Word: mutualize
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...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...
...investigation issued its first criminal charge last week and began to shift to a second set of mutual fund trades--those by Millennium Partners, a $4 billion hedge fund run by storied Wall Street investor Israel Englander. And Spitzer wasn't the only cop on the Wall Street beat. The NASD, a securities-industry regulator, had settled a separate case with Morgan Stanley, which it charged with offering brokers improper incentives to push in-house funds that might not be best for its clients...
...largely unregulated and fast-growing hedge-fund world, which has $600 billion in assets. It's the hedge funds, investment vehicles available mainly to the wealthy, that sometimes roil markets with rapid trades of stocks, bonds and currencies and that appear to be the main clients that have traded mutual fund shares in a way that is harmful to most mutual fund investors. For years, Congress and the Securities and Exchange Commission (SEC) have talked about improving oversight of hedge funds and the industry in general. But not much was done--until Spitzer started paying attention. "It's been...
...There is a cycle of mutual neglect between the world of youth and the world of politics,” Buttitieg said...