IMF: Oops

The International Monetary Fund acknowl edged it fell short in its job as the world’s global financial overseer. It said a patchwork of uncoor dinated oversight and in effective messaging failed to spot and call at tention to the risk that a global credit boom could burst spectacularly, trig gering the worst global slump in decades.

Duck down

Aflac Inc., the largest seller of supplemental insurance, was down graded by Fitch Ratings on the prospect of fur ther investment losses. Aflac closed at $13.44, down 19 cents after hit ting a 10-year low of $12.65.

Hedges up

Hedge funds outper formed stocks and bonds last month, falling an av erage of 0.51 percent, according to a report by Hedge Fund Research Inc. The S&P 500 index slid 11 percent in Febru ary, and US Treasuries were down 0.54 percent.

Payout cut

Wells Fargo & Co. said it will slash its dividend by 85 percent to shore up its capital base. The bank, which is still di gesting the acquisition of Wachovia Corp., said the payout cut, from 34 cents to 5 cents a share, would save $5 billion per year.

PCA files

Peanut Corp. of Amer ica, the peanut processor at the heart of a nation wide salmonella out break that sickened more than 600 people, has nearly $11.4 million in as sets and debts of $4.8 million, documents filed in US Bankruptcy Court show.