Word: spitzers
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...opinion of New York State attorney general Eliot Spitzer, Pilgrim Baxter & Associates can claim the title of Most Egregiously Corrupt among the growing list of mutual funds under investigation. "Here you had the founders themselves manipulating the system," Spitzer told TIME. "There's an extra level of insidiousness to it." Complaints filed last week by Spitzer and the Securities and Exchange Commission charged Gary Pilgrim and Harold Baxter with civil fraud. They are accused of allowing an outside hedge fund (in which Pilgrim held a major stake) to make rapid trades in Pilgrim Baxter funds, a practice forbidden...
...ELIOT SPITZER, New York State attorney general, on the U.S. Securities and Exchange Commission's investigation into the mutual-fund business...
...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