MM Money

ChoicePoint Will Stop Selling Some Consumer Information

Data collector ChoicePoint (CPS) said Friday that it will stop selling personal information about consumers to small businesses. The company also said the Securities and Exchange Commission is investigating stock sales by its top two executives. The dual announcements were made in a news statement and a regulatory filing. The decision to stop selling data to small businesses was made because that was the segment of the company criminals tapped to gain access to ChoicePoint's ...     (full story) Continue reading "ChoicePoint Will Stop Selling Some Consumer Information"

Fidelity Makes Fee Cuts Permanent

Fidelity Investments said it will make permanent sharp cuts in some of its index-fund fees and make any increase subject to shareholder votes. The action ratchets up competition with rival Vanguard Group, which pioneered index funds. When Fidelity's cuts were announced in August, they attracted attention. But Vanguard pointed out that the fee could be raised at any time and others, including investment advisers and a Wall Street Journal columnist, noted that investors lured by ...     (full story) Continue reading "Fidelity Makes Fee Cuts Permanent"

Treasury Curbs Tax-Deferral Strategy

The Treasury Department released final rules yesterday limiting the use of life insurance and annuities to avoid current taxes on investment earnings. The Treasury and Internal Revenue Service regulations are aimed at preventing sophisticated investors from using life insurance to turn taxable investments in hedge funds and other "private placement" investments into tax-deferred or tax-free investments. Among the products targeted by the rules, which take effect today, are life insurance and annuity contracts "wrapped" around ...     (full story) Continue reading "Treasury Curbs Tax-Deferral Strategy"

Greenspan Again Backs Plan for Private Accounts

Federal Reserve Chairman Alan Greenspan again endorsed President Bush's proposal to offer private accounts for Social Security as White House allies went on the offensive against critics of the plan. In issuing one of his toughest warnings yet to Congress about the danger of letting the nation's giant budget deficits persist, Mr. Greenspan told the House Budget Committee Wednesday that "the consequences for the U.S. economy of doing nothing could be severe" and that without ...     (full story) Continue reading "Greenspan Again Backs Plan for Private Accounts"