SEC: Mutual Fund Execs Trade Own Funds

[salin]

SEC: Mutual Fund Execs Trade Own Funds

Oct. 23 — WASHINGTON (Reuters) - Mutual fund executives and portfolio managers have done questionable market-timing trades in shares of their own funds, a top U.S. securities regulator said on Thursday, signaling a major expansion of the government's fast-moving probe of mutual funds.

In an interview with TV business news channel CNBC, Securities and Exchange Commission Enforcement Director Stephen Cutler said, "We're finding evidence that people associated with mutual funds are timing their own funds -- executives with fund companies and portfolio managers with fund companies -- and there's just no excuse for that.

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An academic study has estimated timing and late trading abuses cost average investors more than $5 billion a year.

more: http://abcnews.go.com/wire/Business/reuters20031023_533.html

[nothingshocksmeanymore]

1. I'd love to see Spitzer as the next Atty General or better yet

CHAIRMAN OF THE SEC!!!

[salin]

2. Absolutely...

but has one filling those positions... ever ended up in higher office? And the potential of Bobby Kennedy to have done so, isn't quite a normal situation - so count him as an exception.

I ask - because this man has GREAT potential.

[nothingshocksmeanymore]

3. I agree and can't think of a one

but he is NEEDED there.

[salin]

4. Without a doubt

and there is always someone who serves to break the mold (going from SEC... to elected office)

[JackDragna]

5. Stock Fraud: the nice way to steal.

Take millions of dollars. Hardly ever get caught. If you do get caught, get sent to a country club prison. Get fined for about 40% of what you stole, get out in a few years and live the rest of one's life wealthy beyond the dreams of avarice.