Spitzer criticizes SEC
Friday, Nov. 14, 2003 | 9:14 a.m.
NEW YORK -- New York Attorney General Eliot Spitzer, who uncovered improper mutual fund trading earlier this year, criticized the Securities and Exchange Commission for failing to notify him about yesterday's settlement with Putnam Investments.
"I'm not sure that I can work with the SEC given their decision-making process," said Spitzer in an appearance outside New York City.
Spitzer's allegations that Bank of America Corp., Bank One Corp., Janus Capital Group Inc. and Strong Capital Management Inc. gave a New Jersey hedge fund, Canary Capital Partners LLP, access to prices not available to other investors triggered the widening probe of the $7 trillion industry.
Employees at companies including Putnam Investments, Strong, Alliance Capital Management Holding LP and Pilgrim Baxter & Associates Ltd. are under investigation for allegedly using short- term trading to make quick gains for themselves without regard for their customers. More than 40 people have been suspended or fired since Spitzer began the inquiry.
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