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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (April 29, 2003)
■ ■fll ■■■; 8A NATION Tuesday, April 29, 2003 THE BATTALIC Graduates! you're invited to... R O W +“ ^ ifc • m r a a i t i P a r t y Wed.-, May 7 5:30-7:30 PM The Clayton U• Williams Jr- Alumni Center get your sticker! win door prizes! visit with your friends! free, fajitas! get your sticker! (did we say that already?*) T 7 T • fi M 5 • 7514 www. AggieNetwork . com THE ASSOCIATION OF FORMER STUDENTS Perfect Way to Make Extra Money is Finally in Sight NOTMLM Musketeer Partners provides you with everything you need to quickly and easily start and manage your own profitable part-time business. We supply an eye-popping website, we show you how to get traffic and customers, we give you professionally developed marketing materials, we supply the continuous training, the ongoing support, and more. Plus, you’ll get the benefit of our exclusive Step-by-Step Success Plan of Action, developed by renowned marketing expert Jay Conrad Levinson of “Guerrilla Marketing” fame. He shows you how to make money with your business using whatever time you have. So you will still be able to go to Cancun during Spring Break - but you will actually be able to afford it this time! If you are like most University students, you could probably use some extra money. You owe it to yourself to find out more about Musketeer Partners and our innovative part-time businesses. In fact, we design our business opportunities for students just like you! • You DON'T have to work in an office • You DON'T have to do any selling • You DON'T have to do any research • You DON'T have to carry any inventory • You CAN do this in your spare time • You CAN cram for your tests and still make money at the same time ONLY $495-554995 The World's Best Part-Time Businesses Find out about us at www.parttimeprofits.com Call 800 336-8081 for FREE INFORMATION PACKET 24 HOURS A DAY Brokers must pay $1.4 billion to settle allegation WASHINGTON (AP) Securities regulators on Monday announced a settlement that will cost 10 Wall Street firms $1.4 billion and require reforms to resolve allegations that they issued biased stock ratings to lure business. One of the largest penalties ever levied by securities regula tors, it follows a lengthy investi gation by the Securities and Exchange Commission, New York Attorney General Eliot Spitzer and other state regulators, and market regulators. The settlement, aimed at bol stering investor confidence, will change the way major investment firms — including Citigroup, Merrill Lynch and J.P. Morgan Chase — do business. “These cases are an important milestone in our ongoing effort both to address serious abuses that have taken place in our mar kets and to restore investor confi dence and public trust by making sure these abuses don’t happen again,” SEC Chairman William Donaldson said at a news confer ence at SEC headquarters. Donaldson, a former chairman of the New York Stock Exchange and co-founder of a major Wall Street investment firm, said he was “profoundly saddened and angry” about the conduct detailed in the regulators’ complaints. “There is absolutely no place for it in our markets and it cannot be tolerated,” said Donaldson, who was flanked by the other regulators. The allegations against Merrill Lynch, Credit Suisse First Boston and Citigroup’s Salomon Smith Barney reached the level of securities fraud for the research reports they issued. Financial-services giant Citigroup will pay $4(X) million in fines and for funds to promote bet ter research under the settlement, which is based on a tentative agreement reached in December. But Barbara Roper, director of investor protection for the Consumer Federation of America, cautioned investors not to “rush to bestow renewed trust on Wall Street firms.” “There are too many ques tions that only time will answer about the ... effectiveness of the new requirements,” Roper said. A fund of more than $387 million will be set up for cus tomers of the 10 firms. The rest of the fines will go to the states. The airing of the regulators’ alle gations could open the way for a flurry of private lawsuits by investors who believe they were defrauded, what Roper called “the real compensation.” Said Spitzer: “It will take time, but because we put all