According to The Wall Street Journal, Global Crossing did not inform either Arthur Andersen or its audit committee about a 2001 memo from a finance executive which opined that there were accounting troubles at the company. Global Crossing will hire independent directors and another auditing company to investigate the matter.



According to The Boston Globe, Argentina is planning on requiring banks to convert loans and deposits to Argentine pesos. The move is to into effect tomororw. FleetBoston operates the second largest bank in that country is expected to suffer from this new austerity program.



New York Life has named Frank Boccio as the chief administrative officer of its life and annuity business.



Ohio National Financial Services in Cincinnati has completed its acquisition of Suffolk Capital Management. Suffolk was a New York unit of Old Mutual.



American Express has lured three portfolio managers away from Fidelity. Those managers are Douglas Chase, Robert Ewing, and Nick Thakore. They will continue to work in the Boston region and open a satellite office for American Express in that area.  

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