PRUSec Mutual Fund Market Timing
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A fund company would kick out an account for fund timing. Management would then let the rep either re-open the account under a new rep # or a new account # and the whole process (fund timing) would start over again. Management was in on the whole process.
I was also busting newbies balls from his previous post (paragraph 3, line 1) it should be BUST the manager not BUT.
[quote=badmove?]A fund company would kick out an account for fund timing. Management would then let the rep either re-open the account under a new rep # or a new account # and the whole process (fund timing) would start over again. Management was in on the whole process.[/quote]
Do you think the CEO of PruSec was in on it? How far up the food chain do you suppose knowledge of what they were doing went?
[quote=NASD Newbie]
[quote=badmove?]A fund company would kick out an account for fund timing. Management would then let the rep either re-open the account under a new rep # or a new account # and the whole process (fund timing) would start over again. Management was in on the whole process.[/quote]
Do you think the CEO of PruSec was in on it? How far up the food chain do you suppose knowledge of what they were doing went?
[/quote]
A much more appropriate question would be, "Who SHOULD have known?"
[quote=Starka][quote=NASD Newbie]
[quote=badmove?]A fund company would kick out an account for fund timing. Management would then let the rep either re-open the account under a new rep # or a new account # and the whole process (fund timing) would start over again. Management was in on the whole process.[/quote]
Do you think the CEO of PruSec was in on it? How far up the food chain do you suppose knowledge of what they were doing went?
[/quote]
A much more appropriate question would be, "Who SHOULD have known?"
[/quote]
Not necessarily anyone. If you're going to delegate responsibility you must also assume that that responsiblity could be abused without your knowledge.
For example, I don't believe that Ken Lay knew what was going on with the traders at Enron. There is a point where senior managers are as far out of the lower level loops as the lower level employees are out of the upper level loops.
[quote=NASD Newbie][quote=Starka][quote=NASD Newbie]
[quote=badmove?]A fund company would kick out an account for fund timing. Management would then let the rep either re-open the account under a new rep # or a new account # and the whole process (fund timing) would start over again. Management was in on the whole process.[/quote]
Do you think the CEO of PruSec was in on it? How far up the food chain do you suppose knowledge of what they were doing went?
[/quote]
A much more appropriate question would be, "Who SHOULD have known?"
[/quote]
Not necessarily anyone. If you're going to delegate responsibility you must also assume that that responsiblity could be abused without your knowledge.
For example, I don't believe that Ken Lay knew what was going on with the traders at Enron. There is a point where senior managers are as far out of the lower level loops as the lower level employees are out of the upper level loops.
[/quote]
My point is that one can delegate everything except responsibility, and that is indisputable.
Jamie Price (now with UBS) knew. Mike Rice knew. He no longer has a job. Danny Ludeman fired him as soon as the SEC Wells Notice (also known as toilet paper substitute) showed up. Pretty sure John Strangfeld knew, too. That moron (in my opinion), Art Ryan, the gutless wonder and world class insurance peddler may not have known.
It went on at Boston under 2 branch managers and 2 regional directors. It went on in NYC metro in 3 branch offices (4 different branch managers) under 2 different regional directors.
The new guy with the SEC in Boston (Bergers) did a nice job on this case. The guy he permanently replaced (Juan Marcellino) is/was a joke. Boilermakers (the union kind, not Purdue football players) with pipe wrenches scared him so badly he looked the other way for a while. If there are no sanctions against the market timers in NYC or their senior management, then it's my opinion the SEC guy in NYC (Mark Schonfeld) and his gutless wonder "boss," Linda Thomsen should find themselves college professor jobs at Smith College since it's Linda's alma mater and maybe they can be both be "big men on campus" in that kind of environment.
Thanks, ladies and gentlemen for your feedback. Have a nice rest of the weekend.
FD: I am not former or current PRU or WB so it's not sour grapes on my part to be whining about what wimps some folks at the SEC and Department of Injustice are.
the mgr knew and his boss. @ ag edwards the manager knew. Brokers took the fall, what a fvck job.
Yet, it would seem, that there are those from management positions who would argue that that is the way it should be.
What an amazing breed.
What's even more amazing is the SEC under Smith College undergrad alum, Linda Thomsen, refuses to DO anything about it other than going after low level brokers. I guess that's about the best you can expect when you have a former Smith College undergrad alum in "charge."
[quote=ymh_ymh_ymh]
What's even more amazing is the SEC under Smith College undergrad alum, Linda Thomsen, refuses to DO anything about it other than going after low level brokers. I guess that's about the best you can expect when you have a former Smith College undergrad alum in "charge."
[/quote]
The other mistake is placing a woman in charge of something.
Only if she's a former sorority house girl, like Linda Thomsen.
The SEC has a good newbie District Administrator in Fort Worth (Rose Romero). She's a former enlisted woman who served time in the USAF and was an undercover narcotics cop for a while prior to getting her JD and going to work for the DOJ. She's got a lot more testosterone than the guy who's in charge of NYC (Mark Schonfeld). She also makes that loud mouth Spitzer look like a pom pom girl.
At least Spitzer will be an ineffectual governor in New York, as opposed to being a populist Attorney General who aspires to middle management.
That’s true, he’s another worthless regulator whose daddy put him thru college/law school then bought him every job he ever had since then. To be fair to Thomsen, Steve Cutler was even a bigger wimp than she is. He was head of enforcement at the SEC before Thomsen. A frat boy type.
Was it 30 years ago? If so, what was her name?
Sorry, shouldn't have asked you to kiss and tell.