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BUSINESS
February 10, 1989 | From Reuters
In its latest move to protect its turf, the Securities Industry Assn. said today it will sue the Federal Reserve Board to prevent affiliates of bank holding companies from underwriting corporate stock and bonds. Last month the Fed said it will allow bank affiliates to underwrite corporate bonds, eroding the strict division of labor between the banking and securities industries laid out in the Glass-Steagall Act of 1933. The Securities Industry Assn.
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BUSINESS
July 5, 2011 | By Salvador Rodriguez, Los Angeles Times
The cyber-security industry is on Defcon 1 high alert. The recent rash of attacks on dozens of websites including those of the CIA, the FBI and even PBS is roiling the security industry and increasing demand for cyber-defense experts. "Every time one of these breaches makes the news, I will tell you, my phone rings off the hook," said Chris Novak, a manager of Verizon Communications Inc.'s Investigative Response Team, which now has nearly 100 members, more than double from a year ago. With the surge in attacks in recent months, Novak sees the team tripling in size this year.
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BUSINESS
March 28, 1999 | PAUL J. LIM, TIMES STAFF WRITER
A month ago, at a Securities and Exchange Commission round-table discussion on mutual fund fees and governance, John Markese asked for a show of hands. "How many of you know who your funds' independent directors are?" asked the president of the American Assn. of Individual Investors, turning to an audience of industry officials and observers. "I don't recall seeing a single hand," Markese said. And these were the so-called experts.
BUSINESS
June 2, 2006 | Tom Petruno, Times Staff Writer
A state judge has thrown out California's fraud lawsuit against brokerage firm Edward Jones & Co., in another defeat for Atty. Gen. Bill Lockyer's attempt to assert authority over mutual fund sales practices. Superior Court Judge Loren McMaster in Sacramento dismissed Lockyer's 17-month-old suit against St. Louis-based Jones last week, ruling that California's case conflicts with a federal law that gives U.S. regulators sole authority to set securities-industry disclosure rules.
BUSINESS
March 10, 1999 | Times Staff, Bloomberg News
If timing is everything, then Nasdaq-Amex might have a hit on its hands when it begins trading its Nasdaq 100 index tracking stock today, under the symbol QQQ. The tech-heavy index surged 85% in 1998--more than triple the gain of the blue-chip Standard & Poor's 500 index--and is up about 10% this year, more than double the S&P's climb. Its returns have thumped the better-known S&P and the Dow Jones industrial average over the last five years, fueled by leaders such as Microsoft Corp.
BUSINESS
March 9, 1993 | TOM PETRUNO, TIMES STAFF WRITER
Blue chip stocks zoomed to new all-time highs Monday in what appeared to be a delayed reaction to Friday's strong February employment report. A surprise rally also powered Japanese stocks to their highest levels since late December, and early today sent the Nikkei share index over the 18,000 mark. Combined, the New York and Tokyo buying sprees--and a sputtering U.S. bond market--lent more credence to the view that the world economy is closer to renewed growth than another downturn.
BUSINESS
March 27, 1990 | ELIF KABAN, REUTERS
A sack of stock certificates lies half-empty in a dingy coffee house opposite Istanbul's Stock Exchange. "Stocks? Like tomatoes you know, I sell them like tomatoes," said the shabbily dressed "bagger"--one of many unofficial traders who buy and sell stocks out on the street. The bizarre street trading that goes side by side with the official stock market would shock Western brokers.
BUSINESS
February 21, 1999 | WALTER HAMILTON, TIMES STAFF WRITER
On the floor of what is probably the biggest day-trading brokerage on the West Coast, what stands out most to a first-time visitor isn't the phalanx of souped-up computers or the T-shirt-clad twentysomethings trying to make a killing. It's the industrial-size cereal canisters. Lined up along a back wall of Momentum Securities' Irvine office are eight large containers of Corn Flakes and other cereals that seem more appropriate to a college cafeteria or a warehouse supermarket than to a brokerage.
BUSINESS
August 30, 1991 | From Times Staff and Wire Reports
SEC Issues Brokerage Reform Plan: Responding to last year's collapse of Drexel Burnham Lambert Inc., the Securities and Exchange Commission proposed a sweeping plan requiring brokerage houses to provide data about the dealings of their parent firms. Officials said the proposal would help them spot when a brokerage falls prey to troubles at a holding company or affiliate.
BUSINESS
January 12, 2006 | From Bloomberg News
Wall Street firms will pay their New York City workers a record $21.5 billion in bonuses for 2005 amid soaring profits, state Comptroller Alan Hevesi forecast Wednesday. The average bonus for the city's 174,000 investment bankers and other securities industry workers will rise 10% to $125,500, also a record, Hevesi said. Total bonuses will rise 15.5%, surpassing the previous record of $19.5 billion set in 2000.
BUSINESS
February 1, 2005 | From Bloomberg News
Investment advisor Todd Eberhard, who pleaded guilty in September to federal charges that he defrauded clients of as much as $20 million, has agreed to be barred from the investment industry, the NASD said Monday.
BUSINESS
November 23, 2004 | From Associated Press
Former Silicon Valley technology banker Frank Quattrone, convicted on criminal charges of obstructing justice, has been barred from the securities industry for life by regulators for allegedly failing to cooperate in an investigation of his activities. The NASD, formerly the National Assn. of Securities Dealers, said Monday that its National Adjudicatory Council had permanently banned Quattrone from the industry, overruling a January decision by a hearing panel to suspend him for only a year.
BUSINESS
February 15, 2004
While it may be heartening to see new jobs created by the security industries, it is also saddening to some of us oldsters who remember different times ("From the War on Terrorism, New Jobs," James Flanigan, Jan. 25). As this industry grows and reaches critical mass, as it will, it will also inevitably develop the means to perpetuate itself through a burgeoning public relations apparatus, advertising and sophisticated political lobbying. To continue to thrive it needs the constant threat of an enemy, real or imagined, lurking somewhere out there waiting to kill us. Marshall Lumsden Malibu
BUSINESS
February 23, 2003 | Thomas S. Mulligan and Walter Hamilton, Times Staff Writers
As a budding Wall Street power couple, David Cohen-Mintz and Efrat Yellin had everything going for them but timing. Last July, they eagerly vacated their cramped Chelsea apartment, bought new furniture and moved into a more spacious place in the West Village. The rent was steeper, but their prospects seemed to be on the rise.
BUSINESS
February 11, 2003 | E. Scott Reckard, Times Staff Writer
When Oscar Bugarini was downsized into early retirement from Boeing Co.'s Long Beach aircraft plant in 1999, he turned his $240,000 in retirement savings over to brokerage Salomon Smith Barney, asking in writing for a conservative portfolio balanced among "value" stocks, bonds and cash. Instead, Bugarini says, he wound up with technology stocks and Salomon-managed growth-stock mutual funds that shot up briefly, then fell into a long decline.
NATIONAL
August 30, 2002 | VICKI KEMPER, TIMES STAFF WRITER
Bush administration officials scrambled Thursday to disavow and then undo proposed air travel restrictions for the Sept. 11 anniversary and, with commemorative events less than two weeks away, said broader security plans have not been finalized.
BUSINESS
October 17, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
Sales of annuities, which have been hard hit by the 19-month-long slide in stock prices, may not recover even after the equity markets stabilize, a new study suggests. To attract investors, the annuity industry may have to focus on new product twists and fee structures, the study says.
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