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M *: Fidelity and Putnam Among Fund Families Duped by Longtop
Same thing happened in Texas a few years ago. I think the company had the name Enron. I think the regulators have their hands full with unscrupulous U.S. firms.
Now, we have 3 place to avoid investing, if we are going to pull up the big umbrella of bashing.
Comments
Broker: "We have this new Chinese IPO. The auditor left, and when I looked up the company address on Google Earth, it was just a cow field."
Fund Manager: "What do they do?"
Broker: "Social networking. It's the Chinese version of (fill in whatever fad tech company you like.)"
Fund Manager: (craps self) "I'll take EVERY SHARE YOU HAVE!"
Broker: But, but the CEO appears to be a cow.
Fund Manager: "I don't care, it's the Chinese Facebook! I'm sure it'll be huge!"
The Russians are now getting in on the act, too. There was the "Russian Google" IPO this week (Yandex.)
I think the regulators have their hands full with unscrupulous U.S. firms.
Now, we have 3 place to avoid investing, if we are going to pull up the big umbrella of bashing.