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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (13301)	5/6/2004 12:49:12 PM
From: mishedlo	Respond to of 110194

SEC charges PIMCO Advisors Fund Mgmt with fraud By Leticia Williams WASHINGTON (CBS.MW) -- The Securities and Exchange Commission filed charges Thursday against mutual fund firm PIMCO Advisors Fund Management (PAFM), an advisor to bond fund giant Pacific Investment Management Co. (PIMCO), certain of its officers and affiliates for allegedly maintaining a market-timing pact with hedge fund Canary Capital, without having notified its investors of the arrangement. The SEC filed fraud charges against the firm, Stephen Treadway, chief executive officer and chairman of PIMCO funds' board and Kenneth Corba, former CEO of PIMCO affiliate PEA Capital, the regulator said Thursday. The SEC charged that PIMCO allowed Canary Capital to engage in about 100 "round-trip" exchanges among its funds from Feb. 2002 to April 2003 involving more than $4 billion. Market timing refers to the practice of short term buying and selling of mutual fund shares.

To: russwinter who wrote (13301)	5/6/2004 1:59:00 PM
From: TheSlowLane	Respond to of 110194

Russ - this part hit home: "The survival of optimism in the aftermath of the dot com crash is a testament to the resilience of institutional and popular memory as well as to the inherent difficulty, at the broadest cultural levels, of recognizing and adapting to new realities." Conversation yesterday with She Who Shall Remain Nameless: She: Did Google go public today? Me: No, why do you want to buy it? She: Yes. Me: Are you serious? Do you have any idea what the market cap is? She: But I use it every day. Me: I use toilet paper every day, it doesn't mean I want to buy Kimberly-Clark. She: Well, I just want to make some quick money. Me: I see, who are you planning to sell it too? She: Well it might go up a lot. Me: So the investment thesis is purely based on the Greater Fool Theory? She: But I use it every day. Me: AIIIIGGGHHEHEEHEHHEHHHHEEEEEE!!!!