Word: finks
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...mutual funds have outrun the regulations intended to keep them in check. Matthew Fink, president of the Investment Company Institute, a mutual-fund trade group, notes that in 1968, when the cutoff time for late trades was set at 4 p.m., there were 100 mutual funds and 300 intermediaries dealing in them. Today there are 8,800 funds and thousands more brokers, banks, 401(k) plans and trusts selling them. "The regulation has not caught up with the growth in the structure," Fink says. The poor returns of the recent bear market also created a new temptation for fund managers...
...Saturday morning four weeks ago, New York State attorney general Eliot Spitzer walked onto a tennis court in Washington for a match with his niece and chanced upon Matthew Fink, president of the Investment Company Institute, the mutual fund industry's trade group. Howya doing? Spitzer asked. Fine, Fink answered. He then mentioned that his industry seemed to be under unusual scrutiny, adding, "At least you aren't giving us a hard time." Spitzer's response left Fink weak in the knees. "Just wait," he said with a smile...
...Fink didn't have to wait long. On Sept. 3, the crusading A.G., fresh from lashing the brokerage industry into a $1.4 billion settlement over fraudulent stock research, revealed his latest target: the mutual fund business. This time Spitzer asserts that the industry we have trusted to put us on equal footing with the big hitters was favoring them at our expense--through short-term trading schemes that dilute the gains of long-term holders...
...fund industry, its trust breached, is now making all the right noises. Fink called the alleged abuses "outrageous" and urged all his group's members to review their internal procedures. Spitzer's investigation is far from over, though, and it may touch broadly an industry entrusted with $7 trillion of our retirement and other savings--a gargantuan sum that politicians will be eager to make a show of protecting...
...bulk of Grasso's payout--$91.6 million--comes from deferred retirement benefits and savings, and he enjoyed an 8% guaranteed return on one-tenth of his total compensation. "That's a little unusual," Jensen says, because most executive retirement plans peg their returns to vary with interest rates. Fink says the board will be reviewing all aspects of senior executive benefits in October...