NASD Goes After Dean Witter
From Dalles News
T he National Association of Securities Dealers is accusing two Dean Witter Reynolds executives -- John B. Kemp and Lawrence J. Solari Jr. -- with misleading elderly investors. It claims that the pair convinced investors to invest $2 billion into bond funds that were not as conservative as promised. The purported actions took place in the early nineties and Dean Witter Reynolds is now a part of Morgan Stanley Dean Witter. The NASD claims 30,000 investors lost $65 million in assets in the Long Term Trusts in 1994.

More on Pilgrim & Baxter's Windfall
From Philadelphia Inquirer
T he Philadelphia paper provides the hometown spin on yesterday's deal by Old Mutual to by the share of UAM's revenue-stream owned by Gary Pilgrim and Harold Baxter for $640 million. The two promised to stay at the firm through 2008 as a part of the deal. The deal includes $110 million in cash this month and another $110 million to be paid in the first quarter of 2001 for 52 percent of the revenue. The two will get $420 million for the remaining 48 percent paid in six equal annual installments beginning in April 2002.

Another Bank Deal
From Wall Street Journal
Cincinnati-based Fifth Third is buying Old Kent Financial for $4.74 billion in stock. The combination will rank as the fifth largest bank in the Midwest.

Shares Instead of Miles
From New York Times
US Airways is joining with Stockback.com to offer shares of Merrill Lynch funds for travelers who purchase tickets to customers who buy tickets through its Web site. The program is similar to that of SaveDaily.com which has partnered with Priceline.com, Travelscape and Economy Travel. The article quotes advisors as being skeptical of the offer and then goes into detail on how the program works.

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