Another Congressional investigation into a failed 401(k) plan may be in the works. This time the suspected culprit is Global Crossing. Representative. Louise Slaughter (D, NY) called for a congressional probe of Global Crossing's management of the retirement plan, according to a report in The Wall Street Journal
. "In the wake of the Enron scandal, we have the responsibility to investigate allegations of similar practices by other companies," she is quoted in the paper as saying.
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Datek Online Holdings has retained Morgan Stanley to find a buyer, reports the New York Post. Datek did not confirm the report which was sparked by a Putnam Lovell analyst Richard Repetto writing that Datek "is testing the acquisition waters." The paper says the broker has received a bid from E*Trade and that TD Waterhouse, Bank of Montreal, Wells Fargo and J.P. Morgan Chase & Co.'s online brokerage unit Brown & Co. are other likely suitors. The price tag is rumored to be between $600 million and $1 billion.
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The Davidson Trust Company has selected MFACT from Global Investment Systems. This is an automated accounting and administration system. Davidson will utilize MFACT for its Common Trust Funds.
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John Nagorniak of Franklin Portfolio Associates and Mellon Financial has been named to the board of directors of LifeHarbor. LifeHarbor is a wealth management software firm.
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