Memo Shows MFS Funds Let Favored Clients Trade When Others Couldn't

Article Abstract:

An SEC investigation into MFS Investment Management shows that company officials tried to cover up improper market timing practices in 2001. MFS created a specialized group of large funds that could undergo rapid-fire trading and benefit favored customers. The company's prospectuses stated that market timing was disallowed. MFS now faces lawsuits by federal and NY state regulators.

Cases, Mutual fund industry, Securities trading, Market timing, MFS Investment Management

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3 Morgan Stanley Dissidents Met Directors

Article Abstract:

Retired executives Robert G. Scott, S. Parker Gilbert and Lewis W. Bernard met with Morgan Stanley board members to discuss the leadership of chief executive officer Philip J. Purcell. Unlike Mr. Purcell, they believe that Morgan Stanley should be split into two distinct financial services companies, one specializing in institutional investors and the other catering to individuals.

Government regulation (cont), Government regulation, Organizational history, Executive changes & profiles, Legal/Government Regulation, Officials and employees, Laws, regulations and rules, Corporate governance, Chief executive officers, Company restructuring/company reorganization, Reorganization and restructuring, MWD, Company organization, Morgan Stanley, Purcell, Philip J.

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It's Cleanup Time at Citi

Article Abstract:

Chief executive officer, Charles O. Prince is trying to clean up the image of Citigroup Inc. In 2004, the company was forced to close its private banking business in Japan, paid a $70 million fine to the Federal Reserve for consumer lending violations and agreed to a $2.65 billion to settlement with investors of WorldCom.

Commercial Banks, Japan, Sales, profits & dividends, Banking industry, International aspects, Beliefs, opinions and attitudes, Company sales and earnings, Company earnings/profit, Company Profile, Citigroup Inc., C, Weill, Sandy, Prince, Charles O.

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