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To: SiouxPal who wrote (10381)	9/2/2002 9:21:01 PM
From: StockDung	Respond to of 19428

Law Firms Court Retired Investors By MIKE SCHNEIDER .c The Associated Press ORLANDO, Fla. (AP) - Squeezed between a political ad and a weather update from the local news station, a bearded attorney in a yellow shirt and a lime-colored tie appears on the television screen. ``So you worked hard and socked your money away so that you could enjoy retirement,'' James Richard Hooper says. ``You selected a major Wall Street brokerage firm to invest and protect your money and now, now you're left holding the bag. Your money is gone.'' He blinks. Across his chest is a white graphic listing a toll-free number. ``Your dreams are shattered, but you might just have a claim against that trusted brokerage house,'' the Orlando attorney says. Hooper is one of a number of trial lawyers who are finding a niche in mining the discontent of retired investors. At a time when many retirees are depending on their investment income more than ever, their portfolios have headed south with the stock market. Nationwide, arbitration claims are up 10 percent this year, according to the National Association of Securities Dealers, which regulates brokerage firms. The number of lawsuits also has grown: Last year, there were 486 class-action lawsuits for federal securities fraud, more than doubled the 214 in 2000, according to the Securities Class Action Clearinghouse at Stanford Law School. While bigger law firms are getting attention filing class-action lawsuits against investment firms and brokerage houses, Hooper is casting his net for clients in a state that is home to large amounts of retirement money. About 18 percent of Florida's population is over age 65. ``Most of the grandmas and grandpas in Florida who lost money in the market think it's their own fault or God's will. We're trying to educate them that they may have a claim,'' Hooper said. Hooper has yet to file any claims, although his law firm has received hundreds of calls since his four radio and television ads began running in Florida two weeks ago. About half appear to have some merit, he said. Not everyone who loses money in the stock market has a legal case. But Hooper said a case could be made if an investor tells a broker to invest conservatively and the broker puts the money in high-risk stocks or if the broker ignores specific instructions. ``When you get retirees, they can't afford to take those kinds of risks,'' Hooper said. ``Every day, we're getting calls from people who shouldn't have been in telecommunications, high-tech, dot-coms.'' Merrill Lynch spokesman Bill Halldin said he has no figures on how big an increase there has been in legal claims against his company. ``Typically, in bear markets that have followed bull markets, situations when investors have lost money because of investment decisions, all of Wall Street sees a rise in claims,'' Halldin said from New York. Attorney Vincent DiCarlo points to the number of hits on his Web site as evidence of the recent interest in legal action against brokers. In October 2000, the Web site had 410 hits. Last month, it had 19,000. ``When the market falls, all of the misconduct is revealed,'' the Sacramento, Calif., attorney said. One of DiCarlo's clients, Kenneth Shanon, last year was awarded $90,000 by an arbitration panel in California. Shanon had accused First Union Securities and a broker of misrepresentation and selling him bonds without telling him they were ``junk bonds,'' or below investment grade. He had sought $115,000. Because of high hurdles to filing financial lawsuits, investors' claims are unlikely to be the next frontier for trial lawyers who have found gold mines in asbestos, tobacco and defective tire cases, legal experts said. ``You're talking about a different situation than Firestone or asbestos,'' said Carlton Carl, a spokesman for the American Trial Lawyers Association in Washington. ``You're talking about financial injury rather than physical injury.'' Almost all such cases are heard by arbitration panels rather than the courts because of arbitration agreements investors sign when they hire a broker. ``Arbitration doesn't have the same power as class action,'' said Georgetown University securities law professor Donald Langevoort, a former special counsel at the Securities and Exchange Commission. ``It's not the same mega-money that class action produces. You don't get a global settlement. You fight one-on-one.'' On the Net: Securities Class Action Clearinghouse: securities.stanford.edu NASD: www.nasdadr.com/statistics.asp Public Investors Arbitration Bar Association: www.piaba.org 09/02/02 15:28 EDT

To: SiouxPal who wrote (10381)	9/3/2002 9:04:07 PM
From: StockDung	Respond to of 19428

