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BUSINESS
June 10, 2005 | FROM INQUIRER WIRE SERVICES
The number of millionaires in the United States grew nearly 10 percent last year to 2.5 million, according to a survey of wealth released yesterday. The annual World Wealth Report, prepared by Merrill Lynch & Co. Inc. and the Capgemini Group consulting firm, found that 8.3 million people worldwide had $1 million or more in financial assets at the end of 2004, a gain of 600,000 from a year earlier. The number of millionaire households in the Philadelphia region grew to 65,008, an 8.9 percent increase from 2003, Merrill Lynch said, citing Claritas, a market-research firm.
BUSINESS
April 26, 2016 | By Erin E. Arvedlund, Staff Writer
When she was more than 100 years old, onetime New York socialite Brooke Astor became America's most famous case of financial elder abuse. Her son, Anthony Marshall, was convicted of stealing tens of millions of dollars of her assets. Her grandson Philip Marshall testified against his father and helped put him in jail. Today, Philip Marshall does speaking engagements around the country, talking about the red flags of such abuse. "For years, my battle for my grandmother, and my battle against my father, consumed my life - and consumed our family," he said.
BUSINESS
June 23, 1986 | By Arthur Howe, Inquirer Staff Writer
Witness the powerful ascendancy of financial assets. Since 1980, once-lowly Treasury bills have provided a compound annual rate of return of 9 percent, more than twice the rate of inflation and three times the return of such supposedly inflation-driven assets as diamonds and art. Stocks and bonds, both laggards during the 1970s, have performed even better. They have achieved annual returns of 17.4 percent and 15.2 percent, respectively. Over the last 12 months alone, stocks and bonds have compiled growth rates of 34.8 percent and 26 percent respectively, compared with an average annual inflation rate of 4 percent, according to a recent analysis of market indexes by the New York investment-banking firm of Salomon Bros.
NEWS
August 10, 2012 | By Phillip Lucas and Daily News Staff Writer
EAGLES TIGHT end Brent Celek, former Eagles Kevin Curtis and A.J. Feeley, and Feeley's wife, newly minted Olympic soccer gold-medalist Heather Mitts, are suing an alleged rogue financial adviser who dragged them into a Ponzi scheme, according to documents filed Thursday in federal court in Philadelphia. According to court documents, William Crafton, of San Diego, intentionally made misleading statements to execute investments that were not in his clients' best interest. The athletes told Crafton they wanted him to use a conservative investment strategy to ensure that their financial assets would grow over time, the documents allege.
NEWS
May 11, 1992 | By RAYMOND J. HANLEY and JOSHUA M. WIENER
Over the last year, the media have been flooded with stories about upper- middle income and rich elderly transferring large amounts of financial assets to their relatives so that they can qualify for Medicaid, the federal/ state health program for the poor. Although this practice has allegedly been going on for years, it is now believed to be reaching epidemic proportions. The elderly are portrayed as the new "welfare queens," bilking welfare into paying for their nursing home care and, thereby, forcing cutbacks in Medicaid benefits for low-income children and adults.
BUSINESS
July 13, 1987 | By Jennifer Lin, Inquirer Staff Writer
Picking investments had been a lot like placing a perfecta wager on a horse race with two thoroughbreds and a pack of mules. The choice was easy: Go with stocks or bonds, and you could count on a one- two finish. But in the last year, the race in investments has shifted a little more to the mules. For the first time in several years, other asset groups are showing higher returns than stocks and bonds. According to an annual survey of investments by Salomon Bros. Inc., stocks and bonds did not record the highest rates of return for the year ended June 1, 1987.
NEWS
April 3, 1986
Like the excellence of Britain's Rolls Royce or the elegance of fine French wine, the impeccably secret security of Switzerland's banks is legendary. Yet even Swiss assurances of bank security have limits, and Ferdinand Marcos exceeded them. To the surprise of nearly everyone, including Swiss bankers, the Swiss government last week ordered a freeze on all assets in Switzerland held by Mr. Marcos, his family, and any cronies or organizations in his service. This unprecedented order followed efforts to withdraw some of the funds in Marcos- related accounts there, which reportedly may total hundreds of millions of dollars.
NEWS
March 28, 2013
DEAR HARRY: My wife and I are in our late 60s. So far, we are in relatively good heath and are still alert. We are both still gainfully employed, and we hope to retire when I reach 72. We have been discussing a lot of retirement and death issues, and we need a little help. We have taken care of our wills and made sure we each know all of our financial assets. We even prepared a letter of instructions for our children to use after we're gone. Our current need is a power of attorney for our bank account.
BUSINESS
November 10, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
Wachovia Corp., the biggest bank in the Philadelphia region, joined the crowd of large financial companies disclosing severe October losses from securities backed by subprime mortgages. The Charlotte, N.C., bank estimated yesterday in a regulatory filing that its October losses totaled $1.1 billion on securities known as collateralized debt obligations that had already lost $347 million in value in the third quarter. "Everyone keeps hoping that the worst is over, but we expect to see continued negative news as the fallout from the subprime-lending spree spreads," said Walter O'Haire, senior analyst with Celent, a Boston-based financial research and consulting firm.
NEWS
October 9, 1997 | By Peter Slevin, INQUIRER WASHINGTON BUREAU
Determined to shrink "the habitat in which terrorism thrives," Secretary of State Madeleine K. Albright identified 30 foreign groups as terrorist organizations yesterday in a bid to hurt their efforts to raise money in the United States. The list is an international murderers' row of radical groups that use violent means for political ends. Among the many popular fronts and liberation armies are an array of Palestinian groups and two militant Jewish organizations, along with the Basque separatist movement ETA, the Khmer Rouge of Cambodia, and Peru's Shining Path.
