Charles Schwab Corp. has found a new chief executive in Walter W. Bettinger II to run the U.S.' largest brokerage firm. Bettinger fills the shoes of founder Charles R. Schwab, who announced his resignation June 22 but will remain as chairman. Bettinger takes over during a trying time for Charles Schwab, which is facing a slowing economy as well as fierce competition from competitors TD Ameritrade Holding Corp. and E*Trade Financial Corp. Last year, there were several media reports swirling that Schwab and TD Ameritrade were possibly interested in E*Trade, but a deal never materialized. - Gerald Magpily
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Craig, Thanks for the articles. However, they do not address your performance or offer any solutions. In my opinion Private Client services require do diligence and oversight. I have received neither. Lets look at your performance. My account is down $42000; 29 of 35 stocks are negative. The so called diversified portfolio reflects only17% correct stock pick. Very poor from my perspective; never happened when I managed on my own. Eight of your picks are down between 20% and 33%; without any kind of a stop loss protection. You have never contacted me regarding these hugh loss positions. Of the winning stocks most are in market sectors I asked for. Despite the months of China market declined I am still invested in China mobile, down over 33%. Why?? You told me you don't time the market. That tells me that you also don't time individual stock either. Bottom line is that you do just as I suggested, set-it-forget-it. You and your staff are more interested in collecting your year end bonus than actually acting like a broker protecting the client. I rate your performance as dismal. The losses put me in the position of a minimun of three to four years of recovery since I need approx. $20K a year for living expenses. Frankley I think you are in the wrong profession. I'll reserve my better choice of words. At this point I'm ready to terminate our relationship. Very disapointed, Walt