Forecast: Earnings crap out Earnings were supposed to be great by now -- oh well. September 3, 2002: 6:01 PM EDT By Justin Lahart, CNN/Money Staff Writer NEW YORK (CNN/Money) - Now was supposed to be the easy part. The economy would be chugging higher and U.S. companies would be raking in the profits. But instead the third quarter is shaping up to be a dud. With the economy hitting a rough patch, companies have steadily guided down investor expectations and analysts have slashed estimates. At the beginning of July, according to First Call, expectations were that companies in the S&P 500 would see earnings grow by 16.6 percent over the third quarter last year. Now analysts expect just 11.2 percent -- and still the estimates look overly optimistic. "Earnings expectations are still too high," said Banc of America Securities strategist Tom McManus. "It's setting us up for a disappointment." McManus thinks expectations assume an economic recovery that just hasn't happened. Could get worse After the economy proved resilient to the Sept. 11 attacks last year, investors began to build a "V-shaped" recovery into their expectations (one that would bottom quickly and bounce right back). But the economy had a lot of other problems than 9/11. Dream deferred In April, analysts were much more optimistic -- they have since slashed forecasts. Sector April 1 August 30 Communications Services 14% -14% Consumer Cyclicals 27% 21% Consumer Staples 27% 6% Energy -20% -24% Financials 48% 35% Health Care 14% 2% Industrials 23% -2% Materials 52% 23% Technology 132% 61% Transports nm% 79% Utilities 8% -12% S&P 500 30.3% 11.2% Source: Thomson Financial/First Call The way analysts have been cutting estimates suggests that they're starting to come around to McManus' view. Numbers came down particularly hard in July. And now that everybody is back in the office following Labor Day, the pace may pick up again. "Now we're in slash and burn time," said First Call's Joe Cooper. "We think that analysts are going to take down estimates to 5 or 6 percent growth." Analysts have also been taking down their estimates for the fourth quarter: Growth expectations for the S&P are down to 22.9 percent from 27.7 percent at the beginning of July. This is rare, said Cooper -- usually analysts don't bring down estimates so far in advance. Slicing into tech It's technology where the expectations have been most optimistic. In April, analysts expected S&P 500 tech earnings to jump 132 percent in the third quarter. Now, they're looking for 61 percent, still way too high. The mistake was two-fold. First, there was the belief the economy would keep chugging higher and second, analysts continually failed to recognize that they were dealing with an industry with far too many players and far too much capacity to recover quickly. "In some industries, there's no improvement and the economy is not going to help them," said Salomon Smith Barney economist Steven Wieting. Telecom equipment is a case-in-point. Nortel's warning and job cuts last week apparently took some investors by surprise, but it shouldn't have: Orders for communications equipment continue to slump and the industry is running at only 52 percent of capacity, according to the Fed. But companies in most sectors are running lean enough that, if the economy does pick up steam, they'll be able to post strong earnings, according to Morgan Stanley economist Richard Berner. The question is when the economy will get going and his answer, for now, is sometime around the beginning of the year. "Earnings are leveraged to growth," he said. "If the economy continues to be sluggish, the earnings are also going to be sluggish." But maybe with stocks down so much already the market can handle sluggish earnings. AQR Capital's Cliff Asness says that with the S&P 500 P/E ratio at 24, based on its average earnings over the past decade, stocks are "within hailing distance" of reasonable valuations. Not that these are the kinds of levels that make him want to rush in and buy. "To see a recovery in earnings is not enough," he said. "To be a screaming bull you need to have a radical earnings recovery, or a view that PEs should be 30 to 40."

To: SiouxPal who wrote (10381)	9/4/2002 6:10:31 PM
From: StockDung	Respond to of 19428

Goldman, CSFB Named by House in Analyst, IPO Probe (Update1) By George Stein New York, Sept. 4 (Bloomberg) -- Goldman Sachs Group Inc. and Credit Suisse First Boston Inc. are being investigated by the U.S. House Financial Services Committee, which is widening its probe of research conflicts of interest and allocations of initial share offerings at securities firms. Goldman Sachs Chief Executive Officer Henry Paulson and Credit Suisse Chief Executive Officer John Mack were asked by the committee to turn over documents, e-mails, compensation formulas and all records related to their work with communications and technology firms. The investment banks were heavily involved in underwriting ``failed telecommunications companies during the dotcom boom and their analysts gave favorable ratings even as the stocks plummeted to pennies per share,'' said Representative Michael Oxley, an Ohio Republican and the committee chairman, in a statement. Goldman was asked for records about 14 companies, including Enron Corp. and Global Crossing Ltd. Credit Suisse was also asked for records about those companies as well as 13 others. Citigroup Inc. is also being investigated by the committee for allegations of research conflicts and favoritism in IPO allocations. Kathleen Baum, a spokeswoman for Goldman, did not return a call for comment. Victoria Harmon, a Credit Suisse spokeswoman, declined to comment.

To: SiouxPal who wrote (10381)	9/4/2002 9:49:53 PM
From: StockDung	Respond to of 19428

TODAYS HUMOR->Cauley Geller Says Fleming's Press Release Is Misleading LITTLE ROCK, Ark., Sept. 4 /PRNewswire/ -- This press release is issued in response to Fleming's (NYSE:FLM) press release today regarding the pendency of a securities class action lawsuit against Fleming and three of its top officers. Today's release by Fleming is, in our opinion, misleading for the following reasons: Misleading Assertion #1: Fleming claims that it issued its release because it "learned" of our August 29, 2002 press release. Facts: The first and only press release regarding the pendency of our class action lawsuit against Fleming was issued on August 29, 2002. Fleming responded to that release on August 30, 2002. Fleming thus learned of our press release 6 days ago. Misleading Assertion #2: Fleming stated in its release of today that Cauley Geller "distributed a news release on a paid news wire in an apparent attempt to solicit clients." Facts: Federal law, particularly the Private Securities Litigation Reform Act of 1995, requires that a public notice announcing any new securities class action lawsuit, such as this one, be publicly disseminated whenever any new securities lawsuit is filed. A mechanism frequently used to issue such notice is a press release. PR Newswire does not provide its services for free. Misleading Assertion #3: Fleming has now claimed, twice, that the lawsuit is "without merit." Facts: Fleming's opinion on the merits of the lawsuit is irrelevant. The Court, not Fleming, will ultimately decide if the lawsuit has merit or not. Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock, and San Diego. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com . CAULEY GELLER BOWMAN & COATES, LLP Investor Relations Department: Jackie Addison, Sue Null or Ellie Baker P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@cauleygeller.com MAKE YOUR OPINION COUNT - Click Here tbutton.prnewswire.com SOURCE Cauley Geller Bowman & Coates, LLP CO: Cauley Geller Bowman & Coates, LLP; Fleming ST: Arkansas, Texas SU: LAW prnewswire.com 09/04/2002 16:13 EDT

