Guest Posted October 30, 2003 Report Share Posted October 30, 2003 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 Investments OldMan $272 billion - not bad work if you can get it!! Thanks for the link! Link to comment Share on other sites More sharing options...
growler Posted October 30, 2003 Report Share Posted October 30, 2003 Putnam committed fraud...so what. Check out the SEC settlement with Wall St. from April of this year. Wall Street firms "issued FRAUDULENT research reports...". ENE/WCOM/Global Crossing/TYC ...etc. How about the IPOs? Get caught stealing a million dollars from the bank and get fined $25,000. Crime pays (or at least has). Link to comment Share on other sites More sharing options...
Guest Posted October 30, 2003 Report Share Posted October 30, 2003 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 Also thanks for that excellent insight...appreciated Link to comment Share on other sites More sharing options...
DrStool Posted October 30, 2003 Report Share Posted October 30, 2003 Sorry forgot to load. Uncle B and Bong Hit is now posted Link to comment Share on other sites More sharing options...
Guest Posted October 30, 2003 Report Share Posted October 30, 2003 Putnam committed fraud...so what. Check out the SEC settlement with Wall St. from April of this year. Wall Street firms "issued FRAUDULENT research reports...". ENE/WCOM/Global Crossing/TYC ...etc. How about the IPOs? Get caught stealing a million dollars from the bank and get fined $25,000. Crime pays (or at least has). Right growler.. Until Spitzer REALLY hits them where it counts... $$$$$, this is just a slap on the wrists and a PR show to reinstall confidence in the system. Lets talk REAL money, they type that penalizes this type of behavior. Link to comment Share on other sites More sharing options...
Ags Nightmare Posted October 30, 2003 Report Share Posted October 30, 2003 Putnam committed fraud...so what. Check out the SEC settlement with Wall St. from April of this year This won't matter as long as the markets are going up but with most fund cash positions at 4 % or less, if Joe six pack wants his money back theres your 10 sigma. Ag Link to comment Share on other sites More sharing options...
5thelement Posted October 30, 2003 Report Share Posted October 30, 2003 $sox 499 close will suck in a lot of new bears with 15min to go. Pearl Jam sang a great cover of Johnny Cash song about a prisoner with 20min til death row. I'm seeing large blocks of AMD being bought and traded.... too dangerous and obvious to short $sox at 499. Better luck after month end and into 1st week of November PNRA has bottomed and steadied at $42.5, an obvious flatline for today, look at charts... 3.5M shares traded. willl see if this holds tomorrow after a dead cat bounce.... Link to comment Share on other sites More sharing options...
longOnUranus Posted October 30, 2003 Report Share Posted October 30, 2003 Yeh, tried different sources. All locked up? Snow Job? especially funny that it got "fixed" only as the market went back up. Someboby treading water awfully hard. This happens every so often, could be sun spots interupting the feeds. Or black holes sucking them in. Or..whatever. Outta here. Another wasted day. Link to comment Share on other sites More sharing options...
rog Posted October 30, 2003 Report Share Posted October 30, 2003 Putnam committed fraud...so what. Check out the SEC settlement with Wall St. from April of this year. Wall Street firms "issued FRAUDULENT research reports...". ENE/WCOM/Global Crossing/TYC ...etc. How about the IPOs? Get caught stealing a million dollars from the bank and get fined $25,000. Crime pays (or at least has). Primary difference is in the case of IPO or investment banking fraud you still had to pull the trigger yourself. You may have been duped or given misleading information but ultimately you had to take action. In the case of mutual fund fraud money was stolen from your account. Your state of mind does not have to be proven in a court of law. It all all occurred unbeknownst to you and the criminals left a well-documented paper trail for any class action lawyer to follow. Fines are the least of their concerns. Link to comment Share on other sites More sharing options...
5thelement Posted October 30, 2003 Report Share Posted October 30, 2003 DOC: Have to thank you as your shorting technique is working for me.. Except right now I wait for a waterfall to begin as picking tops this fall has been a bears nightmare... Let the pros on WallStreet start the parrty for us and we just ride it down and carpet bag along and get out before they do.... Shorting 1K of anything over $20/share is scary but if you're right, you make 1G for every $1 down so that's why I wait for the waterfall to start. It happened last week on MSFT in afterhours and I was too scared to short MSFT... But after the NTES party this week, the waterfall thing is the only gift for bears right now. Don't we have a nother week of earnings reporting or not??? dang!! Link to comment Share on other sites More sharing options...
RockLedge Posted October 30, 2003 Report Share Posted October 30, 2003 i have a relatively large position in this through the Endeavor fund--at least $500--so could you please let me know why a company with only 79 employees is currently capitolized at nearly a billion dollars---beardrech (an inquiring mind ? Whats that?) Well I don't know nothing... "Ignorance Is Strength" (that's me) I have no answer for your question Beardrech At first the stock looked strong this morning... but I didn't think it had much left in it. Some of these miners, IMO, have had crap earnings even with higher production and am not saying that WHT will too, I have no clue. I'm cut'n myself off of them for a little while. Link to comment Share on other sites More sharing options...
growler Posted October 30, 2003 Report Share Posted October 30, 2003 Arthur Andersen...the specialist firms...Wall Street...mutual funds...Is there a trend here? Link to comment Share on other sites More sharing options...
ArdentGuy Posted October 30, 2003 Report Share Posted October 30, 2003 Yeh, tried different sources. All locked up? Snow Job? especially funny that it got "fixed" only as the market went back up. Someboby treading water awfully hard. This happens every so often, could be sun spots interupting the feeds. Or black holes sucking them in. Or..whatever. Outta here. Another wasted day. It's not fixed yet! Still no $SPX quotes! Only one every 18 minutes now. I'm having to watch futures prices to keep an eye on $SPX cash movements. Link to comment Share on other sites More sharing options...
Goldmember Posted October 30, 2003 Report Share Posted October 30, 2003 I wonder if Japanese mutual funds in '93 had a similar end of fiscal year coincidence when their stock market went over the falls, though the Nickme was an earlier time in the year. Link to comment Share on other sites More sharing options...
Bearman Posted October 30, 2003 Report Share Posted October 30, 2003 so far so good oct 15 sp highs held bring on 1973 Link to comment Share on other sites More sharing options...
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