The Mutual-Fund Scandals 2004.1.12
Leaving the little guy in the dark made for some nice payoffs, but the comeuppance stands to be even heftier Even those jaded by the corporate and Wall Street scandals of the past few years may find it hard not to be shocked by this year's revelations of preferential treatment and self-dealing in the once-conservative mutual-fund industry.
就连那些对过去几年来接二连三的公司丑闻和华尔街丑闻感到麻木的人或许也很难不被一度保守的共同基金业 2003 年曝光的优惠待遇和自我交易内幕所震惊。
On Dec. 17, James P. Connelly Jr., the 40-year-old former vice-chair of Fred Alger & Co., became the first mutual-fund executive to be sentenced to jail (one to three years).
2003 年 12 月 17 日，Fred Alger 公司 40 岁的前副董事长小詹姆斯·康奈利成为了第一个进监狱的共同基金经理。
That must have been particularly shocking to this roster of onetime luminaries now humbled.
对于这批一度风光十足、如今却身败名裂的商界明星来说，此事一定尤为令人震惊。
Over a hard-driving 30-year career, Richard S. Strong, 61, built a small Milwaukee business into(1c)1 a national financial empire with $43 billion in assets at its peak.
61 岁的理查德·斯特朗历经 30 年奋斗把密尔沃基的一家小公司变成一个高峰时期拥有 430 亿资产的金融帝国。
He also made himself very rich: He's worth $800 million.
在这个过程中，他本人也积聚了 8 亿美元的财富。
Now he has admitted to engaging in short-term trading of his own company's mutual funds, in violation of the funds' rules, for a paltry $600,000 in trading profits.
如今，他承认曾为区区 60 万美元的交易利润参与了自己公司共同基金的短期交易，破坏了这项基金的规则。
New York Attorney General Eliot Spitzer's office says he is considering filing criminal and civil charges against Strong.
纽约州总检察长埃利奥特·斯皮策的办公室说，斯皮策正在考虑对斯特朗提起刑事诉讼和民事诉讼。
And the Securities & Exchange Commission is weighing a civil case.
证券交易委员会也在考虑对他提起民事诉讼。
Strong has resigned and promised to repay investors any losses.
斯特朗已经辞职，并许诺偿还投资者的所有损失。
The company has hired Goldman, Sachs (GS ) & Co. to explore a possible sale.
Fred Alger 公司已聘请高盛公司来研究可能的拍卖方案。
Edward "Eddie" Stern, 38, has become the poster boy for the exploding(2w)1 mutual-funds scandal.
38 岁的爱德华·“埃迪”·斯特恩已经成为这场迅速蔓延的共同基金丑闻的代表人物。
The scion of Hartz Mountain Industries Inc.'s founding family and son of real estate magnate Leonard N. Stern, he ran the $730 million Canary Capital Partners LLC hedge fund.
身为 Hartz Mountain Industries 公司创始人的后代和地产大亨伦纳德·斯特恩的儿子， 斯特恩经营着总价值 7.3 亿美元 的 Canary Capital Partners 公司对冲基金。
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He was the first to be implicated by Spitzer for late trading and market timing.
他是最先被斯皮策指出有延迟交易（late trading）和择时交易（market timing）行为的。
In September, Stern settled and was forced to cough up $40 million in fines and restitution without admitting any wrongdoing.
去年 9 月，斯特恩与斯皮策达成协议，被迫拿出 4000 万美元交罚款和赔偿金，条件是不承认任何违法行为。
Last month, incoming chief executive of Janus Capital Management LLC (JANSX ), Mark Whitson, 42, faced two big problems: plunging(4m)2 assets due to the bear market in stocks and a host of top manager departures.(4.14)
2003 年 12 月，42 岁的 Janus 资本管理公司新任总经理马克·惠特森面临两大问题：熊市导致的资产严重缩水和多名 高级管理人员的离职。
Whitson made his first priority improving mutual-fund performance, but it seems he should have set his sights instead on eliminating special deals.
惠特森把改进共同基金表现作为自己的首要工作，但看来他应当把精力集中在清除特殊交易上。
The firm has admitted to Spitzer's allegation, part of the Canary case, that it gave one hedge fund the right to make frequent jumps(5m)3 in and out(6c)2 of its funds, a practice prohibited to ordinary investors.
这家公司已经承认了斯皮策的指控（这是 Canary 案子的一部分） ：给一支对冲基金频繁移出移入自己基金的权利。
And it will refund $31.5 million to investors. Janus, the ninth-largest mutual fund, with $85.7 billion in assets, has not been charged with wrongdoing.