To: SiouxPal who wrote (10381)	9/4/2002 9:50:55 PM
From: StockDung	Read Replies (1) \| Respond to of 19428

Member of Coors brewing family bilked in scheme DENVER (Reuters) - A Canadian man was arrested on charges of defrauding a member of the Coors brewing family of Colorado, allegedly using the money to buy clothes, jewelry and cars, according to documents released on Wednesday. Claude Lefebvre, 59, made his first court appearance in a Los Angeles federal court Tuesday after he was arrested. According to an affidavit signed by U.S. Postal Inspector George Allen and released by the U.S. attorney's office in Denver, Joseph Coors and business partner K. Mack Robinson gave money to Lefebvre on the condition he only invest in bonds or bank instruments with high quality credit ratings. Lefebvre, who was referred to Coors and Robinson by a law firm, allegedly told the two he was federally licensed to trade bonds. According to the agreement Lefebvre promised the investors profits would be a minimum of 75 percent a week. Coors sent $40 million in late June to a Merrill Lynch account in Texas and was told by Lefebvre in early August his money had grown to $50 million. However, by mid-August Coors had not received any return on his investment. According to the postal inspector's investigation the money from Coors was used to buy U.S. treasury bills. But then Lefebvre and an associate allegedly used the $40 million T-bill account as collateral to borrow $20 million that was placed in another Merrill Lynch account controlled by Lefebvre. The money was used to pay credit card charges like $200,000 to American Express, $10,000 to retailer Saks Fifth Avenue, $87,000 to a jewelry company and $36,000 to a company called Cars with Class. None of the money was used for bond trading. Funds still in the Coors account have been frozen. Lefebvre was arrested last week in Los Angeles after returning with his girlfriend from Mexico. He was charged with wire fraud and if convicted could go to prison for up to five years. 09/04/02 20:52 ET

To: SiouxPal who wrote (10381)	9/12/2002 10:55:09 PM
From: StockDung	Respond to of 19428

Japanese Bonds Rise; Yields Fall to 1% for 1st Time Since 1998 By Chris Cooper Tokyo, Sept. 13 (Bloomberg) -- Japanese 10-year bonds rose, driving yields to 1 percent for the first time since November 1998, after comments from the Federal Reserve chairman spurred expectations growth in the two biggest economies may slow. Ten-year yields, a benchmark for rates in the world's biggest government debt market, slid to their lowest level since November 1998. Demand for debt and its fixed payments is being fueled by expectations among some investors the Bank of Japan will increase the amount of bonds it buys as it tries to spur the economy. The No. 241 bond, which carries a 1.3 percent coupon and matures in 2012, rose 0.233 to 102.680 at 10:42 a.m. Tokyo time. Its yield fell 2.5 basis points to 1.005 percent. A basis point is 0.01 percentage point. The yield briefly fell to 1 percent, the lowest for a benchmark 10-year bond since Nov. 26, 1998. ``The global economy is definitely getting worse,'' said Yuzo Nakajima, who oversees 30 billion yen ($250 million) at Deutsche Asset Management (Japan). ``Benchmark yields are likely to fall under 1 percent and aren't likely to come back quickly.'' He is considering buying more 10-year bonds, he said. Fed chairman Alan Greenspan yesterday told Congress mounting budget deficits may crimp economic growth. He also said the ``depressing effects'' on the economy from a slump in investment spending and last year's terrorist attacks have presented ``very significant challenges'' to the economic recovery over the past year. The comments raised concern exports from Japan, which accounted for half of the nation's expansion in the second quarter, may slow. Bank of Japan Bonds also rose on expectations the central bank may increase the amount of government securities it buys from financial institutions as early as next week. Reports in the Nihon Keizai newspaper, the nation's largest business daily, and the Mainichi newspaper this week indicated the Bank of Japan may increase the amount of bonds it buys from 1 trillion yen a month. It purchases bonds to add money to the economy, trying to spur growth. ``The Bank of Japan could increase its purchases by 200 billion yen next week,'' said Keisuke Tsumoto, who helps oversee 170 billion yen at Schroder Investment Management Japan Ltd. ``They need to do something to help the economy.'' Only a minority of analysts surveyed by Bloomberg News expect the Bank of Japan to boost its debt purchases. Ten of 16 economists, traders and fund managers polled said they expect the Bank of Japan to leave interest rates near zero percent and to refrain from injecting more money into the banking system when policy makers meet next week.