, which was introduced in July and has accumulated $400 million of assets, and the New York Life Insurance Company Anchor Account, which was started in 1995—available to third-party advisers and financial planners... INN: New York Life Broadens Its Fund Distribution

Permalink posted by markw @ 4:38 AM

Wednesday, December 09, 2009

 

SEC targets rating agencies' role in meltdown

The Securities and Exchange Commission's enforcement chief says his staff is targeting Wall Street rating agencies and their role in the financial meltdown... The three dominant agencies -- Moody's Investors Service, Standard & Poor's and Fitch Ratings -- have been widely criticized for failing to give investors adequate warning of the risks in subprime mortgage securities, whose collapse touched off the financial crisis... Yahoo! Finance: SEC targets rating agencies' role in meltdown

Permalink posted by markw @ 1:49 PM
 

Evening Education: MS says Fed to Raise Rates in 2nd Half of 2010

• Cash for Caulkers could mean $12K per home - money.cnn
• Obama proposes tax cuts for small businesses - marketwatch
• Morgan Stanley: Fed to Raise Rates in 2nd Half of 2010 - calculatedriskblog

• Five Tips for Keeping a Healthy Credit Score - foxbusiness
• Available Labor Rate Increases To 10.2% - ritholtz
• GE Expects GE Capital To Recover Starting in 2011 - foxbusiness

• American Funds top choice for marketing materials - investmentnews
• Obama Focuses on Jobs, Infrastructure, Energy Rebates - online.wsj
• 6 Credit Card Fee Traps To Avoid - consumerist

• BLS: Near Record Low Labor Turnover - calculatedriskblog
• Homes lost nearly a half trillion in value in 2009 - money.cnn
• US Jobs Bill Could Cost Up to $200 Billion - cnbc

• Republicans Rally Against Using TARP as 'Slush Fund' - bloomberg
• Cost of Insuring Dubai Debt Soars - CNBC - cnbc
• Japan Economy Grows 1.3%, Less Than Initial Estimate of 4.8% - bloomberg

Permalink posted by markw @ 1:33 PM
 

Lowered Expectations: The New Retirement Reality

As investors emerge from a “lost decade” financially, the AARP says investors need to work with a financial advisor as part of a program to get back on track to get individuals back on track... Financial Planning: Lowered Expectations: The New Retirement Reality

Permalink posted by markw @ 9:55 AM
 

Breakfast Briefing: American Funds top choice for marketing materials

• Cash for Caulkers could mean $12K per home - Dec. 8, 2009 - money.cnn
• Obama proposes tax cuts for small businesses - marketwatch
• Morgan Stanley: Fed to Raise Rates in 2nd Half of 2010 - calculatedriskblog

• Five Tips for Keeping a Healthy Credit Score - foxbusiness
• Available Labor Rate Increases To 10.2% - ritholtz
• GE Expects GE Capital To Recover Starting in 2011 - foxbusiness

• American Funds top choice for marketing materials - investmentnews
• Obama Focuses on Jobs, Infrastructure, Energy Rebates - online.wsj
• 6 Credit Card Fee Traps To Avoid - consumerist

• BLS: Near Record Low Labor Turnover - calculatedriskblog
• Homes lost nearly a half trillion in value in 2009 - money.cnn
• US Jobs Bill Could Cost Up to $200 Billion - cnbc

• Republicans Rally Against Using TARP as 'Slush Fund' - bloomberg
• Cost of Insuring Dubai Debt Soars - CNBC - cnbc
• Japan Economy Grows 1.3%, Less Than Initial Estimate of 4.8% - bloomberg

Permalink posted by markw @ 5:16 AM
 

Financial planners tell House: Don't put us under Finra

More than 1,000 financial planners contacted members of the House to oppose a provision in financial-reform legislation that could put many advisory firms under the jurisdiction of the Financial Industry Regulatory Authority Inc... Investment News: Financial planners tell House: Don't put us under Finra

Permalink posted by markw @ 4:59 AM
 

Recession Increases Demand For Retirement Advice

Investors are changing their lifestyle and some are delaying retirement as a result of the financial crisis, according to study released Tuesday by the Financial Planning Association... The annual survey of financial advisors’ perceptions of the retirement income distribution market, which was conducted by Diversified Services Group, polled financial planners with clients who are in or near retirement and found that 40% of clients had to change their lifestyles this year, most likely as a result of the economic downturn... Bank Investment Consultant: Recession Increases Demand For Retirement Advice

Permalink posted by markw @ 4:58 AM
 

Playing the New 'Roth' Angle

Thanks to a new rule, high-income investors have a chance to save a bundle on taxes in retirement. And financial advisers are scrambling to help them do it... Starting Jan. 1, all investors will be allowed to transfer retirement assets from traditional individual retirement accounts to Roth IRAs—which means paying taxes now but then enjoying tax-free investment gains and withdrawals. Currently, only people with modified adjusted gross income under $100,000 can make the switch... WSJ: Playing the New 'Roth' Angle

Permalink posted by markw @ 4:55 AM

Tuesday, December 08, 2009

 

Lunch Linkage: Government 'Out of Bullets,' Consumers in Trouble

• Government 'Out of Bullets,' Consumers in Trouble: Whitney - cnbc
• Collapse In Tax Withholdings Refutes Improvements In Either Unemployment Or Corporate Profitability - zerohedge
• Sad People Spend More Money - tipd

• Mexican Stock Exchange Shuts Down For "Administrative Recess", Or Merely Redefining The Siesta Break - zerohedge
• Meredith Whitney Continues The CNBC Doomsayer Tour - zerohedge
• CEOs Are Bullish on Sales, But Not on Hiring - foxbusiness

