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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Berney who wrote (28994)	9/26/1998 10:35:00 AM
From: James F. Hopkins	Respond to of 94695

Hi Berney; I'm sure it does go beyound what I have uncovered, I was surprised about the position the Fidelity Funds took on managers buying for personal accounts, and the way they were so imperious about it all when asked. Heck I use to recomend Fidelity Funds as being one of the more honest, no way I ever will again. I guess this is another reason so many funds can't keep up with the S&P, the Fund insiders are front running their own accounts, hence bleeding the market ( but it's all legal you know ) Fidelity pointed out in a news interview they wanted managers that traded. Yet this is far worse than the insider trading that happens with individual stocks, here they have a much broader way of exploiting thier funds moves. ------------------------ These people are no better than the crooked politicians, who sit in on say the county road commision, then go out and buy the land along the right away for personal profit before they let it out to the puplic where they have desided to put the road. A common perk many politicas think they deserve. -------------------- Beyond that I was just pointing at the simpler contraptions that are so easy to see but ingnored by the SEC , & just left up to the same bunch of habitual theives that do the stealing to police themselves, what a joke. I have run into several brokers that as a person they are for the most part honest, at least one I consider a friend, he didn't invent the system and has to make a living, however he has told me he is convinced the whole market is ( at times ) manipulated, it's like he can see it but has never been high enough up on the hog or let into the inner cirles to know how it's done. Before getting his position at the local office they gave him 2 years of training 1 of which was in their "war room" and he explained a lot to me. While what he told me about is legal I was taken back a lot by it's lack of ethics. On a personal basis he would not front run an order on me or any other client, but the way things are set up in the war room the house does front run the order flow, ( when its heavy enough). And particularly short selling. You can bet if you short stocks the broker will not find any to lend you if he is not already short at a higher level, they don't run the short sell just for the commisions they can make. Jim PS I should add that The Janus Funds does have mangers sign an agreement that they don't trade in personal accounts any stocks they hold in the portfolio, I think they can buy into the fund, and see no big problem with that, it's not the same thing as front running. But I also think full disclosure should be required by law on any of the fund managers or the people who might have any inside information as to what the fund is going to do, they need to be in the same boat with any other insiders. The big fiasco with that Dryfus Fund that surfaced not long ago should make this apparent to any one. ( DGVAX,) and there is no way I can believe this is an isolated case. This one just got more greedy than most and it was to hard to cover up. Also it an outrage that the holders in that fund are forced to and limited to suing the Fund for recover, of which they will likely get only a small amount. Some one ought to go to jail and the holders who were caught in that fund should get more than some sort of partial recovery..they should get damages to boot. It's an outrage at how these slimballs can get away with any kind of scam and still dress themselves up in some sanctimonious bull sh*t about how they and the market can over see and discipline their own scumbags. It's also an outrage that politicians have the gall to foster this type of system and turn the SEC into little more than a lap dog for the big shysters, instead of a watch dog. Jim