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ANY SURPRISES LEFT SHOULD NOW COME FROM INVESTORS THEMSELVES (mutuals fraud)
NY POST ^
| 11/09/03
| TERRY KEENAN
Posted on 11/09/2003 3:27:04 AM PST by Liz
Edited on 05/26/2004 5:17:20 PM PDT by Jim Robinson.
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1
posted on
11/09/2003 3:27:04 AM PST
by
Liz
To: Liz
Gee, sounds like the Russian economy - where was organized crime in all this? Can't see them missing such a gold mine in view of the actions of less sophisticated thieves like fund managers.
2
posted on
11/09/2003 3:42:42 AM PST
by
Henchman
(I Hench, therefore I am!)
To: Liz
This will be the big story of 2005. It will simmer through the election then explode. W had best get alot of these managers convicted and incarcerated if he wants to serve 4 more years. The retirees down here in Florida are furious about this scandal and want action.
3
posted on
11/09/2003 3:57:56 AM PST
by
Beck_isright
(Socialists are like cockroaches. No matter how many die, 300 more are born under every cowpile.)
To: Henchman
Good point.......and to answer your question, I would venture a guess that OC owns the funds....LOL.
4
posted on
11/09/2003 4:10:28 AM PST
by
Liz
To: Beck_isright
Oh yeah, I think they're going to jail, alright. There's lots more mutual fraud yet to be
uncovered. For example company loans to insiders which brought down Tyco's Koslowski.
5
posted on
11/09/2003 4:13:22 AM PST
by
Liz
To: Liz
I was thinking more about the swaps between banks also. I noticed alot of this funny business started the minute bankers were allowed to sell market products.
6
posted on
11/09/2003 4:14:25 AM PST
by
Beck_isright
(Socialists are like cockroaches. No matter how many die, 300 more are born under every cowpile.)
To: Willie Green; A. Pole
,i>Why does it matter? Well, in the case of Putnam and others, huge compensation packages from the top on down led to a culture of greed and arrogance. (Sound familiar?) Despite the fund industry's image as a place to invest for the long term, Putnam managers were encouraged to take risky bets in order to meet quarterly performance goals that translated into golden bonuses.
Substitute CEO's for the fund managers and that is what going on in America companies, too.
7
posted on
11/09/2003 4:17:54 AM PST
by
raybbr
To: Willie Green; Wolfie; ex-snook; Cacophonous; Jhoffa_; FITZ; arete; FreedomPoster; Red Jones; ...
Well, in the case of Putnam and others, huge compensation packages from the top on down led to a culture of greed and arrogance. (Sound familiar?) Despite the fund industry's image as a place to invest for the long term, Putnam managers were encouraged to take risky bets in order to meet quarterly performance goals that translated into golden bonuses. In recent years, that strategy has produced disastrous results for Putnam investors, and even now nearly half of the company's funds lag behind their peers. I suspect that many of those mutual fund investors are workers who are spoiled by the trade unions and are too lazy to compete. Another example of envy and class warfare.
8
posted on
11/09/2003 4:32:04 AM PST
by
A. Pole
To: Liz
Good to see Terry K. writing on the subject. But in the end, when it blows up - it'll be Bush's fault.
To: TopQuark
Another example of envy and class warfare. You said earlier :
"You may have never considered it from this angle but the price of talent has risen. CEOs is just one area where this is so."
How do you evaluate "the price of talent"?
10
posted on
11/09/2003 4:46:37 AM PST
by
A. Pole
To: Liz
A monthly, or bimonthly, report card would go a long way toward giving small investors a snapshot of how their money is being put to work without the risk of front-running. I'm afraid not. The solution is not more government-mandated disclosures, we get enough of those alread which nobody reads. The solution won't come as long as the government subsidizes companies who put their employees into these scammy funds. People should get more ordinary income which the invest themselves in stocks or tradable funds which they instantly enter and leave on their own investment criteria.
11
posted on
11/09/2003 4:53:04 AM PST
by
palmer
(They've reinserted my posting tube)
To: A. Pole
Thanks for the ping. You are right, but we are all in the union now.
12
posted on
11/09/2003 4:55:13 AM PST
by
palmer
(They've reinserted my posting tube)
To: Henchman
Gee, sounds like the Russian economy - where was organized crime in all this?Well, the scams take bankers, brokers, analysists, accountants, CEO's, CFO's, and government oversight agencies to get away with. I'd say that's pretty organized.
13
posted on
11/09/2003 4:58:01 AM PST
by
steve50
To: A. Pole
How does the fact that Putnam appears to be in the hands of a pack of crooks lead you to such a conclusion?
14
posted on
11/09/2003 5:02:56 AM PST
by
em2vn
To: anniegetyourgun
Yes, it's funny how the great unwashed will forget that all this crooked cooking of the books was going on during the Clinton boom years. I never hear that mentioned specifically on any of the business shows, so those with a short attention span will just remember this as happening during Bush's term. I hope Lasser and Strong are locked up with all those guys who steal $100 from a liquor store. Isn't that what justice under the rule of law demands?
To: Liz
Speaking of Koslowski, did you see the tapes of his wifey's 40th birthday party (at shareholder's expense), where the nymphettes ran around bare a$$ed and appeared to be participants in a Roman orgy?
To: The_Media_never_lie
The video is tantamount to a signed confession that Kos ripped-off the company. The judge refused to show some parts of the porn vid to the jury.
17
posted on
11/09/2003 5:11:32 AM PST
by
Liz
To: em2vn
How does the fact that Putnam appears to be in the hands of a pack of crooks lead you to such a conclusion? Good question :)
18
posted on
11/09/2003 5:16:13 AM PST
by
A. Pole
To: palmer; anniegetyourgun; raybbr; Henchman; Beck_isright; The_Media_never_lie; kittymyrib; ...
I love to tell this story during the bubble years on handling cold calls from brokers and mutuals wanting my business.
I'd act very interested, get all the details, then just when they were salivating with greed, when they figured they had a sucker on the line, I'd say, "I have to go now, I'm working on a case."
"Case?" they'd say.
"Yes, " I'd respond. " I head the FBI's telephone investment fraud unit."
They'd hang up so fast. Didn't even say goodbye. LOL.
19
posted on
11/09/2003 5:25:41 AM PST
by
Liz
To: Liz
Oh yeah, I think they're going to jail, alright.I hope you're right, but what's the evidence so far?
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