• Millions More At-Risk of Default Than Most Think - ritholtz
• Push to Finish Tallest Tower - online.wsj
• Morgan Stanley: Fed to Raise Rates in 2nd Half of 2010 - calculatedriskblog

• More Bad News For Dubai As Istithmar Loses Foreclosure Auction For Union Square W Hotel - zerohedge
• U.S. stocks drop sharply as global worries weigh - marketwatch
• Coming Collapse of Municipal Bonds; States, Cities Dig Deeper Holes - globaleconomicanalysis

Permalink posted by markw @ 12:33 PM
 

Breakfast Briefing: No Escape From TARP for Banks Choking on RE Loans

• People sign petition to "increase inflation to 100%" to purposely cause hyperinflation - globaleconomicanalysis
• Bernanke: Too Early to Declare Lasting Recovery - online.wsj
• Beijing looks to real estate as growth driver - marketwatch

• Comparing Presidents' Real GDP per Capita, late 2009 edition - angrybear
• Now the Kashkari Puff Piece Makes Perfect Sense - zerohedge
• Bernanke sees headwinds continuing to hurt U.S. economy - money.cnn

• Obama: Use TARP for job creation - money.cnn
• Advertising Spending to Stabilize in 2010 - online.wsj
• Bank of America: 2/3 of Borrowers May Lose Mods - cnbc

• Elizabeth Warren: The Coming Collapse of the Middle Class: - ritholtz
• Your COBRA Subsidy Is Ending, What Now? - consumerist
• NBER Members: Recession Over, Date TBD - ritholtz

• Priority? What's That? - market-ticker.denninger.net
• U.S. hiring to pick up modestly - Manpower survey - Dec. 8, 2009 - money.cnn
• No Escape From TARP for U.S. Banks Choking on Real Estate Loans - bloomberg

Permalink posted by markw @ 5:15 AM
 

Accounting Change to Boost Insurers' Books by $11 Billion

State insurance regulators approved an accounting change tied to income taxes expected to add more than $11 billion in capital to life insurers' balance sheets at year-end... The change represents one of the biggest single capital-relief items sought by the life-insurance industry in a package of overhauls presented by a major trade group late last year... WSJ: Accounting Change to Boost Insurers' Books by $11 Billion

Permalink posted by markw @ 4:53 AM
 

MetLife Expects to Report First Net Income in Year

MetLife Inc., the biggest U.S. life insurer, expects to report its first profit in a year in the fourth quarter as investments in private equity, hedge funds and other holdings recover... Net income in the period will probably fall to $340 million to $485 million from $954 million in the fourth quarter of 2008, the New York-based company said today. MetLife, which used hedges to post profits last year as markets declined, accumulated $2.57 billion in net losses in the first nine months of 2009 as stock and bond indexes recovered... Bloomberg: MetLife Expects to Report First Net Income in Year

Permalink posted by markw @ 4:52 AM
 

Commercial MBS Delinquencies Rise in Third Quarter

While residential foreclosures get most of the publicity, delinquency rates for mortgages in the commercial sector are also rising according to data released today by the Mortgage Bankers Association (MBA)... MBA's Commercial/Multifamily Delinquency Report tracks commercial delinquencies among five investor groups, each of which reports its delinquencies in its own way. Therefore, rates are not comparable from group to group... Mortgage News Daily: Commercial MBS Delinquencies Rise in Third Quarter

Permalink posted by markw @ 4:51 AM

Monday, December 07, 2009

 

Fidelity variable annuity charges a high cost for a guaranteed income

Fidelity Investments has joined the rush to "living benefits." Partnering with Metropolitan Life, it now offers a variable annuity that guarantees 4 to 6 percent distributions from your original investment each year for life — regardless of what happens to the stock and bond markets... Unfortunately, living benefits aren't as good as they seem. The basic problem is simple... Statesman: Fidelity variable annuity charges a high cost for a guaranteed income

Permalink posted by markw @ 10:01 AM
 

Lunch Linkage: MetLife outlook better than average expectations

> Most Recent Insider Selling to Buying Ratio: 82:1 - zerohedge
> Police, Protesters Clash at Iran University - online.wsj
> U.S. Stocks Rise as Health-Insurer Rally Offsets Oil Retreat - bloomberg

> Carney Bank of Canada Rates in Housing Boom Prompt Bubble Talk - bloomberg
> Dollar Strength And Potential Depth Thereof - zerohedge
> Deep Deflationary Thoughts From Van Hoisington Of Wasatch Funds - zerohedge

> Millions More Are At Risk Of Foreclosure Than Anyone Realizes - businessinsider
> US Mint Runs Out Of Tenth-Ounce Gold Coin Inventory Day After Its Release For Broad Purchase - zerohedge
> Trapped under TARP: Regional Banks and Real Estate Loans - calculatedriskblog

> U.S. Bank Bailout Estimate Cut by $200 Billion - foxbusiness
> Treasury Hesitant to Sell Stake in Citi - foxbusiness
> Who Wins When the US Dollar Falls? - ritholtz

> 6 Investing Myths - tipd
> Where to invest funds for a down payment - Dec. 7, 2009 - money.cnn
> Michael Boskin on 'The Obama Crash' - ritholtz

> Employment Trend Strengthens, Conference Board Says - online.wsj
> Carbon trading awaits U.S. adoption before takeoff - marketwatch
> AT&T Wants Your Help Finding Crappy iPhone Service Areas (T, AAPL) - businessinsider

> Cadbury to Respond to Kraft Offer Next Week - foxbusiness
> S&P Prepares To Cut Greece Rating For Second Time In One Year - zerohedge
> MetLife outlook better than average expectations - cnbc

Permalink posted by markw @ 10:00 AM

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