Word: mutuals
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Dates: during 2000-2009
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...best medical editor I’ve worked with,” said Gibbons, who credits a mutual friend for bringing Reynolds’ talents to his attention...
...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...
...regulate that? For one thing, as with last year's corporate accounting scandals, boards of directors will get closer scrutiny. Congress is considering a bill that would tighten board oversight of mutual-fund managers and increase the number of independent directors, including the chairman. Spitzer says that an alert board of directors can easily detect market timing using public information about the fund's trading volume, and would never allow fund executives to trade their own funds against the interest of shareholders, as the chairman of Strong Funds is accused of doing. (Richard Strong has said he will reimburse...
...Phillips, managing director of Morningstar, the leading mutual-fund rating agency, says the rash of revelations about improper trading will force funds to be more transparent. "The fund industry is going to get the biggest scrubbing that it has ever gotten," Phillips says. Details about fund expenses, for example, could reveal whether market timing is inflating transaction costs. Academics estimate that late trading costs investors $400 million a year and market timing $4 billion to $5 billion. Aggressive fees for short-term trades would show that a fund is discouraging rapid trading, a signal of market timing...
...charges of illegal trading pile up, what are investors supposed to do? Are all mutual funds tainted? Could yours go belly-up? Should you bail out? First of all, don't panic. Most of the roughly 650 firms that run mutual funds have not been accused of doing anything wrong. When the investigations are over, many will be proved entirely trustworthy. And as for funds run by companies that are found guilty, there are limits to how low they can go. By law, a mutual fund can never go bankrupt. It cannot become insolvent unless all the stocks and bonds...