CHRONOLOGY-Key events in mutual fund trading probe

[Robbien]

It is fasinating to see all the events playing out all in a timeline fashion

<snip>

Sept. 3 - New York Attorney General Eliot Spitzer announces a probe into hedge fund Canary Capital Partners LLC and these mutual funds over suspected trading abuses: Bank of America Corp.'s Nations Funds, Bank One Corp.'s Banc One Funds, Strong Capital Management Inc. and Janus Capital Group Inc.

Sept. 10 - Bank of America fires three people Spitzer says helped Canary improperly trade mutual funds. The employees -- mutual fund head Robert Gordon; Charles Bryceland, who ran the bank's New York brokerage for wealthy clients, and Theodore Sihpol, a broker -- have left the bank, the company said.

Sept. 28 - Strong Capital says in a letter to its mutual fund shareholders it will make "appropriate reimbursements" to clients if an internal review finds they were harmed by its trading practices.

Sept. 29 - The SEC edges closer to tighter oversight of the $600 billion hedge fund industry, releasing staff recommendations that hedge fund managers be registered. It would be the first step toward policing the fast-growing funds that are popular with investment institutions and the rich, by subjecting the pools to regular inspections and examinations.

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http://biz.yahoo.com/rf/031202/financial_fund_1.html

[rapier]

1. Slightly different timeline

1600 something. Joint stock companies are invented.

1700 something. Grifters, conmen and theives of all stripes discover that this is the ultimate playing field for them.

1800 something. The New York Stock Exchange is founded. Immediately the American propensity for speculation, pie in the sky and greed combine to form the greatest means of seperating citizens from their money in history.

Then till now. Nothing has changed.

"Finance is the art of passing money from hand to hand until it disappears." (I regert I cannot site the author)