WHERE HAS OUR PRESS BEEN FOR TWENTY YEARS?

PBS ACTUALLY DOES A FIRST RATE JOB on the Mutual Fund scandal, spelling out each nuance. Leaving out their usual propaganda, it is a first rate job and I learned a thing or two I didn't know. Things like "stale pricing" will really piss you off; phony interest bearing loans might get to you too. A few things involved in "Late Trading" are so obviously criminal in nature that I was surprised; in my world a "late trade" might mean a few minutes but these guys were trading as much as five hours late.

Funds promise investors that they don't allow short-term traders to buy and sell shares. It's going to hurt you. It's going to hurt our returns and raise our costs. We are going to stop them at the door and tell them to go home. Well, in fact, these funds not only did not stop them at the door, they invited them in with open arms.

Very good. Go there now if you are interested because PBS has a habit of pulling their stories down pretty fast. The good thing here is that this stuff is easy to stop and you can bet it will be stopped, but the "hidden" costs which all of us who have been in the financial business have known for years, is something else. My real question here is, where has our media been for twenty years? Everybody in the financial field has known about these hidden costs, knew there were SOME crooks in the business, and that many funds are very bad. They have been doing the usual Liberal Waltz against business, free markets, and the rich while ignoring hard to report stories. And make no mistake, this story would have been hard to find but anybody digging would have found it. This is a result of news reporting by jerkoffs who work the phones instead of working the street. Can;t have college grads doing legwork, can we now.