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Impeach George Bush
The Worlds Largest Skimming Operation
Putnam's CEO is resigning in one of the biggest fraud scams ever - the Mutual Fund Scam. What's the scam? You buy a mutual fund, the fund buys stocks. They buy them from --- the fund managers. At a nice profit.
Source: Reuters, 2003-11-03
Candidate: Big Business
Fallout from the mutual fund probe erupted on Monday as the head of one of the nation's biggest fund companies was forced out and securities regulators found more firms may have engaged in improper trading.
U.S. regulators also accused nearly 450 brokerage firms of overcharging investors for mutual fund purchases and said tens of million of dollars of refunds may be necessary.
The U.S. Securities and Exchange Commission told lawmakers at a Washington hearing that 10 percent of top mutual fund companies may have been involved in illegal late trading.
Once seen as a safe haven for mom and pop investors, the mutual fund industry has become "the world's largest skimming operation," said Sen. Peter Fitzgerald, chairman of the Senate Subcommittee on Financial Management.
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User Originated Comments:
From: maximo
1999-11-30 00:00:00
thank gw for this one. his sec director is
donaldson....of the now infamous dlj investment
bank (he was the "d" in dlj).
dlj,
acquired by csfb, is famous for authoring the
"technology"...the means by which several large
companies (the most famous of which is enron but
others such as elpaso are purported to have used
this "technology" extensively) kept their debt off
the balance sheets, away from the prying eyes of
pesky shareholders. his former firm is at the very
heart of the nastiest energy company bk in history
and it's seedling investment bankers have found
their way into the executive suites of many a
public company. damn the shareholder. it's about
the executive's bottom line. until he goes away
the mentality that makes it "alright" to defeat us
securities laws by creating means to prevent the
shareholders from realizing the true equity that
they hold in a public co's stock will not be
replaced. bush may claim a rebound to the economy,
but he still must answer for the loss of millions
and millions of jobs on his watch and
disproportionate increase in wages across the
board.
his administration seems to
think that a system analyst lossing his/her job at
75k, only to find work 12 months later as a retail
store clerk at 18k is "creating new
jobs".
nafta and wto. great work of the
bushes. thank them this november.
his
people cover the bases for him quite well. do you
think that donaldson is incentivized to cut his
own throat by going after his former clients?
enron? now he has to attack csfb? do you really
think he's going to do that? why do you think he
was put there in the first place? why do you think
that the enron bk has cost shareholders (and
taxpayers) over 100 million so far? is anyone out
there aware of even one csfb or dlj banker that
has been indicted? good ole honest george, not to
be mistaken with george washington.
From: Linda
1999-11-30 00:00:00
i guess the lesson to be learned is that
under-the-mattress isn't such a bad place to keep
your money. at least you retain control there.
From:
1999-11-30 00:00:00
yeah, aren't we all shocked and amazed.
From: Linda
1999-11-30 00:00:00
ya mean, enron isn't an aberration?
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