I'd really like to know: What were they thinking? What did the traders, directors and managers of mutual funds think they were doing? Did they think, "Everybody does it?" Did they figure, "It's not really stealing; not actually taking money away from someone, it's just that they won't make as much as they might have?" Did they think the big customers were entitled to more? Why?
A series of mutual fund folks appeared before the Senate governmental affairs hearing on the issue this week. "Outrage," "Shocking," "Betrayal," they all said. Better compliance system, rule changes, regulatory action, reforms, restitution, they all said. Among other things, these Senate hearings should be required viewing for every right-wing ideologue who rants against government regulations -- those horrible, onerous government regulations. If you want to know why government regulations get written in the first place, this is the perfect opportunity. It's a huge, stinking scandal that affects the savings and pensions of millions of people, and the very people who created it are now begging for new regulations.
It's an indictment of the collective news judgment of American media that the mutual fund mess hasn't made it off the business pages to the front pages. And it's too bad it's too complicated for television, because this is a classic news story -- it affects your life.
It pretty much covers the entire American middle class, quite of few of whom don't think of their 401Ks or pension plans as mutual funds, but that's where most of them are invested.
more...
http://www.workingforchange.com/article.cfm?itemid=15926
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