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ARTICLES BY DATE
BUSINESS
April 26, 2016 | By Erin E. Arvedlund, Staff Writer
When she was more than 100 years old, onetime New York socialite Brooke Astor became America's most famous case of financial elder abuse. Her son, Anthony Marshall, was convicted of stealing tens of millions of dollars of her assets. Her grandson Philip Marshall testified against his father and helped put him in jail. Today, Philip Marshall does speaking engagements around the country, talking about the red flags of such abuse. "For years, my battle for my grandmother, and my battle against my father, consumed my life - and consumed our family," he said.
ENTERTAINMENT
November 2, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Single parents, listen up: A few pen strokes now can save you thousands of dollars later and leave your children more financially secure, too. Estate and retirement planning is crucially important for single parents, both men and women. Many think their assets and retirement income will automatically pass directly to their children. Not so. If you, the single parent, die early, without the right legal documents signed, a huge chunk of your assets can end up with an ex-spouse or with the government.
NEWS
March 28, 2013
DEAR HARRY: My wife and I are in our late 60s. So far, we are in relatively good heath and are still alert. We are both still gainfully employed, and we hope to retire when I reach 72. We have been discussing a lot of retirement and death issues, and we need a little help. We have taken care of our wills and made sure we each know all of our financial assets. We even prepared a letter of instructions for our children to use after we're gone. Our current need is a power of attorney for our bank account.
NEWS
October 20, 2012
By Michael Lind Forget the recession - there has never been a better time to be a member of that most exclusive of clubs: the ultrarich. Yes, America's top 1 percent were hit hard by the economic crisis, accounting for half of income loss. Their share of U.S. income plunged from 23.5 percent to 18.1 percent. But in the sluggish recovery, top incomes have rebounded much more strongly. Economist Emmanuel Saez finds that in 2010, the top 1 percent captured 93 percent of income gains.
NEWS
August 10, 2012 | By Phillip Lucas and Daily News Staff Writer
EAGLES TIGHT end Brent Celek, former Eagles Kevin Curtis and A.J. Feeley, and Feeley's wife, newly minted Olympic soccer gold-medalist Heather Mitts, are suing an alleged rogue financial adviser who dragged them into a Ponzi scheme, according to documents filed Thursday in federal court in Philadelphia. According to court documents, William Crafton, of San Diego, intentionally made misleading statements to execute investments that were not in his clients' best interest. The athletes told Crafton they wanted him to use a conservative investment strategy to ensure that their financial assets would grow over time, the documents allege.
BUSINESS
June 16, 2012 | Maria Panaritis, INQUIRER STAFF WRITER
It was shocking enough to hear this week that median American family wealth in 2010 had plunged to 1992 levels. But imagine this equally alarming detail that didn't get headlines: Generation Xers — those who hit the workforce in the late 1980s and early 1990s — got more scorched than any other group. Before laying out the ugly numbers, let's think about what this portends for anyone who ascribes to America's promise that kids can do better than their parents: If Gen X is failing, we all should be worried.
NEWS
November 12, 2009 | By Stevenson Jacobs, ASSOCIATED PRESS
NEW YORK - The next financial bubble could come sooner than you think. A year after the collapse of home values triggered the financial crisis and Great Recession, another rapid and irrational rise in the price of assets - whether stocks, home values, oil, or something else - would seem unlikely. After all, major bubbles throughout history have been spaced decades, if not centuries, apart. Today, though, amid the wreckage of the last bubble, the ingredients for the next are still with us. The price of gold spiking to new highs - more than $1,100 an ounce this week - is one warning sign, as is the surge since March in the Nasdaq Stock Market index.
BUSINESS
November 10, 2007 | By Harold Brubaker INQUIRER STAFF WRITER
Wachovia Corp., the biggest bank in the Philadelphia region, joined the crowd of large financial companies disclosing severe October losses from securities backed by subprime mortgages. The Charlotte, N.C., bank estimated yesterday in a regulatory filing that its October losses totaled $1.1 billion on securities known as collateralized debt obligations that had already lost $347 million in value in the third quarter. "Everyone keeps hoping that the worst is over, but we expect to see continued negative news as the fallout from the subprime-lending spree spreads," said Walter O'Haire, senior analyst with Celent, a Boston-based financial research and consulting firm.
BUSINESS
June 10, 2005 | FROM INQUIRER WIRE SERVICES
The number of millionaires in the United States grew nearly 10 percent last year to 2.5 million, according to a survey of wealth released yesterday. The annual World Wealth Report, prepared by Merrill Lynch & Co. Inc. and the Capgemini Group consulting firm, found that 8.3 million people worldwide had $1 million or more in financial assets at the end of 2004, a gain of 600,000 from a year earlier. The number of millionaire households in the Philadelphia region grew to 65,008, an 8.9 percent increase from 2003, Merrill Lynch said, citing Claritas, a market-research firm.
NEWS
October 9, 1997 | By Peter Slevin, INQUIRER WASHINGTON BUREAU
Determined to shrink "the habitat in which terrorism thrives," Secretary of State Madeleine K. Albright identified 30 foreign groups as terrorist organizations yesterday in a bid to hurt their efforts to raise money in the United States. The list is an international murderers' row of radical groups that use violent means for political ends. Among the many popular fronts and liberation armies are an array of Palestinian groups and two militant Jewish organizations, along with the Basque separatist movement ETA, the Khmer Rouge of Cambodia, and Peru's Shining Path.
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