• Inventor Wins $388M Jury Award in Tax Case

  Inventor Gilbert P. Hyatt received a jury award of more than $388 million after suing California's Franchise Tax Board for its conduct in auditing him more than a decade ago.

• Wall Street Shuffle

  Investment bankers find shelter in boutique, mid-market firms as bulge brackets tighten belts.

• Banc of America Ordered to Pay $2.1 Million for Wrongful Termination

  Two former Banc of America brokers accused the broker-dealer of intentionally damaging their reputations with current and potential clients.

• Fortress Persuades Star Trader to Stay With Generous Grant

  The $300 million share grant puts Levinson in group of shareholders that owns 77% of the company.

• Confessions of a Subprime Lender

  Former mortgage lender, Richard Bitner, bares everything in tell-all book.

• IRS Places Tax Lien on Former Salomon Chief

  The former CEO of investment bank Salomon Brothers is facing a lien of over $430,000 from the Internal Revenue Service on his 16-room Fifth Avenue apartment.

• IRS Loses Paperwork on Return Preparer Program

  An audit of the IRS' program for examining and penalizing tax return preparers by the Treasury Department's inspector general could not be completed.

• Baucus Slams IRS Response to ID Theft

  Senate Finance Committee Chairman Max Baucus, D-Mont., accused the Internal Revenue Service of falling short on efforts to combat taxpayer identity theft.

• Social Networking Tools Meet Personal Finance on Web Sites

  Two financial management Web site operators are rolling out services that expand on their efforts to combine elements of banking and social networking.

• Comic Book Gets Smart about Movie Tax Deductions

  An Ernst & Young partner has teamed up with a movie studio accountant to produce an online comic book based on the TV series and recent movie Get Smart.

• Report Faults IRS Sales of Seized Property

  The Internal Revenue Service needs to do a better job of managing its sales of seized property, recommends a report by the Treasury Department's inspector general.

• Saving Has Two Meanings in Michigan Bank's Ads

  Chemical Financial Corp. of Midland, Mich., is taking on quite a challenge: saving Michigan.

• Household 'CFOs' Ill-Prepared for Financial Crises, Retirement

  A survey of people who are in charge of the finances in their household, "Household CFOs" has found that two out of three are ill prepared to a sudden financial crisis.

• Exchanges Agree to Consolidate Insider-Trading Programs Under SROs

  The surveillance, investigation and enforcement of insider trading at ten U.S. equities exchanges is being consolidated under NYSE Regulation and FINRA.

• SEC Distributes $48M to Vivendi Universal Investors

  The SEC said it would distribute over $48 million to more than 12,000 investors who had been affected by Vivendi Universal's fraudulent financial reporting.

• Goldman Expanding HF Footprint Via Canada

  The company just opened an office in Toronto for its Goldman Sachs Administration Services, the entity that provides fund accounting and investor servicing for its hedge fund administration operations.

• Facebooks for Financial Services

  Professional investors who want to post questions, share information, debate issues and find jobs are finding an array of Web-based communities comprised of like-minded individuals.

• Monitoring Social Networks for Market-Moving Info

  Some traders are turning their attention to online communities not to communicate with their peers but to gather market-moving information from industry experts.

• Same Shirt, Different Heist

  Thieves ripped off Citibank, WaMu and First Bank of St. Louis for more than $6 million in recent months; some lessons can be learned from the spree.

• QuickBooks Creates Rock Jingles for Small Business

  Intuit has introduced a light-hearted online rock-and-roll jingle generator for small businesses, featuring an Austin Powers look-alike named Tommy Silk.

• Ernst & Young Embroiled in Trademark Lawsuits

  Ernst & Young is engaged in lawsuits with Entrepreneur Media Inc. over the use of the term "entrepreneur of the year" by Entrepreneur Magazine.

• New Jersey Ranks as Most-Taxed State

  New Jersey taxpayers are stuck with the heaviest burden in state and local taxes, while Alaska taxpayers pay the least, according to a new study.

