If you read the entire article you'll notice a VERY familiar cast of characters...
And isn't it just a little bit odd that not one media pundit has mentioned THIS debacle when discussing the current one?2003 Mutual-fund scandal
From Wikipedia
The mutual fund scandal of 2003 was the result of the discovery of illegal late trading and market timing practices on the part of certain hedge fund and mutual fund companies.snip...
Timeline
On April 28, 2003,
every major US investment bank, including Merrill Lynch, Goldman Sachs, Morgan Stanley, Citigroup, Credit Suisse First Boston, Lehman Brothers Holdings, J.P. Morgan Chase, UBS Warburg, and U.S. Bancorp Piper Jaffray, were found to have aided and abetted efforts to defraud investors. The firms were fined a total of $1.4 billion by the SEC, triggering the creation of a Global Research Analyst Settlement Fund.
In May, 2003, the SEC disclosed that several
“brokerage firms paid rivals that agreed to publish positive reports on companies whose shares..they issued to the public. This practice made it appear that a throng of believers were recommending these companies' shares.” This was false. “From 1999 through 2001, for example, one firm paid about $2.7 million to approximately 25 other investment banks for these so-called research guarantees, regulators said. Nevertheless, the same firm boasted in its annual report to shareholders that it had come through investigations of analyst conflicts of interest with its ‘reputation for integrity’ maintained.”
On September 3, 2003, the New York State Attorney General announced he had
“obtained evidence of widespread illegal trading schemes, ‘late trading’ and ‘market timing,’ that potentially cost mutual fund shareholders billions of dollars annually. This, according to the Attorney General, was "like allowing betting on a horse race after the horses have crossed the finish line.”
On September 4, 2003, a major investment bank, Goldman Sachs, admitted that it had violated anti-fraud laws. Specifically, the firm misused material, nonpublic information that the US Treasury would suspend issuance of the 30-year bond. The firm agreed to “pay over $9.3 million in penalties.” On April 28, 2003, the same firm was found to have “issued research reports that were not based on principles of fair dealing and good faith .. contained exaggerated or unwarranted claims.. and/or contained opinions for which there were no reasonable bases.” The firm was fined $110 million dollars, for a total of $119.3 million dollars in fines in six months. much more at:
http://en.wikipedia.org/wiki/2003_Mutual-fund_scandalHmmmm...
Now who might have been the CEO of Goldman Sachs in September of 2003?
Anyone...?
Anyone...?
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