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BUSINESS
June 7, 1994 | From Reuters
The U.S. Supreme Court said Monday that it will hear an appeal by the Clinton Administration and NationsBank Corp., the nation's third-largest bank, of a ruling that sharply limits banks' ability to sell annuities. The decision will be important for banks wanting to expand into a new type of products that generate fees, experts said. "If the court upholds the decision, it could shut down a very important area for banks," banking consultant Karen Shaw said.
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BUSINESS
June 7, 1994 | From Reuters
The U.S. Supreme Court said Monday that it will hear an appeal by the Clinton Administration and NationsBank Corp., the nation's third-largest bank, of a ruling that sharply limits banks' ability to sell annuities. The decision will be important for banks wanting to expand into a new type of products that generate fees, experts said. "If the court upholds the decision, it could shut down a very important area for banks," banking consultant Karen Shaw said.
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BUSINESS
February 11, 1997 | From Bloomberg News
The Securities and Exchange Commission has found signs of possible sales abuses by insurance companies selling variable annuities, prompting it to initiate an unprecedented inspection of 13 insurers. "We want to take an even harder look at annuity sales practices in the industry and at companies' supervisory systems," said Lori A. Richards, head of the SEC's compliance inspections and examinations office. Aetna Inc., Travelers Group Inc., Equitable Cos. and American General Corp.
BUSINESS
October 23, 2006 | Kathy M. Kristof, Times Staff Writer
Under pressure from teachers, an insurance company that sells individual retirement plans to Los Angeles school district employees has agreed to disclose the fees it collects from the mutual funds it offers as investment options. The fees, known as revenue-sharing payments, are common in retirement funds, including 401(k) plans. They are intended to cover the expense of marketing the plans, among other costs.
CALIFORNIA | LOCAL
March 5, 1989 | JEFFREY L. RABIN, Times Staff Writer
South Bay lawmakers received more than $54,650 in gifts and honoraria from special interests last year, according to annual economic interest statements filed last week with the state Fair Political Practices Commission. The statements show that, in some cases, local lawmakers received thousands of dollars in speaking fees, travel, expensive meals and entertainment from a wide variety of corporations or lobbying groups with an interest in legislation. Sen.
NEWS
November 13, 1989 | RICHARD SIMON and FREDERICK M. MUIR, TIMES STAFF WRITERS
One Saturday afternoon in March, insurance executive Glen A. Holden came home to his Bel-Air mansion to hear his grandson announce, "Hey gramps, the President's calling." In that surprise phone call, President Bush asked his old friend and financial supporter to serve as the next ambassador to Jamaica and to play a key role in formulating U.S. policy in the Caribbean.
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