■ ■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
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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.