Investment Management Advisory Group

California Treasurer Phil Angelides picked Investment Management Advisory Group to counsel the state on strategies for using derivatives to lower finance costs on as much as $15 billion in bonds. The company bid $80,000 for 200 hours of work on the California contract, the treasurer's office said Wednesday. The firm, known as Image, has advised on $120 billion in transactions since its founding in 1992, said Martin Stallone, a managing partner.

California Treasurer Phil Angelides picked Investment Management Advisory Group to counsel the state on strategies for using derivatives to lower finance costs on as much as $15 billion in bonds. The company bid $80,000 for 200 hours of work on the California contract, the treasurer's office said Wednesday. The firm, known as Image, has advised on $120 billion in transactions since its founding in 1992, said Martin Stallone, a managing partner.

The FBI raided financial firms on both coasts, including Beverly Hills-based CDR Financial Products, as part of an investigation into possible bid rigging on investments sold to public agencies, federal authorities and the firms said Thursday. Federal authorities also seized information from at least one municipal bond insurer in connection with the probe. Another of the companies raided, Investment Management Advisory Group of Pottstown, Pa.