Merrill Fires Three Brokers Over Trading

Article Abstract:

Merrill Lynch dismissed three senior brokers because of their questionable activity in trading with Millenium Partners hedge funds. The brokers allowed Millennium to trade in and out of mutual funds for a short-term gain. A Millennium trader, Steven B. Markovitz, admitted to participating in illegal late-day trading that allowed access to prices unavailable to other investors. While market timing is not illegal, Merrill Lynch is aware that long-term investors resent firms that allow a practice that it discourages in its professional trading policies.

Cases, Human resource management, Financial services, Securities industry, Company personnel management, Merrill Lynch & Company Inc., Fred Alger Management Inc.

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Fannie Mae To Review Pay Packages Of Ex-Officials

Article Abstract:

The Office of Federal Housing Enterprise Oversight is reviewing whether Franklin D. Raines and J. Timothy Howard, who were recently ousted from their executive positions at Fannie Mae, are entitled to termination benefits.

Mortgage Bankers, Real Estate Credit, Mortgage Bankers and Brokers, Mortgage Bankers & Brokers, Mortgage and Nonmortgage Loan Brokers, Capital funds & cash flow, Management Compensation, Compensation and benefits, Accounting and auditing, Appointments, resignations and dismissals, Executive compensation, FNM, Mortgage banks, Severance pay, United States. Department of Housing and Urban Development. Office of Federal Housing Enterprise Oversight, Federal National Mortgage Association, Raines, Franklin, Howard, J. Timothy

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A Hedge Fund Master Receives Unwanted Attention

Article Abstract:

The investigation into former Millennium Partners employee Steven B. Markovitz is now affecting company head Israel A. Englander, as some say that he either knew or should have known about the after-hours trading.

Executive changes & profiles, Management investment, open-end, Officials and employees, Beliefs, opinions and attitudes, Mutual fund industry, Englander, Israel A., Markovitz, Steven B.

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