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To: MulhollandDrive who wrote (48913)	11/14/2003 12:12:35 PM
From: MulhollandDrive	Respond to of 57110

cbs.marketwatch.com Schwab finds improper fund trades By Luisa Beltran, CBS.MarketWatch.com Last Update: 11:41 AM ET Nov. 14, 2003 NEW YORK (CBS.MW) -- Charles Schwab revealed Friday that it has uncovered instances of improper mutual fund trading, becoming the first discount brokerage implicated in the fund industry's ever-widening scandal. The nation's largest discount broker also said that it is the subject of a review by the Securities and Exchange Commission and that the company has received a subpoena from New York Attorney General Eliot Spitzer. In a regulatory filing with the SEC, San Francisco-based Schwab said it's investigating incidents in which a "small number of parties were permitted to engage in short-term trading of U.S. Trust's Excelsior Funds." Schwab is also looking at "limited number" of instances at the company in which fund orders may have been entered or processed after the stock market's closing time at 4 p.m., which is a violation of Schwab policies. Schwab (SCH: news, chart, profile) said it is cooperating with regulators and is conducting its own review of fund trading, distribution and servicing practices at or through affiliates. Calls to Schwab were not immediately returned. In late morning trading, shares of Schwab fell 67 cents or 5 percent to $12.65. Another inquiry Separately, Blackrock late Thursday said it also received subpoenas from Spitzer and William Galvin, Massachusetts Secretary of the Commonwealth. Blackrock also has received requests from the SEC in connection with the "industry-wide investigations of practices regarding market timing, late trading and employee trading in mutual funds," according to the a regulatory filing. New York-based Blackrock, which manages over $30 billion in mutual funds, said it is cooperating in all the matters. With the announcement of trading improprieties, Schwab becomes the first retail broker drawn into the widening mutual fund probes launched in September by Eliot Spitzer, New York's attorney general. Since then, state and federal regulators have begun investigating a wide range of other companies for instances of improper funds trading. On Thursday, the founders of Pilgrim Baxter & Associates stepped down after an internal probe revealed questionable mutual fund practices at the firm. Spitzer is considering filing criminal charges, a person familiar with the situation has told CBS MarketWatch. See full story. Luisa Beltran is a reporter for CBS.MarketWatch.com in New York

To: MulhollandDrive who wrote (48913)	11/14/2003 12:14:28 PM
From: Oral Roberts	Read Replies (2) \| Respond to of 57110

The bull is getting a little strong smelling I think.

To: MulhollandDrive who wrote (48913)	11/14/2003 1:32:52 PM
From: X Y Zebra	Read Replies (1) \| Respond to of 57110

wow... I used to follow that one about 2 years ago and then forgot about it.... techno-crash ? what techno-crash...? ____ and interesting read... (the first link in that post) Message 19499672 The news that so many American businesses are doing so well is a little known fact of U.S. relations with China, according to an article by The Wall Street Journal. The Chinese government doesn't release such information, though it keeps track of it for tax purposes. And foreign companies rarely divulge their China earnings for fear of tipping off competitors or Chinese tax collectors. About 42% of the U.S. companies reported that their profit margins in China were higher than their worldwide margins last year. Officials of the U.S. business group said several forces are converging to deliver fatter profit margins. While China remains a notoriously difficult place to do business, the country's growth is outstripping that of all other major economies. Companies are shedding joint-venture partners and operating on their own as regulatory regimes are loosened. Many have learned how to thrive in this market through years of hard knocks. "Some companies are coming up the learning curve and are able to cope with the market a whole lot better," said Christian Murck, Amcham China's chairman. The Chinese market is so important that Microsoft is planning to send over ten vice presidents from seven different business units to visit China. These managers have a mission to study and familiarize themselves with the market. But they are also meant to act as Microsoft's ambassadors to both the Chinese government and emerging private businesses and show the high-tech giant's commitment to the Chinese market.