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Rating:Global Crossing in the Crosshairs Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, February 12, 2002

Global Crossing in the Crosshairs

Reported by InvestmentWires Staff, 

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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