Word: spitzers
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Dates: during 2000-2009
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...ELIOT SPITZER, New York State attorney general, on the U.S. Securities and Exchange Commission's investigation into the mutual-fund business...
...video of at least one multimillion-dollar toga party. It was bad enough when mutual-fund returns were pummeled by a two-year-long bear market that started to thaw only this spring. Then, in September, a few funds came under fire from New York State attorney general Eliot Spitzer for allowing big, sophisticated investors to game the system. The abuses are turning out to be so prevalent that regulatory officials predict a big shake-out. "There are going to be criminal cases brought in considerable number down the road," Spitzer told TIME...
...couple of months ago, few expected to see the words "mutual funds" in a corporate-scandal headline. Even Spitzer, who spent most of last year wrestling with Wall Street's biggest investment banks, did not suspect that there was anything amiss in the funds industry until he began investigating it this summer. "Most people had accepted that the mutual-fund industry was reasonably free of these sorts of problems," he says. That reputation is partly what has driven mutual funds' tremendous growth since they were established in their current form in 1940 as a way for the average investor...
...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...
...GAMING THE MARKET New York attorney general Eliot Spitzer, Massachusetts regulators and the SEC are on a rampage against fund firms for allowing illegally timed trades. The first to be charged: Putnam Investments. Expect more to be fingered. --By Dody Tsiantar with Elaine Shannon