Word: spitzers
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...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...
...York State attorney general Eliot Spitzer has more up his sleeve in his ongoing campaign against improprieties in the mutual-fund industry. He trotted out his latest target last week: Richard Strong, chairman of Strong Financial Corp., one of the nation's largest fund firms. Strong is accused of violating securities laws by engaging in short-term trading in his firm's funds, a practice the company prohibits. (Strong said he would resign if appropriate and would personally reimburse any investors who lost money because of his trading.) In a separate move, Putnam Investments became the first firm...
...there abuses at other mutual funds yet to be uncovered? "We have seen some evidence of that," Spitzer told TIME. At congressional hearings this week, top brass from the industry's main trade group are planning to push a three-pronged proposal. They want to impose a 2% redemption fee on all funds except money markets; require that the firms, and not any intermediaries, receive orders by 4 p.m.; and restrict trading of fund shares by insiders. Spitzer, who is scheduled to appear at the hearings, wants an industry overhaul that starts at the top. "We have to shake...
...York state attorney general Eliot Spitzer is stirring up Wall Street again, investigating the mutual-fund industry for illegal-trading practices. It's the latest high-profile probe by the legal crusader who took on the big investment-bank analysts in 2002 and who, everyone assumes, will run as a Democrat for New York Governor in 2006. Spitzer spoke with TIME's Adi Ignatius about Wall Street, the Yankees and who would play him in the movie...
...MOVIE ABOUT YOUR LIFE, WHO PLAYS ELIOT SPITZER? I'd want Kevin Costner in The Untouchables. He has that swagger and arrogance you need to be a prosecutor...