FOCUS - a newsletter from globeadvisor.com
26 Nov 2003
to Advisor Focus |
SPECIAL REPORT: Scandal Sheet
New accusations of accounting shenanigans and improper trading are not what
advisors or their clients want to see just when markets are improving. In
Dealings with now-disgraced Enron have thrown TD Bank into the headlines.
A major income-trust, recently discovered to have fudged the past few years'
results, now announces the departure of a key exec.
And, a researcher is examining whether dubious US mutual fund trading
practices might be occuring north of the border.
Hold your nose and read on.
TD Knew Enron Cooked its Books
A court-appointed monitor investigating Enron's fall charges that
TD "aided and abetted" the energy trader's balance-sheet games. Eagerness
to win the business, the monitor says, led to ignoring red flags. But TD
disagrees, and calls their dealings with Enron "normal". Read the full report,
including details on now-public internal e-mails.
MORE ON BANKS:
TD Swings To Profit
Canadian Banks Seen As More Profitable, Less Risky For Shareholders
Atlas CEO Resigns from Income Trust
The departure this week of Atlas Cold Storage Income Trust's president
and CEO is the latest chapter in a tale of misstated financials and
inflated profits. What do professional investors think of the freezer
firm's prospects for recovery?
View a stock chart for Atlas Cold Storage Income Trust
Mutual Fund Abuses Found in Canada
A Stanford economist who worked alongside Eliot Spitzer investigating
the mutual fund scandal in the U.S. claims there is evidence of similar
trading problems occurring in Canada. Working from a small sample of
Canadian global equity funds, he says some improper trading practices, namely
"stale pricing" arbitrage opportunities, occur here. But is there solid
evidence of actual wrongdoing?
MUTUAL FUNDS: Metals Funds
Shine in October as Price of Gold Takes Flight
INCOME TRUSTS: Bonuses Fine,
But New Trust's Bosses Must Show Own Acumen
STOCK MARKETS: Bouncing Back