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US attorney announces investigation into fraudulent trading at Putnam

sorry, being European means I do not know how big this is? Is this a major event, or one that will be disregarded in the blink of an eye?

Cheers.

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Has anyone else noticed that the $SPX quote has only been updating once every 10 minutes for the last half hour?  Same thing on Crapvision.

yep - clicking refresh without results - sold an SPX put and bought a few FNM puts w/ bearish executions. Must be doing something bad.

 

The Matrix installing v1.929

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sorry, being European means I do not know how big this is? Is this a major event, or one that will be disregarded in the blink of an eye?

Cheers.

Putnam is the fifth largest mutual fund family in the US with $280b under management. They have been indicted on fraud by the State of MA and are now under investigation by the Federal govt. Under US securities law fraud is a breach of fidicuary duty and usually results in being disallowed from any further business activities in the scurities market.

 

More importantly the State Attorney Generals, the SEC and now the US attorneys office (federal govt) are investigating fraudulent trading at mutual funds. In a nut shell this is stealing from mutual fund investors inorder to increase profiits. Each of the legal orgs listed above have gone on record today saying that the fraud is more widespread and involves far larger sums of money than originally thought. imho they have just scratched the surface

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sorry, being European means I do not know how big this is? Is this a major event, or one that will be disregarded in the blink of an eye?

Cheers.

Putnam is the fifth largest mutual fund family in the US with $280b under management. They have been indicted on fraud by the State of MA and are now under investigation by the Federal govt. Under US securities law fraud is a breach of fidicuary duty and usually results in being disallowed from any further business activities in the scurities market.

 

More importantly the State Attorney Generals, the SEC and now the US attorneys office (federal govt) are investigating fraudulent trading at mutual funds. In a nut shell this is stealing from mutual fund investors inorder to increase profiits. Each of the legal orgs listed above have gone on record today saying that the fraud is more widespread and involves far larger sums of money than originally thought. imho they have just scratched the surface

Despite the political clout of Putnam in MA, they may have humped the camel this time.

 

The state is in a fiscally sour mood and the thought that Putnam was lining its already gilded pockets at the expense of the pension fund may be entirely too much.

 

We'll see.

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Thinking like a criminal here...They are going to leave this pig within striking distance of Dow 10000 and Naz 2000 for the last day of October and a Friday to boot. What better way to pull in more "non believers" to distribute to, then to take the markets up to those milestones on the last day of the scariest month of the year. Then have the media run with it all weekend.

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Has anyone else noticed that the $SPX quote has only been updating once every 10 minutes for the last half hour? Same thing on Crapvision.

Totally strange stuff. Looks like an abomination on my charts. I thought my charts froze up. Still locked in no-man's land. This can not be good for longs, though I do have higher targets for cycles further out than the 5-day. Do they fool everyone here and just break it for good and let the charts catch up or do they coerce and manipulate a white-hot candle up the bears' butts.

 

Oh my! This is strange stuff...

 

Come to think of it, the Nickme '93 had some funny looking candles around here as well.

 

I don't really know....though I'm sure we will inevitably find out soon enough.

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TONITE IS MISCHIEF NIGHT :o

 

May the mk spirits play some pranks

On the large bullish ranks

And if they do

The bottom will fall thru :lol:

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Has anyone else noticed that the $SPX quote has only been updating once every 10 minutes for the last half hour? Same thing on Crapvision.

Yeh, tried different sources. All locked up? <_<

Snow Job?

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Tanks Paul, but what about Jimi's?

What about Jimi's what?

 

 

 

Oh, posts......

 

I already complimented him today. I'm still chuckling at his "Crapvision standards...if you can get past the oxymoron" comment.

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