From The Plum Line:
“The site, which will be announced this afternoon, reflects the sudden preoccupation that many on the left now have with the accuracy, balance, and fairness of financial coverage, now that the crisis has thrust all of our attention on the financial world. Witness the widespread liberal and public interest in the Rick Santelli rant on MSNBC and in Jon Stewart’s showdown with Jim Cramer.”
From the New York Times:
was sued on Tuesday in a Swiss federal court by wealthy American clients seeking to prevent the disclosure of their identities as part of a tax-evasion investigation by the United States Justice Department.
The lawsuit accuses UBS and Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority, or Finma, of violating Swiss bank secrecy laws and of conducting what Swiss law considers illegal activities with foreign authorities. It also named Peter Kurer, the chairman of UBS, and Eugen Haltiner, the chairman of Finma, as defendants.
Washington Post:
Obama demanded quick action on several fronts. On finance, he asked Congress to move with dispatch to “reform our outdated regulatory system.” On health care, he said “reform cannot wait, it must not wait, and it will not wait another year.” And on education, Obama said his budget would speed the pace of reform and “expand our commitment to charter schools.”
There’s yet more evidence that it makes sense to invest in simple, plain-vanilla index funds, whose low fees often lead to better net returns than hedge funds and actively managed mutual funds with more impressive performance numbers.
Basic stock market index funds generally aspire to nothing more than matching the returns of a market benchmark. So in a miserable year for stocks, index funds may not look very appealing. But it turns out that, after fees and taxes, it is the extremely rare actively managed fund or hedge fund that does better than a simple index fund.
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