Investors still stinging from last year's run of Wall Street and CEO lies now find they can't trust mutual funds either. Turns out the $6.9 trillion fund industry might be just as willing to jilt the little guy when monster fees are on the line. This revelation is a black eye for a business that so far has been largely scandal free.
The problems came to light last week when New York attorney general Eliot Spitzer, who has made a career out of reading Wall Street's dirty email, asserted that "dozens" of "very substantial" fund companies are tolerating practices that rob...
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