• Legal Team Helps Investors Sue Schwab

  A Florida-based law team is working to help investors of the failed Charles Schwab YieldPlus Fund recuperate some of their losses.

• Moody's: Gas Prices May Lead to Toll Increases

  Gasoline prices at $4.00 or more per gallon for a prolonged period could depress toll road traffic and revenue, and compel governments to increase tolls to prevent credit rating downgrades.

• Janus Investors Finally Get $100 Million in Settlement Checks

  Janus investors will finally receive $100 million worth of restitution.

• Tax Court Gives Widow of Ex-SF Mayor a Break

  The Tax Court has granted innocent spouse relief to the widow of former San Francisco Mayor Joseph Alioto, saving her $1.9 million in taxes and penalties.

• Insurance Man Bites Dog

  The editors of SmartMoney magazine recently cast variable annuities and guaranteed lifetime withdrawal benefits in the worst light possible.

• Man Arrested in Attempted Murder of IRS Employee

  A Florida man was arrested for trying to hire a hit man to kill an Internal Revenue Service employee who had been investigating his personal and business tax liabilities.

• KPMG Ranks Best Cities for Business Taxes

  Find out which cities took the top spots, with the most favorable tax structures for business.

• Senate Aging Committee Challenges TIAA-CREF, Fidelity Ads

  TIAA-CREF's ads for its IRAs inferred that government and military employees who contributed to their Thrift Savings Plan were up against a time clock because the TSPs "retire."

• Ex-Wachovia Broker Barred, Gets $2.2M Fine

  Guy P. Riordan was barred from the securities industry and ordered to pay $2.2 million for giving cash kickbacks to former New Mexico Treasurer Michael Montoya in return for obtaining state investment business.

• IRS Employee Pleads Guilty to Celebrity Snooping

  John Snyder pleaded guilty to illegally accessing the personal information of more than 200 celebrities and sports figures.

• 401(k) Debit Cards: Dumb and Dangerous

  A CMI survey found that 40% of workers in their 20s and 30s cash out their 401(k)s when they switch jobs, even though taxes and penalties decimate the balances to almost half.

• SEC Issues Emergency Order to Curtail Calif.-Based Advisor

  Robert C. Brown is accused of taking clients' money to pay for what is described as a "lavish" lifestyle; the complaint notes he blamed the Patriot Act as an excuse.

• Lotto Fever Linked to Low Valuation of Salary

  When it comes to purchasing lottery tickets, making people feel poor will prompt them to spend more money on a chance to become rich.

• Reserve Your Tee Time at AXA-Sponsored Website

  AXA Equitable Life Insurance Company has launched a new retirement lifestyle website for people near or at retirement.

• Prosecutors Drop Tax Probe of Sharpton

  Rev. Al Sharpton and his National Action Network have settled tax charges with federal prosecutors and agreed to pay between $2 million and $9 million to the IRS.

• Save Our Starbucks Campaign Takes Root

  Faced with 600 store closings, consumer loyalists have launched a campaign to save their local Starbucks.

• Freddie Mac Pays for Syron's Financial Planning Expenses

  Last year, shares of Freddie Mac lost nearly 50% of their value; this did not impact Syron's near $20 million payout.

• Rip-Offsville

  Inflation at its highest levels in 27 years, screams one headline. Manufacturers pass price increases along to consumers, screams another.

• Tax-Free Shopping Coming in August

  Back-to-school shopping will be tax-free for a few days next month in 13 states and the District of Columbia.

• Hey, Boomers, Surf's Up!

  AXA Equitable Life Insurance launched MyRetirementShop.com, a new, all-in-one website for the "at retirement" generation.

• Channeling Martha: S.C. Mayor Charged with Insider Trading

  The SEC successfully charged the mayor of Beaufort, S.C. with insider trader over a biotechnology company.

• IRS Tax Collection Process Too Cumbersome

  The Internal Revenue Service's process for collecting unpaid taxes is overly complicated and delayed, according to a new report by the Government Accountability Office.

