ING hits tax snag with Aetna
From New York Times
Those who were looking to the announcement of ING buying Aetna's financial services unit (which was expected today following a meeting of Aetna's board on Saturday) may have to put the champagne on ice. The
New York Times quotes people "close to the talks" as saying that the deal has hit snags. The biggest issue is avoiding paying taxes on the reputed $7 billion deal. The sources now claim that the deal will not be announced until the middle of next week.
ETrade's purchase
From USA Today
ETrade is purchasing San Francisco-based Electronic Investing. The acquired company enables investors to build portfolios through dollar-amount investments rather than purchasing shares. ETrade will offer the product to financial advisors and its 3 million account holders. No terms of the transaction are known.
Investor led funds
From Wall Street Journal
Fund management continues to become more participatory. Los Altos, California-based Marketocracy Inc. is the latest to let its investors become become portfolio managers. The site will pick the best stockpickers in a contest run on its Web site to act as managers for a fund it will launch. Ken Kam, Marketocracy's chief executive and manager of its Medical Specialists Fund (and cofounder of Firsthand Funds) is quoted as saying: "At the end of three years, we're going to have identified people with the best three-year track records. We'll take the best five in each sector and let them co-manage a fund." Those chosen will even get to take home a paycheck. Other funds taken similar approaches include StockJungle.com and MutualMinds.com.
Cramer's list
From TheStreet.com
Look Out! TheStreet.com's Jim Cramer is gunning to take down the fund industry. To report on fund company's accountability to investors (or the lack thereof) the feist hedge fund manager and columnist has invested $2,500 in 50 different funds. Cramer plans to report on his direct experience as an investor in these funds. The list please:
AIM
Value
Alliance
Premier Growth
American
Century Emerging Markets
American
Century Ultra
Amerindo
Tech
Bear
Stearns S&P
Berger
Small Company Growth
Berkshire
Focus
Blackrock Global Science and Tech
CGM
Realty
Davis
New York Venture
Dreyfus
Premier Tech Growth
Fidelity
Aggressive Growth
Fidelity
Blue Chip Growth
Fidelity
Select Electronics
Fidelity
Select Technology
First
American Technology
Gabelli
Global Telecom
Gabelli
Growth
Harbor
Capital Appreciation
Invesco
Dynamics
Investment Company of America
Janus
Fund
Janus
Mercury
Janus
Special Situations
John
Hancock Financial
Kemper-Dreman High Return Fund
Legg
Mason Value
Liberty-Stein-Roe Young Investors
Marsico
Focus
MFS
Midcap Growth
Merrill
Lynch Global Growth
Morgan
Stanley American Opportunities
Murphy
New World Biotech
Oakmark
Select
Olstein
Financial Alert
PBHG
Technology & Communications
Pilgrim
Growth Opportunities Fund
Putnam
Voyager
Reserve
Small Cap Growth:
Scudder
International
Seligman
Communications and Information
Smith
Barney Aggressive Growth
Strong
Growth Fund
T.
Rowe Price Science and Tech fund
Van
Kampen Emerging Growth
Vanguard
Star
Waddell
& Reed Science and Tech
Warburg
Pincus Global Post Venture
White
Oak Growth Stock
le 
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