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Rating:October 30, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, October 30, 2000

October 30, 2000

Reported by Sean Hanna, Editor in Chief

Pru May Cut 400 Jobs from Fixed Income
From Wall Street Journal
Prudential Securities is taking out the axe and readying a cut of about 400 employees from its institutional bond business, says the paper. At the same time the report said that Prudential is likely to beef-up the retail portion of its business. The purpose of the cutback of the institutional business is to cut the inventory of bonds it holds and thereby reduce the volatility of its earnings.

Fido Sued Over Web Concept
From Wall Street Journal
Privately-held Savor (Plymouth, Michigan) has filed a law suit against Fidelity Investments in state court in Dover, Delaware. The suit claims that Fidelity Investments and Upromise stole trade secrets by developing a college-savings 529 plan program similar to one Savor presented to Fidelity. The fund firm passed information on the idea to Upromise, Savor claims.

Harmon Disappears
From TheStreet.com
The Zero Gravity Fund may be losing its namesake. The Web site reports that Steve Harmon's name has disappeared from the Web site of the firm that he founded. The Zero Gravity Funds, formerly e-Harmon Funds, filed a supplement to the prospectus for the Zero Gravity Internet fund on October 17. That filing failed to list Harmon as a part of the fund's management team, instead listing Lisa Cavallari, Randy Chin and Patrick Wong. The report noted that Harmon's bio has also dropped from the firm Web site.

Social Security Reform Takes Front Stage of PRez Campaign
From Wall Street Journal
Social Security reform is coming to the forefront of the Presidential campaign in its final days. Democrat Al Gore is using the issue to clarify the distinction between ahis camp and George W. Bush's. Gore is highlighting the issue in two new ads that are running as a part of a $15 million media blitz running up to the election. The ads will stress that Bush's plan to privatize accounts will not allow current benefits to be preserved and will use former Social Security Commissioner Robert Ball.

Paper Says Bush's Plan Makes Cents
From Investor's Business Daily
The plus side of George W. Bush's plan to privatize at least part of Social Security would be to create a new source of investment capital, the paper explains. The article claims that Bush's plan for Social Security will "create trillions of dollars in new investment capital for the economy over the next two decades". It adds that this plan could provide "more jobs, lower inflation and a rising standard of living, not just for retirees but working Americans as well. And it means potentially hundreds of billions of dollars in new economic output." A primary source quoted in the articles is Wade Dokken, chief executive of American Skandia. Interestingly, the American Academy of Actuaries recently issued a report calling both Bush's and Gore's plans "incomplete, at times internally inconsistent, potentially misleading,". 

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