这种做法对普通投资者来说是不允许的。该公司将向投资者退还 3150 万美元。Janus 是全国第九大共同基金公司， 资产达 857 亿美元。这家公司尚未遭到控告。
Gary L. Pilgrim built Pilgrim Baxter & Associates from scratch, sold it at the top of the market in 2000 for $400 million, and was paid handsomely to keep his job picking stocks, to boot.
加里·皮尔格林白手起家建起皮尔格林－巴克斯特同仁公司（Pilgrim Baxter & Associates） ，在 2000 年市场最热的时 候以 4 亿美元将其出售，然后自己留下来为公司挑选股票，报酬相当可观。
But that apparently wasn't enough for the 63-year-old mutual-fund manager.
但是，这点工资显然难以满足这位 63 岁的共同基金经理。
A big fan of tech stocks, he didn't trim his holdings fast enough during the market downturn, and soon Pilgrim, his wife, and two others had set up a hedge fund that traded in and out(7c)3 of his own company's funds 120 times in 2000 and 2001, in violation of its own rules, the SEC says.
痴迷技术股票的他在市场萧条时没能以足够快的动作精简手中的股票。不久，皮尔格林和妻子及另外两个人就设立 了一支对冲基金；证券交易委员会说，从 2000 至 2001 年，他不顾自己公司的交易规定，120 次买进卖出本公司的 基金。
Spitzer wants Pilgrim and his longtime partner, Harold J. Baxter, to return $250 million to investors. And he has filed civil charges against both of them.
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斯皮策希望皮尔格林和他的长期合作伙伴哈罗德·巴克斯特向投资者归还 2.5 亿美元。他已经对这两个人提起民事诉 讼。
Pilgrim's lawyer was unavailable to comment.
本刊无法联系到皮尔格林的律师对此作出评论。
Best known for investing in fast-growing(8p)1 stocks, Alliance Capital Management Corp. made the most of the stock market's momentum in the late 1990s.
以投资于快速成长股票著称的联盟资本管理公司（Alliance Capital Management）在 20 世纪 90 年代末借助股市的强 劲势头大赚了一笔。
But 59-year-old former chief John D. Carifa also made tens of millions during the bad times, even as his New York firm's investors lost millions.
然而，59 岁的前总裁约翰·卡里法在年景不好时也是财源滚滚，尽管自己公司的投资者损失了数亿美元。
Now it turns out that under his watch the company allowed sophisticated traders to rapidly trade its funds in exchange for parking money with Alliance.
原来，在他的“照顾”下，联盟公司让手法老道的交易者迅速交易自己的基金，交换条件是他们暂时把钱放在联盟公 司。
The company, which manages about $453 billion, agreed on Dec. 18 to a $350 million cut in fees plus a $250 million fine as part of separate settlements with Spitzer and the SEC, but neither admitted nor denied their findings.
这家管理着大约 4530 亿美元的公司于 2003 年 12 月 18 日同意减少 3.5 亿美元的手续费并支付 2.5 亿美元罚款，作 为与斯皮策和证券交易委员会协议的一部分。但是，该公司既没有承认也没有否定斯皮策和证券交易委员会的调查 结果。
The "people's b roker," Charles Schwab & Co. (SCH ), was quick to capitalize on Wall Street's problems last year with a searing TV ad campaign(9w)2: "Let's put some lipstick on this pig," quipped one broker to another about selling a loser stock to unsuspecting investors.
去年，有“百姓经纪人”之称的嘉信理财公司以一则让人心寒的电视广告迅速利用了华尔街的问题。在这则广告中， 一位经纪人与另一位经纪人谈论如何把一支烂股票卖给信任他们的投资者时说：“咱们给这头猪上点口红吧。”
Now, the San Francisco company has launched(10m)4 an internal investigation into(11c)4 market-timing at a fund unit after receiving queries from both the SEC and Spitzer.
如今，这家设在旧金山的公司已经在接到证券交易委员会和斯皮策的质疑后开始对一个基金分部进行内部调查。
The company and its chief executive, David S. Pottruck, 56, have acknowledged they allowed a handful of institutional investors to trade in and out of(12c)5 its Excelsior Funds family.
该公司及其 56 岁的总经理戴维·波特拉克承认，他们曾允许一小部分机构投资者进入 Excelsior 基金系列。
The firm's profits are down(13m)5, its stock hammered.
目前，该公司的利润下降，股票也大受影响。
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