Paul Kangas is off tonight. A setback today for Martha Stewart. Former Merrill Lynch assistant Douglas Faneuil said he illegally passed on a secret stock tip to Stewart just before she sold her shares of ImClone.
And the housing industry continues to see stellar growth. Single-family housing starts reach record levels in November, but experts question whether the industry can keep up the torrid pace. Also tonight, Motorola MOT hopes this man will make the right call.
We ask him about his plans to turn around the troubled company.
The aerospace giant gives the green light to the model, its first in over a decade. Susie Gharib is off tonight. But Harrigan said the exchange looked the other way because it allegedly profited from the abuse.
CalPERS says the specialist firms took advantage of confidential knowledge of public investors orders, by buying stocks for their own accounts before completing those of investors.
Well, our legal office and based on what we know from the work of the Securities and Exchange Commission indicates to us that there has been substantial abuses and fraud committed here by the specialists.
And I will say that we also believe the New York Stock Exchange knew these practices were going on and did nothing to stop them. And what we have seen both in the Grasso compensation saga and in the work of the SEC and the belief and the facts that our legal office has come to see is that this exchange has not operated with the kind of openness and fairness that is required of it to function well in the American economy.
Angelides, let me ask you a question though. We would never do that. We have a fiduciary obligation to defend the assets of our members, the 1. So this is about our fiduciary obligation. We sue infrequently, only when we believe we have an obligation to seek restitution, and in this case also reforms.
Well, the plain truth is that the SEC has been slow on the mark, whether it was on investment banking practices that Eliot Spitzer pursued or mutual fund practices which Eliot Spitzer pursued or other market reforms which we have pursued as investors representing working men and women who invest in the markets.
This is not an attempt to do anything other than seek restitution for our pensioners and tax payers and the many investor who were bilked by these front running and trading ahead practices, and yes to seek reform ultimately of this institution.
You talked about restitution. Is that in the ball park? Angelides, thank you for joining us. Alliance Capital Management AC is facing a double whammy tonight. In the next few days, New York Attorney General Eliot Spitzer and the SEC will make another public display of solidarity, issuing a joint announcement of a settlement with Alliance Capital over late trading and marketing timing abuses.
But despite claims of united action, the two regulators are heading off in very different directions. That money will go to investors who were directly harmed by any misconduct.
That could save Alliance investors several hundred millions dollars. The SEC calls that price fixing, and argues investors will have to stay with a firm that harmed them in order to benefit from the lower cost. The mutual fund industry agrees, saying fees are not the issue here. This case involved market timing through a hedge fund.
Fees were not involved, so it strikes me as the punishment having no relationship to the crime. But critics of high mutual fund fees applaud the New York attorney general.
I think this is a Solomon-like proposal, in terms of a punishment; that the free market has not been working well for investors, it has been working great for the fund industry.
Next month, the SEC will adopt tougher requirements for disclosure of mutual fund fees. But critics say it is time to send the industry a strong message. These problems have existed for a long time. This fight is not going away.
Last month consumer prices dropped 0. News that another former senior Iraqi official was captured kept the blue chips buoyant, but profit-taking in the high-tech sector kept the NASDAQ market lower. And that was the same trend that lasted to the end today. Wall Street was pleasantly surprised that housing starts soared last month, surpassing the 2 million mark.TYCO INTERNATIONAL Annual Report.
1 On the cover and at left: to enable each to drive its own business strategies and Carl joined the board in during a challenging period for our company, and I want to thank him for his dedicated service and contributions.
In , we were. >> susie: that's "nightly business report" for wednesday, february i'm susie gharib. good night everyone, and good night to you too, tom. >> tom: good night susie.
i'm tom hudson. good night everyone.
we hope to see all of you again tomorrow night. "nightly business report" is made possible by: this program was made possible by. withdrawal were back a year later tapping their k. darren gersh, "nightly business report," washington.
>> tom: making mortgage payments is a hardship as well. nearly half the homeowners trying to get help from uncle sam's housing rescue program have dropped out.
a new report from the treasury department shows 48% of the homeowners who. ANNUAL REPORT TYCO INTERNATIONAL LTD. 2nd Floor 90 Pitts Bay Road Pembroke HM 08, Bermuda regardbouddhiste.com results and trends in the business. The difference between reported net revenue growth (the most. Jul 14, · Risks of going to war are examined from an economic perspective on the night George W.
Bush issued his 48 hour ultimatum telling Saddam Hussein to leave Iraq. Episode Recap Nightly Business Report on regardbouddhiste.com Watch Nightly Business Report episodes, get episode information, recaps and more.