June 10, 2005 |
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.
April 26, 2016 |
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.
June 23, 1986 |
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.
August 10, 2012 |
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.
May 11, 1992 |
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.
July 13, 1987 |
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.
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.
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.
November 10, 2007 |
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.
October 9, 1997 |
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.