March 23, 2009
New Fidelity Ads Tell Investors to 'Turn Here'
Instead of praising investors for making the "Smart Move" by switching to Fidelity, the firm's new advertising campaign calls them into action by urging them to "Turn Here."
The campaign features a new "micro" website where Americans can assess how to handle an important new stage in life, such as a new job or planning for retirement.
American Funds Plans Second Wave of Layoffs
American Funds will lay off an additional 500 people this year, on top of the 500 who lost their jobs in January. That will leave the 80-year-old firm with a workforce of about 8,500.
The jobs that were cut earlier this year were mostly in technology and service support, but the new layoffs will be across the board.
American Funds will also not be giving out merit raises this year.
Israel Finally Begins Serving 20-Year Term
After four delays, Samuel Israel III, co-founder of Bayou Group, has begun serving his 20-year sentence for defrauding his hedge fund investors of $450 million. The court earlier ordered him to undergo medical examinations due to a methadone addiction, his staging a suicide and his claim that he was only able to understand between 60% and 70% of proceedings. Judge Kenneth Karas of U.S. District Court in White Plains also permitted Israel to plead guilty to bail jumping, for which he will be sentenced on June 24 up to 18 months consecutively on top of the 20-year fraud conviction.
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