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Rating:June 22, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, June 22, 2000

June 22, 2000

Reported by Sean Hanna, Editor in Chief

Fidelity's earning sizzle
From Wall Street Journal
In a rare interim report Fidelity shared preliminary six-month financial results yesterday. The Boston Behemoth's earnings doubled to $1.2 billion on revenue of about $5.8 billion -- a 41 percent jump from $4.1 billion in revenues for the first half of 1999, when net income was $562 million. James Curvey said the numbers reflect four "absolutely terrific" months followed by two slower months, according to the paper. The report speculates that Fidelity released the numbers to reassure the public that yesterday's personnel moves had nothing to do with the fund giant's operating results.

Borgen busted
From The New York Times
The SEC has suspended and fined the former owner of Founders Asset Management for failing to disclose that some clients paid too much for stock trades in the early 1990's. Bjorn Erik Borgen, sole owner of the firm which manages more than $8 billion, agreed to a 180-day suspension and a $590,000 fine to settle the complaint. The SEC said that Borgen charged some Founders clients excessive brokerage commissions, which were funneled to a broker who had placed the clients with Founders.  

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