this information in the public investors will be able inis course to recover the funds u they lost on false research." Two former star analysis- Internet expert Henry Blodgeif Menu 11 Lynch and telecommi cations analyst Jack Grubmt! Citigroup’s brokerage busing Salomon Smith Barney - agreed as part of the settlemem pay $19 million in fines a penalties and to be banned manently from the secuniie industry. Blodget and Gratia are neither admitting nor any wrongdoing. Grubman will pay $15 rail for undisclosed conflicts, faces a lifetime ban fromwoii ing for an investment firm out ing as an investment advise dealer or broker. His can’t be reimbursed or indent fled and the penalty portioncii be written off on taxes. Blodget will pay $4 million The five SEC commissions discussed the settlemem closed-door meetings last v before approving it. In the I deal, the Wall Street firms#: not be able to deduct any of i payments against their taxes-; change from the tentative acral that had been demanded by Sit Charles Grassley, R-Iowa, A said U.S. taxpayers should M have to pick up part of thetal). THE BATT, Sp< NEWS IN BRIEF Rates fall in weekly Treasury auction WASHINGTON (AP) - Interest rates on short-term Treasury bills fell in Monday's auction, with three-month bills dipping to the lowest level since late March. The Treasury Department auc tioned $15 billion in three- month bills at a discount rate of 1.120 percent. Another $16 bil lion in six-month bills was auc tioned at a discount rate of 1.140 percent. The three-month rate was down from 1.160 percent last week and was the lowest since three-month bills averaged 1.100 percent on March 31. The six-month rate was down from 1.185 percent last week and was the lowest since 1.135 percent on April 7. The new discount rates un state the actual return investors - 1.141 percent Id three-month bills $10,000 bill selling for $9,971.1 and 1.165 percent for a sir month bill selling for $9,9421 In a separate report, Federal Reserve said Mo that the average yield for year Treasury bills fell to UJ percent. WASHING Even with a v streamed to the March, boostir largest amounl The Comn said Monday spending rose fears of worst Iraq dissipatec the war. In Februai risen by a lacl after having f cent in Januar; winter weath consumer coni growing anxie Personal ir by 0.4 percent the February g Analysts tc as a positive si ray, which ha: for months, c stronger grow war is over. “Given all March, the fat still spent mom that going for even more vis said Joel Narof ofNaroff Econ But analyst that any susta incomes and require an ini| nation’s job pr said was still si Many analy the jobless rat in March, wil percent or pe when the A released on Fri Lynn Reasi mist at Banc of Management, looking for th report to show jobs lost. “Jobless ck companies are workers at a si Texas A&M university | Department of Food Services will Open the following Locations to Students for finals Study: Sterling 0. £vans library ir Medical Sciences library Open May \, 200$ and May 4 - 6,2003 S.OOpiM- 2:00 am Complimentary coffee provided by Sterling C. Evans Library and Pepartment of Food Services Other Food Services location! Open late Thursday May t Sunday May 4 - Tuesday Breakfast Taco Study Night Sunday, May 4 Cqwkoms and Sbisa Pining Cwferi late night 10:00 pm - liOO Midi#! Create-A-Shape Pancake CwtMt IftSO pm-11:00 pwt Win a Mountain Sike Common* and Sbisa Pining Centers Open fc00 pm - i:00 aw during finals Cowpftwentary beverages will be available Ptmean Pining Center Open 1:00 pw-12:00 Midi#t to the Corps of Cadets for study during finals Cowpliwsntary beverages will be available Common* C-Sfore and Underground (FStore Open each day during finals at 7:15 aw -12.00 Midnight Hullabaloo! food Court Complimentary beverages from 4:00 pm -1:00 pm Poor YorlckJ Coffee House Open May 1,5, and 6 from 7:50 am-12:00 Midnight May 4 from 4:00 pm -12:00 Midnight Life Savor Open May 1.9, and 6 from 7:50 am-1200 Mid#i May 4 from 8.00 pm -1200 Stone WIHyl Open until 1:00 am for late night pizza Open until 2:00 m will be available from 5:00 pm - 200 an Thank you for dining with us! T L X A S A * M l N 1 V K R * * T * ★ * * * * ^ 1 ^ Nonth U (Umi ‘ I coup. , 680-C ,Cu| Pepp ( Our Mission is to provide outstanding customer serv ice In being committed to excellence and quality in food and services.
