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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Nov 21 4:00 PM EST

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To: Snowshoe who wrote (21864)	10/1/2007 10:40:08 PM
From: Snowshoe	Read Replies (1) of 217949

Subprime losses hit Prudential retirement accounts. This is the same State Street Corp. junk that caused a problem for the Alaska retirement system... Prudential Sues State Street Over Losses Move Shows Risks Individual Investors Face in Credit Mess By GARY PUTKA October 2, 2007 A unit of Prudential Financial Inc. sued State Street Corp. subsidiaries over $80 million in losses ascribed to "undisclosed, highly leveraged" investments by State Street that included subprime mortgages. Prudential said the losses were suffered in accounts held by 28,000 individuals in 165 retirement plans that it markets. These accounts held funds that were managed by State Street, a Boston bank and money manager. Although Prudential, a big insurer based in Newark, N.J., said it would reimburse its clients for the $80 million they lost, the lawsuit showed that individual investors may be facing some hidden risks from the subprime meltdown in the form of retirement funds that are supposed to be safe, conservative choices. online.wsj.com

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