• Consumer Taxes Trending Higher

  The taxes paid by U.S. consumers are rising higher overall at gas pumps, retail stores and cigarette counters.

• Financial Planner Job Satisfaction Is High

  Job satisfaction among financial planners remains high, with 96 percent of financial planners saying they are "satisfied" or "very satisfied" with their career choice.

• Businessman Pleads Guilty in Tax Shelter Case

  A Chicago businessman has pleaded guilty to tax fraud conspiracy charges.

• Ten-A-Gallon Blues

  Dave Maney, chairman and co-founder of middle-market investment bank Headwaters MB, penned the lyrics and music to this humorous country song about high gas prices.

• IRS Warns of New Email Scams

  The Internal Revenue Service issued an alert about a new wave of e-mail scams that use the IRS name to commit identity theft.

• New Pay Options, Old Criticism

  The weak economy is prompting consumers to use their credit cards for more of their regular expenses, opening a door for third-party companies that can process card payments on behalf of billers that do not accept them.

• Drivers Not Keen to Hit the Roads This Summer

  Demand for gasoline in the U.S. sunk to a 5-year low during the 4th of July holiday weekend.

• Private Bank Advisors Top Wealth Management List

  Of II's top 20 "Rising Stars of Wealth Management," the average age is 37.

• Crocodile Dundee Snarls at Aussie Tax Authorities

  Crocodile Dundee actor Paul Hogan has told Australian tax authorities to "come and get me."

• Fidelity Gives Elementary Kids a Head Start on Investing

  Elementary school students will learn how to trade and analyze stocks and bonds this summer.

• Hackers Steal Passwords of 18 LPL Advisors, Assistants

  LPL Financial notified authorities that the security of 18 employees in nine of its branches around the world had been compromised.

• It Pays to Be Dick Grasso

  A state appeals court rules that the former NYSE Chairman does not have to return any of his controversial comp package.

• Latest Lunch with Buffett Costs 224% More

  Zhao Danyang placed the winning bid of $2.11 million in a charity auction for the chance to dine with Warren Buffett.

• And to My Dear Woofy...

  Setting up trusts to pay for pet care isn't just for eccentric millionaires.

• Samuel Israel III: The Great Hedge Fund Escape Artist

  A look at the dramatic life of Samuel Israel III, the erstwhile Bayou Capital hedge fund manager.

• Traveling Abroad? Be Prepared For Laptop Inspections, Seizures

  If you're at any of the U.S. border crossings, your laptop can be searched, copied and sized via "suspicionless" searches.

• (Some) Work on a BlackBerry Counts Towards Pay

  Reportedly, staffers at ABC have told management that they deserve pay for the work conducted on BlackBerrys after office hours.

• Goldman: Layoff Report Inaccurate

  Goldman Sachs did not lay off 25% of vice presidents in its investment banking division, a firm spokesman said.

• Omaha Oracle Takes on Hedge Fund Wager

  Buffett has engaged in a $640,000 wager with Protégé Partners that they cannot beat the S&P 500.

• MBAs Pick Goldman Over Google

  The investment bank is chosen as the corporate employer of choice in a recent survey.

• Legg Mason Cuts CEO Salary

  In light of Legg Mason Inc.'s recent struggles and dropping stock price, the company has slashed the pay of CEO Mark Fetting and its founder Raymond "Chip" Mason.

• What Would Carlin Say About Subprime?

  The word "subprime" means nothing because the over-used phrase masks the true dangers of sloppy underwriting and aggressive lending.

• IRS May Have Goofed on 385,000 Stimulus Payments

  Calculations of economic stimulus payments by the Internal Revenue Service may have been wrong in nearly 400,000 cases.

• Leap Year's Extra Date, Spent in Court

  Florida cardholder files lawsuit against JPMorgan Chase & Co. for overcharging her in daily interest charges, without adding an extra day for the leap year.

• Lower Pay for Wall Street New Hires

  A survey of recruiters shows lower pay is in store for new hires on Wall Street.