Cavuto calls latest mutual funds crook a "victim"

I can not even believe what I just heard. Flipping back and forth between the worthless news channels that are CNN, FOX and MSNBC, I heard Neil Cavuto on Fox refer to the latest mutual funds CEO who has just resigned over a scandal (sorry, don't remember the name of the CEO or the company) a VICTIM! I about choked on my lunch. A Victim!! What about the employees? What about the stockholders? Geez, well, that's Fox for ya (I know that's what you all are going to tell me) - but still......it's just so much BS.

Then I had to hear the RW shills over on Crossfire get hysterical about the "Hollywood celebrities" crap. It's so interesting how they continue to bash them as having worthless opinions, yet Arnold is somehow exempt from their bashing. All I can say is yeah for Robert Greenwald!!

It's Invesco in Denver.

There's a thread on this in LBN

The playing field has never been level for the small investor. Here's some more proof:

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20031202/ap_on_bi_ge/mutual_funds_investigation

Invesco, CEO Cited in Mutual Fund Scandal
1 hour, 11 minutes ago

By LISA SINGHANIA, AP Business Writer

-snip-

NEW YORK - Regulators charged Invesco Funds Group Inc. and its chief executive with civil fraud on Tuesday in the rapidly expanding mutual fund trading scandal.

-snip-

"Invesco and its officers committed fraud and violated their fiduciary duties both by allowing Invesco funds to be timed and by concealing their timing arrangements from the investment public," the New York state complaint alleged. "The damages from this fraud are the fees that Invesco collected from the unwitting long-term investors in the funds Invesco turned over to timers — approximately $160.8 million, plus the dilution and other costs that the timing activity visited on these customers."

The filings allege that between June 2001 and June 2003, Canary made roughly $50 million — or a 110 percent return — market timing the Invesco Dynamics fund, while long-term shareholders lost 34 percent.

The Invesco Dynamics fund was marketed to children and families, according to the complaint.

-snip-

more...

but still.....to call the guy a victim....that's just outrageous

I heard some Rush-wannabe say that we need LESS regulation in the mutual fund business. Let good old capitalism find the crooks! (Meaning the mutual funds with crooked managers will make less overall return so in the long run people won't use the funds - what a crock!)

Keep moving, folks. Nothing to see here. Keep moving.

mark my words. had the victims of the enron affair killed ken lay and his buddies in cold blood, this shit would have stopped.

when these thieves realize that their lives are at stake they will think twice about ripping off other people.

i am not fond of the chinese government at all, but they solve corruption the old fashion way, public execution.