James; I like Janus too, they are IMO the most honest of the few
who are honest in operation. I don't want to get into singling out
the funds that have ethics lower than an ordinary pimp, but some
big names are full of scumbags who circumvent the spirit of the
law and do insider trading in collusion on a regular basis while the SEC looks the other way.
There is a hidden reason most funds do not just lag the S&P, they
don't even come close. It's not because they are stupid but because
they are crookid..from time to time one of the mangers greed gets
so insidious that the crap comes to the surface, and people think
that what he did was and rare exception. BUT the only thing rare
about it was HE took too much and got caught, the practice of
using fund money to Mo Mo up a stock the manager has a personal
interest in is very common, ( then he dumps ) , some fund
families even encourage it but use artifice to make it look like
something else. When some of them do avoid overt insider trading
they maintain a net work of good old boys who do one another
favors in collusion using investors money to buy a friends
stock on a quid pro quo basis , with the understanding
the favor will be returned..it's a den of snakes that by comparison makes the old carpet baggers look almost saintly.
A well feed den of snakes at that.
The thing is when this happens it also hurts the honest funds,
& every one in the market becomes a victim to some degree.
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Another thing people are trained not to look at is all
the ramifications of fiascos like the Orange County derivative rip off,,they think because they did not live in Orange County
that crap don't effect them. The only thing that happened there
that is not happening all over the country is it got so bad they
got caught. Simular things are going on and wide spread but the
losses are kept manageable with tax increases and just don't
come to the surface, My guess is 90% of the population is
being stuck with Taxes that support the corruption and are
not even aware of it.
-----------------------
Now this same den of snakes has one of the most powerful lobbies
in Washington and is lined up to get their hands on the SSI money
All the same crap that happened in Japan is going on right now
under our nose and being covered up by people like CreemSpam
doing spins on it, and an SEC that makes a token stab at
policing the crooks, but for the most part looks the other way.
Meanwhile a naive and gullable public walk blindly into the
traps that rob them, and to some extent even help set it up.
Jim
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