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Is Your Mutual Fund Clean?

机译:您的共同基金干净吗?

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On a saturday morning four weeks ago, New York State attorney general Eliot Spitzer walked onto a tennis court in Washington for a match with his niece and chanced upon Matthew Fink, president of the Investment Company Institute, the mutual fund industry's trade group. Howya doing? Spitzer asked. Fine, Fink answered. He then mentioned that his industry seemed to be under unusual scrutiny, adding, "At least you aren't giving us a hard time." Spitzer's response left Fink weak in the knees. "Just wait," he said with a smile. Fink didn't have to wait long. On Sept. 3, the crusading A.G., fresh from lashing the brokerage industry into a $1.4 billion settlement over fraudulent stock research, revealed his latest target: the mutual fund business. This time Spitzer asserts that the industry we have trusted to put us on equal footing with the big hitters was favoring them at our expense-through short-term trading schemes that dilute the gains of long-term holders.
机译:在四个星期前的一个星期六早上,纽约州检察长埃利奥特·斯皮策(Eliot Spitzer)走进华盛顿的一个网球场与他的侄女比赛,并偶然发现了共同基金行业贸易组织投资公司协会(Investment Company Institute)总裁马修·芬克(Matthew Fink)。你怎样?斯皮策问。很好,芬克回答。然后,他提到自己的行业似乎受到了不同寻常的审查,并补充说:“至少您没有给我们带来困难。” Spitzer的反应使Fink的膝盖变得虚弱。 “等一下,”他笑着说。芬克不必等很久。在9月3日,这名正在苦苦挣扎的A.G.刚从猛烈抨击券商行业以欺诈性股票研究方式以14亿美元的价格和解,就透露了他的最新目标:共同基金业务。这次,斯皮策断言,我们所信任的使我们与大亨们处于平等地位的行业正在通过短期交易计划稀释长期持有者的收益,从而以牺牲我们的利益为其青睐。

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